Los Angeles-based Lowe Economic Development Co. announced Oct. 4 that it has placed $31 million in investment-related tax credits toward three developments, including more than $24 million for two in San Diego, as part of a federal program that supports community redevelopment.
The company is providing $11.2 million in New Markets Tax Credits to help fund phase two of the redevelopment of the former Naval Training Center in Point Loma into NTC Promenade. The San Diego Redevelopment Agency is overseeing a $20 million renovation of seven buildings to expand the promenade, which is run by the nonprofit NTC Foundation, in an area designated as a renewal community.
The Lowe entity is also providing $13 million in tax credits to help fund the $40 million development of a three-story medical office and primary care facility in the Bankers Hill neighborhood, being built by the nonprofit Sharp HealthCare to serve a low-income community.
The third development is in Portland, Ore.
“All three projects meet our criteria to assist in the transformation of emerging communities,” Lowe Senior Vice President Tom Wulf said in a statement.
Lowe Economic Development Co. was awarded $45 million in the tax credit program from the U.S. Department of the Treasury in November 2009.