Edenton Sears Building Redevelopment

TIF has successfully closed a $7,000,000 investment to finance the commercial redevelopment of the former Sears Building in Edenton, North Carolina. This was a single CDE transaction for The Innovate Fund, reinforcing our capacity to lead complex deals in underserved states.

This project is a high-impact rural development transaction, transforming underutilized property into high-quality commercial space and directly creating 155 permanent jobs in a severely distressed area (39.9% poverty rate, 46% MFI, 1.06x national unemployment rate).

This opportunity was initially identified and championed through our Advisory Board member, Carl Rees, from Electricities NC. Carl’s existing economic development relationship with the Town of Edenton was instrumental in bringing this deal to our pipeline, proving the value of our board network in sourcing quality projects in our target geographies.

• Location: Edenton, NC (Inner Banks). Edenton is the historic, Colonial Capital of North Carolina and a certified NC Main Street America community. Downtown is the heart of this “Preserve America Community” and “Certified Retirement Community.”
• The Project: Renovation of the former Sears Building downtown, plus improvements to the adjacent parking area.
• Key Tenants: The facility will primarily house Provalus, an IT service provider focused on elevating rural communities. Provalus has previous experience utilizing the NMTC program, which led to better understanding and flexibility in closing. Additional tenants will include local businesses such as a coffee shop, an ice cream shop, and a clothing boutique, ensuring immediate downtown activation.

Financing and Partnerships

• NMTC Investor: The tax credit investor is Capital One National Association. This is TIF’s first North Carolina deal completed with CONA out of eleven total transactions completed together. 
• Leveraged Public Grants: This project was heavily supported by multiple public grant sources, demonstrating significant local and state buy-in. These included grants from:
  • The Town of Edenton
  • Chowan County
  • The State of NC (Building Reuse Grant, 1NC Grant, CDBG Grant)
  • The Golden Leaf Foundation