Financed with CDF’s New Markets Tax Credits, Paramount Square preserved and rehabilitated the signature historic building at the primary intersection of the neighborhood business district. The project created 15 residential rental units (three affordable) and 25,000 sf of retail space. The anchor tenant, a minority-owned production brewery, created jobs accessible to residents of the low‐income community.
Neighborhood: Walnut Hills
Impact:
- Historic (1931) preservation
- 109 construction and 79 permanent jobs
- 25,000 sf of commercial space
- Business district revitalization
- 15 housing units (3 affordable)
Amount: $8,000,000