Smith Announces Closing of $13M NMTC Allocation to Support R&R Marketplace in Dellwood
The Smith NMTC Associates team is thrilled to announce the closing of a $13M New Markets Tax Credit (NMTC) transaction in support of R&R Marketplace, an upcoming 90,000-square-foot redevelopment of the former Schnucks Plaza in Dellwood, Missouri.
About the Project
With the visionary leadership of Pastors Ken and Beverly Jenkins, the founders of Refuge and Restoration, a Missouri nonprofit and 501(c)(3) organization, R & R Marketplace will continue Refuge and Restoration’s revitalization work in the Dellwood community. This allocation was structured by Smith NMTC and closed in partnership with Heartland Regional Investment Fund, LLC (allocatee), U.S. Bancorp Community Development Corporation (investor), Midwest BankCentre (lender), and Summit Real Estate Group (developer).
R&R Marketplace will provide renewed opportunities for jobs and career development in the Dellwood community. Early estimates include the creation of 100 jobs within one year and 2,000 jobs within five years.
Located at 10148-10208 West Florissant Avenue, the plaza has been vacant for nearly 20 years. With a $13M NMTC allocation, Refuge and Reformation will transform the 90,000-square-foot former shopping center into a mixed-use community facility, initially featuring a branch of Midwest BankCentre, Brilliant Angels Academy, Cathy’s Kitchen to Go, Employ St. Louis, North County Innovation Center, ARCA Holdings, LLC and Bell-Brown Medical Institute.
About the Neighborhood
R&R Marketplace will be located in Dellwood, Missouri, a neighborhood adjacent to Ferguson which has become globally known for the shooting of Michael Brown and the resulting community reaction.
Dellwood is a predominantly Black community. The property is located in a highly-distressed census tract with an AMI of 54.83%, a poverty rate of 17.80%, and an unemployment rate of 22.20%—2.67x the national average.
Creating a Pillar of Community
The first phase of R&R Marketplace funded by the $13M NMTC allocation will include the development of 35,000 square feet to house several tenants, including:
ARCA Holdings, LLC: Established in 2001, Assisted Recovery Centers of America (ARCA) is the region’s premier center for mental health and addiction treatment services. At R&R Marketplace, ARCA will focus on behavioral health, addiction recovery services, and a potential pharmacy. Since its founding, ARCA has collaborated with community partners to provide compassionate and innovative care to promote healing for individuals, families, and communities.
Bell-Brown Medical Institute: A fully accredited, private career training school, Bell-Brown Medical Institute provides a comprehensive education to prepare students for employment in the healthcare field. With an emphasis on individualized attention and a low student-to-teacher ratio, students receive hands-on support and training. In the future, there will be an opportunity for R&R to combine its workforce development training with a career pathway onsite.
Brilliant Angels Academy: Operated by an affiliate of Refuge and Restoration, Brilliant Angels Academy is a Head Start-affiliated daycare and early childhood program providing much-needed child care in Dellwood. The Academy will serve up to 120 children and families from the ages of 0–6, enabling parents to pursue education or employment opportunities. Brilliant Angels will also partner with the LUME Institute to assist in training its staff and guiding programming.
Cathy’s Kitchen to Go: Originally founded in Ferguson in 2013 by Cathy Jenkins, Cathy’s Kitchen to Go will seat up to 50 customers at R&R Marketplace. Based on her travels throughout the U.S., Cathy enjoys finding unique recipes, adding her personal touch, and sharing them with her customers.
Employ St. Louis (ESL): Employ St. Louis leverages the highly successful model developed by Jobs for Life, an international career training program managed and operated by Refuge and Restoration. ESL will seek to address the root causes of unemployment by uniting churches, businesses, and community organizations. At R&R Marketplace, ESL will provide a free six-week soft skills and career training program with the goal of training and placing over 300 people each year in entry-level manufacturing and trades, geospatial, commercial, IT, and healthcare positions in the St. Louis region.
Midwest BankCentre: Midwest BankCentre will open a new branch at R&R Marketplace with an ATM, fulfilling an essential need in a community that is largely underbanked. In addition to needed banking services, the Bank will also provide financial literacy and credit repair programs. Services will focus on access to capital for homeownership and micro-lending to help individuals learn about managing debt and savings. The bank will also work closely with ESL graduates and NCIC emerging businesses.
North County Innovation Center (NCIC): Operated by Refuge and Restoration, NCIC is a co-working facility that will provide dedicated offices, a commercial kitchen, phone booths, networking, training, and other opportunities for over 100 business entrepreneurs in the area. These co-working spaces will also serve as a model to launch and grow small businesses, increase jobs, and strengthen the community by offering business training, coaching, and shared services.
Phase II is currently being planned to create the over 55,000 square feet R&R Multiplex, which will include the new home of the Refuge and Restoration Church and a community center. With the expanded location, the church is projected to reach 1,000 members and become a centralized hub of community activity. The multipurpose facility will provide community education, theatre, music, and dance programming, as well as counseling and food insecurity assistance through a food pantry and mobile market.
To follow along with R&R Marketplace’s development, click here.