Monarch Private Capital Finances Historic Preservation of Former Factory in Maryland
The Packing House will serve as a catalyst for revitalization in Cambridge and the Eastern Shore of Maryland
Monarch Private Capital, a nationally recognized ESG investment firm that develops, finances and manages a diversified portfolio of projects that generate both federal and state tax credits, is pleased to announce the closing of historic rehabilitation tax credit (HTC) equity for the $26 million adaptive reuse of the Packing House located in Cambridge, Maryland. The former Phillips Packing Company factory building will be reimagined as an active, mixed-use development uniquely designed to support the growth and sustainability of Cambridge’s targeted revitalization area, the Packing District.
Originally constructed in 1920, the Packing House is the last remaining factory of the Phillips Packing Company’s empire of vegetable and food packing businesses. The Phillips Packing Company employed thousands in Cambridge, Maryland, and supplied food rations to American troops during World Wars I and II. After the company closed in the 1960s, the Packing House was left vacant for decades.
Now under new ownership, Cross Street Partners, in partnership with Eastern Shore Land Conservancy (ESLC), is rehabilitating the historic factory to accommodate a variety of new tenants. Blue Oyster Environmental, an oyster aquaculture company, will bring a new oyster processing and packaging center to the region that will not only make processes more efficient but help improve the environment of the country’s largest estuary. Additional tenants include Four Eleven Kitchen, a shared-use commercial kitchen designed to support the local food economy, MERGE offering private offices and shared workspace, and the Maryland Department of Housing and Community Development (DHDC), an innovator in community revitalization and a national leader in housing finance. The mixed-use community will also feature a two-story event space called the Atrium, managed by ESLC and great for music performances, educational programs, and community gatherings.
The Packing House is located in the heart of Chesapeake Country, surrounded by pristine waterways and brimming with historic charm. Tenants can enjoy seafood fresh from the Bay at one of Cambridge’s many waterfront restaurants or explore the area’s cultural roots from Native American times to the civil rights movement. Adjacent to the Packing House will be the new Cannery Park, an ESLC-supported project that will offer a new central park to locals and travelers alike. Plans for the new park also include restoring the Cambridge Creek headwaters that flow through the property and creating a new rail-to-trails system connecting the park to downtown.
“The Packing House is an exciting project that reignites the beauty, the richness and the spirit of what was there originally,” said Margaret Norfleet-Neff, Development Partner at Cross Street Partners. “We believe in economic growth, we believe in people and community, and we really believe in Cambridge.”
From job creation to environmental safeguards, the adaptive reuse of the Packing House will significantly impact Cambridge and its surrounding communities. The packing and distribution center alone is estimated to create 50 new jobs and support at least ten small oyster farms, giving watermen the business service support needed to grow their operations. Central to a larger revitalization strategy, the Packing House will serve as a catalyst for future development, furthering efforts to restore food access, housing and employment opportunities to Cambridge and the Eastern Shore of Maryland. The eatery, food market and event space, in particular, will help make the city a must-see destination for travelers passing through on their way to Maryland, Delaware and Virginia beaches. Aiming to achieve LEED Gold certification, the Packing House will incorporate sustainable materials, storm-water management best practices and energy-efficient measures into its design. On top of preserving Cambridge’s rich agricultural history, the new development will support the economic growth of the region through advancements in agriculture, aquaculture, environmental technologies and tourism.
“We are honored to take part in such a critical first step in revitalization for Cambridge and the Eastern Shore of Maryland,” said Rick Chukas, Partner and Managing Director of Historic Tax Credits at Monarch. “Through collaboration with Cross Street Partners, not only will we help preserve the character of the region’s storied past, but also pave the way for a brighter future.”
About Monarch Private Capital
Monarch Private Capital manages ESG funds that positively impact communities by creating clean power, jobs and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers and lenders that participate in these types of federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the U.S.
About Cross Street Partners
Cross Street Partners is a vertically integrated real estate company exclusively focused on re-building communities by creating vibrant, urban mixed-use neighborhoods built on a foundation of innovation and entrepreneurial activity. Cross Street believes in developing neighborhoods, not just buildings. Cross Street Partners specializes in adaptive reuse of historic properties, brownfield remediation, sustainable design and building practices, and transit-oriented development.
About Eastern Shore Land Conservancy
ESLC was founded in 1990 to preserve the rural landscape of the Eastern Shore of the Chesapeake Bay in response to widespread concern that the region’s wildlife habitat and prime farmland were being consumed by sprawling development. Since then, ESLC has assisted landowners in protecting more than 58,000 acres of the Eastern Shore on over 300 properties, leveraging upwards of $50 million in private and public funds. Conservation projects within Eastern Shore towns have created parks, linkages with trail systems, public access to green spaces, and permanent urban growth boundaries. This record of preservation has made ESLC one of the most successful land trusts in the country.
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