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The Innovate Fund Provides $11.5 Million in New Markets Tax Credits for Poe West Redevelopment in Greenville, SC

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The Innovate Fund Provides $11.5 Million in New Markets Tax Credits for Poe West Redevelopment in Greenville, SC

The Innovate Fund Provides $11.5 Million in New Markets Tax Credits for Poe West Redevelopment in Greenville, SC

GREENVILLE, S.C., Sept. 26, 2019/— The Innovate Fund, a Community Development Entity (CDE) managed by taxadvantagegroup and Greenville Local Development Corporation in Greenville, S.C., has allocated $11.5 million in New Markets Tax Credits (NMTC) to complete the $12.6 million Poe West redevelopment located in the heart of the Village of West Greenville. The Furman Co., Development LLC in conjunction with a real estate partnership, Perry Avenue Investors, LLC, is spearheading the renovation of 57,000 square feet into a mixed-use community where existing West Greenville residents together with both existing and new businesses can flourish. The project is expected to create 156 direct jobs in a census tract with 54.30% poverty and 17.20% unemployment.

Dating back to April 12, 1946, the property originally served as the office, yard, and warehouse for Poe Hardware & Supply Company – one of Greenville’s first incorporated businesses. “When we acquired the property, Poe West was imagined to offer unique and creative space to some of Greenville’s innovative non-profit and locally owned businesses at affordable, below market rental rates. We also wanted to carefully plan for a healthy mix of user types, trying to be sensitive to the unique eco-system of the Village and surrounding community. The New Markets Tax Credit program was instrumental in our ability to meet that goal,” said Steve Navarro, President of The Furman Co. Inc (Developer) and Manager of Perry Avenue Investors, LLC (Owner).

Poe West will be anchored by Greenville Technical College’s Center for Culinary and Hospitality Innovation (CHI). CHI is a collaborative approach that includes private sector, government, and education partners working together to bring inclusive economic mobility and workforce development to one of Greenville’s most distressed neighborhoods. CHI will provide a neighborhood-based venue at Poe West to deliver education, job training, and small business and start-up incubator space. Through CHI’s partnership with SC Works, job training will be provided at no cost or low cost to students.

Whitney Ferguson, Program Manager for The Innovate Fund noted that investment from The Innovate Fund would not be possible without the continuing support from South Carolina’s legislative delegation, including U.S. Senators Lindsey Graham and Tim Scott and U.S. Congressman William Timmons.