ATLANTA, April 01, 2021 (GLOBE NEWSWIRE) -- Monarch Private Capital, a nationally recognized tax-advantaged investment firm that develops, finances and manages a diversified portfolio of projects that generate both federal and state tax credits, is pleased to announce the closing of historic rehabilitation tax credit equity (HTC) for the $6.6 million restoration of the Robbins Dancing Building in Baltimore, Maryland. The adaptive reuse of the local landmark will support the ongoing revitalization of the state’s premier arts and entertainment district known as Station North, accentuating its unique historic roots and providing valuable educational resources to the community’s youth.
Originally constructed in 1909, the building has hosted a number of businesses over its lifetime, including car dealerships, restaurants, a dance academy and two iconic Baltimore nightclubs, the Capri Three and, more notably, Odell’s. After Odell’s closure in 1992, the building fell to disuse and remained vacant until Jubilee Baltimore, a nonprofit committed to helping the people of Baltimore build safe, stable, historic, attractive and diverse neighborhoods, and Property Consulting Inc., secured its purchase in 2017.
Now a community-owned asset, the historic Robbins Dancing Building will become a vehicle of positive change for the district, offering a wealth of enriching programs and opportunities to the public. The rehabilitated building will soon house Young Audiences of Maryland (“YAM”) and Code in the Schools, two community-centric organizations designed to enhance the quality of education for the local youth. YAM, the most far-reaching arts in education nonprofit in the state, partners with hundreds of schools and community organizations to provide Maryland students with over 230,000 hours of discovery, inspiration, and hands-on learning and engagement through the arts. Code in the Schools works within the City of Baltimore to eliminate structural barriers and inequities in education and industry by expanding access to quality computer science education and building pathways from school to jobs and higher education.
“At Jubilee Baltimore, we don’t just strengthen neighborhoods; we create brighter futures,” said Charlie Duff, Jubilee’s President. “Our partnerships with local community members and organizations have enabled us to identify the critical areas of improvement unique to the Station North District and allow us to determine and implement the best solutions that will help foster healthy growth and success for both the city and residents alike.”
Since its official designation as an arts and entertainment district in 2002, Maryland’s Station North District has undergone significant revitalization efforts. Many of these were accomplished through historic redevelopment projects led by Jubilee Baltimore and are located just steps from the Robbins Dancing Building. This project will support the remarkable progress that has already been made in the neighborhood, helping restore the Station North District into a lively and thriving 24/7 area.
“We are privileged to be a part of the historic preservation of the Robbins Dancing Building in Maryland’s Station North District,” said Rick Chukas, Managing Director of Federal Historic Tax Credits at Monarch Private Capital. “Our team recognizes the value in creativity and innovation, and our partnership with Jubilee Baltimore enables us to fulfill our shared commitment to positively impact the communities in which we serve.”
For more information on Monarch’s programs and services, please contact Rick Chukas by emailing rchukas@monarchprivate.com.
About Monarch Private Capital
Monarch Private Capital manages ESG funds that positively impact communities by creating clean power, jobs and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers and lenders that participate in these types of federal and state programs. Headquartered in Atlanta, Monarch has offices and tax credit professionals located throughout the U.S.
About Jubilee Baltimore
Jubilee Baltimore is a nonprofit that develops affordable housing, market-rate housing and commercial properties with extensive experience in historic renovation and community planning in Baltimore, Maryland. With hundreds of historic restorations, Jubilee is Baltimore’s leading source for historic tax credit consulting. In addition to their own projects, Jubilee works with homeowners and developers in Baltimore City’s historic neighborhoods to restore and repair historic properties. Jubilee Baltimore has played a key role in building the Station North Arts and Entertainment District, having already developed two apartment buildings that provide affordable housing specifically for artists, and The Centre, a home to several art-focused organizations that has served as a catalyst for further revitalization efforts in the community.