Reinvestment Fund is financing the redevelopment of the vacant, historic Blanche Hotel in Lake City, FL. The project will create commercial space for office and retail use, an event space as well as 24 market-affordable apartments.
Developed by Integrity Development Partners, in partnership with the City of Lake City government, the project will anchor the redevelopment of the main street in rural Lake City’s downtown. Lake City is the county seat of this underserved rural area. Originally constructed in 1902, the building previously operated as a hotel and commercial center but had been predominantly vacant in recent years.
The redeveloped Blanche Center will be a 74,373 square foot mixed-use property that will house:
- Event space for rent, which includes two large rooms, indoor/outdoor space, and a kitchen facility.
- 24 market affordable residential rental units. All units are expected to be affordable to households earning $36,000 or less, with at least 50% of the units income restricted.
- 14 short-term efficiency apartment units.
- Additional office and retail space.
Reinvestment Fund is providing a leverage source loan for the $16.7 million New Markets Tax Credit transaction. SunTrust Bank, RBC Capital and Enhanced Capital are providing $15 million in NMTC allocations. SunTrust is the NMTC investor. Enhanced Capital is also providing Historic Tax Credits for the project.