Last week, Evergreen Exchange and the Association for Neighborhood Housing and Development (ANHD) closed on the site, which will cost $6.85 million in total for acquisition and renovation.
The financing for the project was made possible through the Economic Development Corporation (EDC)’s Industrial Development Fund (IDF), which provided a $4.8 million grant. The initiative provides low-cost financing to developers for creating affordable industrial spaces.
The state’s Empire State Development (ESD) provided a $650,000 grant, and the Urban Manufacturing Accelerator Fund, an initiative of ANHD and Citi Community Development, gave another $60,000 for pre-development.
The 10,000-square-foot space will be leased at affordable rates for local industrial businesses and manufacturers. It’s expected to provide at least 20 full-time jobs, officials said.
“With this closing, mission-driven developers like Evergreen are showing that investing in industrial development is an effective way to stop the displacement of good-paying jobs with low barriers to entry,” said ANHD executive director Benjamin Dulchin, “and encourages economic growth where we need it in low-wealth communities.”
Leah Archibald, Evergreen’s executive director, said the organization’s mission is to help small businesses grow to help keep high-quality, working-class jobs in the community.
“Our development of 500 Stagg Street will help us achieve that goal by creating an affordable, stable space for several manufacturers,” Archibald said in a statement, “and investing any revenues into programming to help other businesses in the community grow.”
Evergreen is now the fourth nonprofit developer to receive funding through the IDF. Other groups that have received grant assistance include the Greenpoint Manufacturing and Design Center (GMDC), Mutual Housing Association of New York and Greater Jamaica Development Corporation.
In total, the projects are projected to create or preserve close to 250 good-paying jobs.
“We look forward to supporting even more entrepreneurs and growing business districts through this initiative,” said EDC president and CEO James Patchett.