NMTC Allocation Request: Duluth Board of Trade Historic Rehab
Posted: 08-01-2017
Project/QALICB
Duluth Board of Trade Historic Rehab
Qualified Census Tract
20260-27-137-0019-00
Sponsor
Dubin Guru Group
Type of Project/QALICB
Office street retail
Owner
Dubin Does Duluth I LLC
Mailing Address
607 Academy Drive
City and State
Northbrook, IL 60062
Contact Person
Naganat Guru
Contact Phone - 773.919.8075
Contact Email Address - guru@dubinconsultinginc.com
Allocation Amount Requested
$10,000,000
Brief Description of Project/QALICB
100000 sf historic structure. 60000-70000 leasable office commercial and street retail. Duluth is not expanding but there is a lot businesses looking for good experience when they will move. Current owner has ignored the building but our group sees a sustainable historic structure which can create 100+ jobs when stabilized. Our budget is $10MM which will be sourced THRU federal and state HTC and NMTC. Rents are moderately forcast at $13 PSF. Building has some good community friendly tenants line Chippewa tribe . Have a project summary to share.
But-For Statement
Currently rents are very low in a dingy building. Its does not have 2 of 3 elevator working. It does not have AC. Summer a few months though are terrible. It's 50% vacant and so may job opportunity lost. But duluth is not a growing city even tho several businesses would move in to BOT if we have a rehabilitated building with basics. So we can increase the rents by making the building sustainable and historically adorable structure. This will create more than double good quality jobs in this low income community.
