Copaken, White & Blitt (CWB) was retained by Andy Fromm, CEO of Service Management Group, a leading research and consulting firm focused on loyalty research and service improvement, to assist in the acquisition, renovation and financing of its new 50,000 square foot headquarters in the Crossroads District of downtown Kansas City, Missouri. The successful redevelopment, completed in December 2009, made this building Kansas City’s first LEED Gold renovation project, secured a critical tax abatement program through the city, and became one of the first commercial projects in the city to have incorporated New Market Tax Credits within its capital structure.
SMG believed strongly that a sustainable development was important to its values, both emotionally and economically. Since CWB was involved early in the process, we were able to provide strategic direction that allowed us to surpass the original modest LEED objective to eventually achieve a LEED Gold certification. Throughout the process our development expertise and construction management skills helped ensure that the client’s strict timeline and budget objectives were also surpassed.
In addition, CWB also assisted with the financing of the complex transaction through a mixture of 1) historic federal and state tax credits, 2) New Market Tax Credits, and 3) traditional debt and equity sources. CWB’s strong background in understanding both traditional financing and tax credit financing is rare in the development community. Even fewer developers have successfully navigated the New Market Tax Credit financing program which, notwithstanding its incredible complexity, is quickly becoming one of the most sought after financing tools available to developers. It is one thing to be familiar with the various forms of tax credit financing; it is another to actually have a trusted advisor that has utilized these tax credit programs to help you implement your next successful redevelopment project. With our proven experience in this realm, we invite you to come see what we can do for you.