American Tobacco*

Durham, NC

The Old Bull and Noell buildings were the first phase of the adaptive re-use of the American Tobacco complex, a century-old former tobacco district in downtown Durham, North Carolina. The American Tobacco company’s roots extend back to the post-Civil War period and its founding family was instrumental in the establishment of what is now Duke University.

MBS Urban Initiatives provided $6.6 million in New Markets Tax Credits to close the financing gap for the renovation of both buildings, which now contain 70 apartments and 39,000 square feet of street-level retail and office space.

The renovation of the Old Bull and Noell buildings helped stabilize the redevelopment of the rest of the American Tobacco complex. The complex contains over one million square feet of mixed-use retail and office space spread over four acres and features an on-site YMCA, public green space, biking trails, and five restaurants. American Tobacco is home to some of the most prominent businesses in the region, including the nationally recognized public broadcasting station, WUNC Radio.

In addition to the investment creating 125 construction jobs and a projected 360 permanent jobs, fifteen percent of the construction contract was awarded to minority and women-owned businesses.

This institution is an equal opportunity provider.


Quick Facts 

Total Development Costs: $ 53,000,000

Square Footage: 39,000 sf commercial space and 70 residential units

Developer: Streuver Brothers, Eccles and Rouse

Tax Credit Investor: U.S. Bancorp CDC

NMTC Allocation: $ 6,600,000

Key Project Financing: Federal Historic Tax Credits, State Mill Rehab Tax Credits, Capmark Finance (construction loan)

Construction Jobs: 125

Permanent Jobs: 360

Investment date: February 2007

Opening date: Spring 2008