Encore!*
Tampa, FL
Encore! is an 40-acre master-planned, mixed-use redevelopment community just north of Downtown Tampa’s urban core. Spanning 12 city parcels, Encore! was the targeted community for the 2012 Choice Neighborhood grant received by the Tampa Housing Authority and the Choice effort has catalyzed continuing redevelopment between Tampa’s Central Business District and Ybor City.
The final undeveloped block of the project, Lot 12, will feature a 279,000-square-foot mixed-use building with multi-family housing, medical office space, a Federally Qualified Health Care Center (FQHC), and a grocery store. The New Markets Tax Credit-financed portion of the space includes a 24,000-square-foot minority woman-owned grocer and pharmacy, a 30,000-square-foot FQHC, and 10,000 square feet for The Institute of Graduate Medical Education (GME), a nonprofit providing medical education.
The project aims to address the lack of healthy foods in the community, designated a food desert, and increase medical access by offering comprehensive graduate medical education and value-based care.
MBS Urban Initiatives funded a $7.5 million NMTC investment in the project, which was combined with contributions from other CDEs totaling $25 million in NMTC allocation. Without this investment, the project wouldn't afford below-market rents to the local grocer and FQHC.
Totem Grocery Store and Pharmacy is projected to serve 8,500 people annually, while the FQHC anticipates 48,600 annual visits from 18,000 unique individuals. GME aims to enhance resident physicians' education and healthcare quality, projecting an enrollment of 300 students in its programs.
Encore! Lot 12 will generate quality jobs and essential services for Tampa residents. The project is expected to create 101 permanent full-time jobs, with 82% paying living wages or higher, and 81% accessible to low-income persons (LIPs), low-income communities (LICs), and other employment-challenged individuals.
This institution is an equal opportunity provider.
Quick Facts
Square Footage: 64,000
Total Investment: $6,000,000 NMTC Allocation
Developer: Aureate Development LLC
Owner: Kiran REIF Encore Lot 12 Office
Allocatees: MBS Urban Initiatives, Mid-City Community, Hampton Roads Ventures, DV Community Investment, and Truist Community Development Enterprises
NMTC Equity Investor: Truist
Architect: Baker Barrios Architects
Direct Lender and Leverage Lender: Encore 12 NMTC
Projected construction Jobs: 150
Projected permanent jobs: 101
Community Partners: Kiran and Pallavi Patel, Orlando College of Osteopathic Medicine, Tampa Housing Authority, Totem Market