(Monarch Private Capital — October 25, 2016) —
Beloved Hotel Clermont to return in style; Monarch Private Capital and BNA Associates hold official neighborhood event
(Monarch Private Capital — October 26, 2016) — It is one of the most beloved properties in Atlanta and on Tuesday, October 18th, an exclusive neighborhood ground breaking was held to officially launch what is expected to be one of the most anticipated renovations and eventual openings of the decade. Monarch Private Capital has invested in the structure, partnering with BNA Associates out of Nashville, TN to develop the hotel into an upscale 94-room boutique hotel with a destination restaurant. BNA Associates’ Principal Philip Welker says the original hotel’s art-deco design will be accented in the lobby and throughout the hotel.
“If you think of the Hotel Clermont as just a building, you are selling it short,” says Welker. “This project is much more emotional and connected to the community than any other property we’ve renovated and we are fortunate to be a part of it.”
The Hotel Clermont’s renovation has been in question for several years due to the multi-million-dollar cost of refurbishment. Last year, the Georgia General Assembly passed House Bill 308, raising the maximum tax credit allowance for historic structures from $300,000 annually to $5 million. The change finally gave the iconic Hotel Clermont a hope for new life.
“It’s extremely difficult for historic structures in Georgia – anywhere for that matter – to compete for survival when the cost to modernize is significantly higher than rebuilding a completely new structure,” says Lt. Governor Casey Cagle. “The Georgia General Assembly looked at the losses of many of our historic structures and passed legislation last session, giving developers and investors incentives to save Georgia’s old landmarks.”
The Georgia Department of Natural Resources’ Historic Preservation Division (HPD) estimates that an average of 700 historic buildings are lost each year in Georgia. According to a study by the HPD, Georgia state preservationists warn that the loss of historic buildings appears to be increasing mainly because of development. Richard Cloues of HPD acknowledge that preservation is more than just physical, “These old structures give us a sense of place, a link to the past — and we are losing thousands of them.”
Beth McDonald, President of the Poncey-Highland Neighborhood Association (PHNA), agrees, “Restoring the Hotel Clermont is strategic to our neighborhood as it preserves a historic landmark property, thereby contributing to the protection of the distinctive character of our neighborhood.”
Robin Delmer, Co-CEO of Monarch Private Capital and Managing Director of Acquisitions acknowledges the Hotel Clermont renovation could not have happened without the backing of the community, the Georgia General Assembly, the City of Atlanta and more.
“It is impossible not to feel the energy and fondness the community and certainly Atlanta has for the Hotel Clermont,” says Delmer who is a resident of Atlanta. “This is an example of the wide net of beneficiaries from Historic Tax Credits. The rebuilding of the Hotel Clermont will have a significant impact on the Poncey-Highland area for decades to come and we’re proud to be a part of it.”
About Monarch Private Capital
Founded in 2004 as State Tax Credit Exchange (STCE), Monarch Private Capital is a well-respected financial services company, providing federal and state tax credit solutions to Fortune 500 companies, high-net-worth individuals and businesses to lower their federal and/or state tax liabilities. The Monarch Private Capital team represents the best in class within their respective fields, which include big five accounting, investment banking and underwriting, real estate development, tax incentives and economic development. Monarch Private Capital is headquartered in Atlanta, and has offices in Charlotte, St. Louis, Nashville and Sarasota. Visit MonarchPrivate.com to learn more.
About BNA Associates
BNA brings a creative perspective to real estate development that strives to meet both social and economic objectives. Based in Nashville, the company looks for opportunities in multifamily, mixed use and hotel asset classes. BNA’s focus is developing unique urban projects that fulfill underserved demand. For more information about BNA Associates, log onto BNA-re.com.
Monarch Private Capital
Katie Mobley, 404-991-3649
In today’s fast-paced electronic world, it’s difficult to be moved or influenced by anything that isn’t being liked or shared, but on November 3, 2016, nearly everyone at the annual HOPE Atlanta fundraising dinner was inspired by one father’s words, putting a face on the struggle many Atlantans face when trying to find affordable housing for their families.
