LISC Project Wins Washington Business Journal Award

28 Apr 2008

WASHINGTON, D.C. (April 24, 2008) — At an awards ceremony held at the Ronald Reagan Center, The Shops at Park Village in Washington, D.C.'s Ward 8 received the Washington Business Journal's 2008 Winner of the Best Real Deals — Community Impact Award. The event was attended by more than 500 people, with competition for the award coming from all over the metropolitan D.C. area.

> Washington Business Journal - Community Impact Awards insert (PDF, 881KB)

In December of last year, LISC provided $18.6 million in New Market Tax Credits for the construction of The Shops at Park Village. The full story and related media can be viewed below.

LISC Financing Brings Only Grocery Store to Ward 8

7 Dec 2007

Ribbon Cutting
Local officials at the ribbon cutting at Giant, the first grocery store in Ward 8 in over 10 years
Checkout
The new Giant is providing over 200 jobs for local residents from Ward 8
Shopping
The Giant is surrounded by a new affordable housing development
Excitement was in the air as residents, elected officials, and friends of the Ward 8 community celebrated the opening of the Giant grocery store at the Shops at Park Village on Alabama Ave SE in the Congress Heights neighborhood of Washington, DC. Nearly 200 Ward 8 residents have already gotten jobs- they hope to take it up to 300. For the first time in over 10 years, Ward 8 residents will have easy access to food choices that most people take for granted- fresh fruits and vegetables, aisle after aisle of quality food, and prepared foods that offer a healthier alternative to fast food.

LISC provided $18.6 million in New Market Tax Credits for the construction of the Shopping Center.  This investment was made in partnership with Wachovia Bank.  The shopping center was developed by the team of William C. Smith Company and East of the River CDC.  “A project of this nature can require intricate financing. Had it not been for the New Markets Tax Credit program and the commitment on the part of LISC, Ward 8 would not be getting its first new grocery store in over 40 years”, stated Christopher Smith, President of William C. Smith Company.  With LISC resources through our partnership with State Farm, East of the River CDC gained an equity stake in the partnership.

For Michele D. and Frances, both longtime residents of Congress Heights and new employees of the Giant, this has been a long time coming. "Its a relief! We can't say it enough. Finally! It is here. We've waited such a long time for this". For Howard Wright, a lifetime Ward 8 resident, this day could not have come any sooner. It used to take him about an hour to get to the Giant he shopped at in MD - but today, he walked it in under 15 minutes. With a big smile on his face, he wheeled his grocery cart up Alabama Ave SE to his house. "I am just so excited that this day is finally here! I've waited so many years for this- we tend to get neglected over here, but no more".

> News 4 Article
> News 4 Video
> Washington DC LISC

Article Type: News