Grocery and Mixed-Use Development Slated For... - Jun 24

The Story

UB Community Development, a community development partner of United Bank, financed $9 million in a New Markets Tax Credit allocation to support the master development of a former public hospital site in Florence, Ala. The project is slated to deliver a grocery and mixed-use campus on the redevelopment parcel, according to a June 24 press release.

Why It Matters For Your Portfolio

• UB Community Development provided $9 million in NMTC financing, a concrete capital commitment that defines the project scale and potential exposure for NMTC-backed funds.
• New Markets Tax Credits can lower effective capital costs for the developer, which affects projected returns and risk for community development investors and impact funds.
• Named partners include UB Community Development and United Bank, but the press release did not list a public ticker for either organization, so public equity investors lack direct listing exposure.
• The planned grocery and mixed-use campus could strengthen local commercial fundamentals and foot traffic, relevant if you hold nearby commercial real estate or municipal-linked investments.

The Trade

If you follow community development or NMTC vehicles, monitor construction permits, lease announcements, and NMTC compliance updates as the next catalysts. Impact investors and funds focused on community development or CDFI-related instruments should track UBCD and United Bank press releases for milestone timing and capital deployment details.