Monarch Private Capital, actively involved in financing the creation of affordable housing through Georgia’s tax credit program, again sponsored this year’s Heroes for HOPE dinner. Its Co-CEO, Robin Delmer, credits a large part of his financial firm’s growth on its roots in affordable housing development 15 years ago. As safe, decent, and well-maintained housing was created in conjunction with Georgia’s state and federal tax credit programs designed to address America’s affordable housing crisis, Delmer’s firm began to expand into other states with similar supportive legislation, investing in multi-family housing developments for renters earning around 60% or less of the median income for the areas in which they are located.
“What allows these worthwhile projects to move forward are state and federal tax credit programs which encourage partnerships between local governments and the private sector, building safer and heathier living spaces for struggling families while improving the broader surrounding community at the same time.”
At events like the Heroes for HOPE dinner, Delmer encourages employees more accustomed to focusing on accounting matters and spreadsheets to see the bigger picture and experience first-hand the role their work plays in hundreds of lives, believing that their personal connection to families housed in the developments Monarch Private Capital helps to finance affects the company’s culture and operations, and has played a key role in its success.
“We have been fortunate be a small but meaningful part of these families’ lives,” says Delmer. “The significance of moving into a decent, well-maintained home doesn’t just affect the family immediately under that roof, it changes generations by providing a foundation which offers lifelong benefits for adults and children. HOPE Atlanta’s work picks up where Monarch leaves off, helping those struggling with financial obstacles, addiction issues, and other challenges find security and hope in developments like the ones our business helps finance.”
Gov. Nathan Deal today announced that Georgia-lensed feature film and television productions generated an economic impact of more than $7 billion during fiscal year 2016. The 245 feature film and television productions shot in Georgia represent $2.02 billion in direct spending in the state.
“Georgia’s film industry provides a significant impact on our state’s economy, employing thousands of Georgians while developing infrastructure and boosting small businesses,” said Deal “The film industry has created a home in Georgia, and I am committed to retaining this relationship by constructing a strong, film-ready workforce that will continue to help the industry thrive.”
As a result of the High Demand Career Initiative in 2014, developing the film and television industry workforce was identified as a high demand career opportunity for the state. In 2015, Deal created the Georgia Film Academy, a collaborative effort between the University System of Georgia and the Technical College System of Georgia to fast track students into the film and television workforce. Since its opening, the program has been adopted at eight Georgia campuses. By the end of the year, 610 students are projected to have completed Course One, and 274 students will complete on-set production internships and receive certification.
“Georgia’s film industry is on a steady rise year over year and now ranks number three in TV and movie productions, just behind California and New York,” said Georgia Department of Economic Development (GDEcD) Commissioner Chris Carr. “As long as we continue to deepen our crew base and add even more studios and businesses to support the industry, Georgia is ensuring its place in the film industry well into the future.”
In addition to the increase in production expenditures, Georgia has experienced enormous infrastructure and business growth, including the opening of Atlanta Metro Studios in Union City and a significant expansion at Pinewood Atlanta Studios in Fayetteville. More than 130 new businesses have relocated or expanded in Georgia to support this burgeoning industry, creating jobs for Georgians as well as economic opportunities for communities and small businesses.
Georgia-filmed movies will take over the big screen in 2016 with “Solace,” starring Colin Farrell and Anthony Hopkins on September 2; “Sully,” starring Tom Hanks, Anna Gunn and Laura Linney on September 9; “The Birth of a Nation,” starring Nate Parker and Armie Hammer on October 7; and “The Accountant,” starring Ben Affleck, Anna Kendrick and Jon Bernthal on October 14. Upcoming Georgia-filmed television productions premiering within the next few months include “Atlanta,” on FX; “The Walking Dead,” on AMC; and “Halt and Catch Fire,” on AMC.
The Georgia Department of Economic Development (GDEcD) is the state’s sales and marketing arm, the lead agency for attracting new business investment, encouraging the expansion of existing industry and small businesses, locating new markets for Georgia products, attracting tourists to Georgia, and promoting the state as a destination for arts events and location for film, music and digital entertainment projects, as well as planning and mobilizing state resources for economic development. www.georgia.org