Sunflower Development Group | Hazelwood Logistics Center Building 1
15981
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Category
New Market Tax Credits
About This Project

Sunflower Development Group acted as a New Market Tax Credit (NMTC) consultant for NorthPoint Development on the pioneering industrial building at the Hazelwood Logistics Park located located in Hazelwood, MO. The property was mired in legal and environmental issues from a previous failed development attempt and was a Brownfield’s site. SDG secured $16 million in NMTCs for Hazelwood Building I (200,000 SF) to offset the high cost of remediation.  The tax credits resulted in $5.3 million in gross NMTC equity. The NMTCs were instrumental in allowing NorthPoint to provide below market lease rates in order to attract tenants to the new industrial park and create hundreds of new jobs for lower and moderate skilled workers for the multi-phased development in a high unemployment area of North St. Louis. http://beyondthecontract.com/find-a-property/