Ryan, a leading global tax services and software provider, recently assisted Reimagine RedBird Development (“RedBird”) with securing a $13 million New Markets Tax Credit (NMTC). This tax credit from the City of Dallas and Capital One Financial Corporation will support the construction of the rebuild and expansion of a mixed-use development in Dallas, Texas.
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Led by Dallas developer Peter Brodsky, RedBird’s mission is to repurpose the historic Red Bird Mall in southern Dallas while focusing on community impact driven tenants. Phase one of the rebuild included a Starbucks Community Store, which has committed to training 100 local youth each year in hospitality; a Foot Locker Power store with a green space (the “Lawn”) that will host active events with an emphasis on healthy living for the community; and Chime Solutions, a 50,000-square-foot call center with a wide range of clients. With the goal of continuing its expansion, RedBird offers more than 300,000 square feet for office and medical space to be incorporated into the next development phase. The reimagined RedBird is expected to be fully operational by fourth quarter 2021.
To keep the project on schedule, RedBird also pursued incentives from the City of Dallas and conventional debt from Texas Capital Bank in addition to the NMTC financing. Participation in the NMTC Program will safeguard the fiscal stability of the project while supporting the ability to scale at an optimal rate as new tenants are obtained, ensuring the creation of more than 500 locally sourced, full-time jobs in southern Dallas.
“The New Markets Tax Credit program was designed to bring investment and revitalization to communities that need it the most,” said Sharon Welhouse, Business Incentive and Site Selection Practice Leader and Principal at Ryan. “RedBird is committed to the local community, encouraging active participation and garnering support on all fronts. This is an example of true partnership, and we are excited to see the project continue to flourish.”
Peter Brodsky added, “This New Markets Tax Credit transaction makes possible the jobs, quality retail offerings, and green space that RedBird has committed to provide to the community. We thank the City of Dallas and Capital One for their participation. We are also grateful to the team from Ryan, which led the deal from beginning to end. This was a complex transaction, and it would not have happened without Ryan.”
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