Atlanta, June 29, 2016 –
Reinvestment Fund today announced the grand opening of the new 114,000 square-foot Glenwood Kroger Marketplace located just across from Maynard Jackson High school at 800 Glenwood Avenue in Atlanta, GA. Reinvestment Fund provided New Markets Tax Credit (NMTC) financing for the Kroger’s Marketplace concept store which is distinctive from its other grocery stores because in addition to a full-service grocery, a pharmacy, and health and beauty departments, it also includes a health clinic, general merchandise such as home goods, apparel, and jewelry, and a fuel station. There are nearly 100 Kroger Marketplace stores nationally and this is the first in the city of Atlanta.
Located in a USDA food desert and a Reinvestment Fund-designated limited supermarket access (LSA) area, the new store will provide shoppers with access to more healthy and affordable food options for an estimated 43,000 people living within two miles of the store and who currently do not have easy access to a supermarket.
“We have been working in the Atlanta region for two years now and are excited to see the impact of our efforts beginning to show,” said Don Hinkle-Brown, CEO of Reinvestment Fund. “The Glenwood Kroger Store project is a great example of our work to increase healthy food access, create jobs for local communities and align efforts that build off the strength of local revitalization efforts.”
This development is located along the Beltline, which is the most comprehensive transportation and economic development effort ever undertaken in the city. The Beltline is a 22-mile rail corridor that, when redeveloped, will provide a network of trails, parks, and public transit connecting 45 neighborhoods. More than 100,000 people live within a half mile of the corridor. Seven miles of the Beltline have already been completed, which has helped to spur more than $1 billion in new private investment since 2005. The project is redeveloping a former brownfield site and builds on other nearby development that includes new multifamily housing and a new public high school facility.
The store is creating nearly 250 full- and part-time jobs. Kroger committed to hiring approximately 50% of the store’s employees from the immediate, low-income community and estimates that half will benefit from internal advancement and/or promotion from within the Kroger company.
Reinvestment Fund partnered with McCormack, Baron, Salazar on this project. U.S. Bank is the NMTC investor in this transaction.
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About Reinvestment Fund
Reinvestment Fund is a catalyst for change in low-income communities. We integrate data, policy and strategic investments to improve the quality of life in low-income neighborhoods. Using analytical and financial tools, we bring high-quality grocery stores, affordable housing, schools and health centers to the communities that need better access—creating anchors that attract investment over the long term and help families lead healthier, more productive lives. Learn more at www.reinvestment.com.
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