New York City Capital Resource Corporation Approves $2.2 Million in Preliminary Recovery Zone Bond Assistance for Harlem Arts and Cultural Center

MIST at the Kalahari Will Provide New Media and Film-related Opportunities for African American and Latino Youth and Create 50 Permanent Jobs [/i] [i]Facilitating the Development of New Cultural Destinations is Part of the Bloomberg Administration’s Five Borough Economic Opportunity Plan

The Board of the New York City Capital Resource Corporation (NYCCRC) today gave preliminary approval for the allocation of up to $2.2 million in Recovery Zone Facility Bonds to assist in the development of a cultural and arts center at the Kalahari Condominium in Central Harlem. My Image Studios, or MIST at the Kalahari, will be located on the first floor of the building and dedicated to the African and Hispanic cultural heritage of the residents of the surrounding neighborhoods. The approximately $9.6 million, 18,000-square-foot cultural center will consist of an African/Latino fusion restaurant, a conference and performance area, three screening rooms, and film and digital media studios for training students to participate in the post-production film industry. When completed, it will employ about 50 people, mostly from the Central Harlem community. The center is being developed by FS Kalahari Commercial, LLC, an affiliate of Full Spectrum NY, LLC , and My Image Studios, LLC. To see the Kalahari, please visit the NYCEDC Press Images gallery.

“Getting this much-anticipated project underway is in keeping with the intention of the American Recovery and Reinvestment Act,” said NYCCRC Chairman Seth W. Pinsky. “The vote today is an important first step in allowing construction to begin, creating jobs for residents and invaluable training programs for area youth, while simultaneously establishing a new cultural institution reflective of the Latino and African heritage of this historic community.”

“In this economic climate, this is a true boost to the project and will help us move across the goal line,” said Full Spectrum Chief Operating Officer Carlton Brown. "The NYCCRC deserves high praise for its assistance and hands on involvement."

The cultural center was proposed as a component of the Kalahari Condominium, which was completed in 2008, but has been stalled due to lack of conventional financing. The American Recovery and Reinvestment Act (ARRA) financing will enable construction to begin immediately, creating about 25 new construction jobs. In addition to the $2.2 million in Recovery Bond financing, the project is being funded by $3.9 million in conventional financing, $2.9 million in New Markets Tax Credits, and $600,000 in developer equity. It is estimated that the project will generate more than $2.2 million in revenue for the City.

Congress passed the ARRA in February 2009 and the allocation of ARRA bonds was intended to promote economic development and diversification, job growth, environmental sustainability, and other activity in New York City areas faced with significant poverty, home foreclosure rates, and general distress stemming from the economic downturn. MIST at the Kalahari meets those criteria since it is located in a recovery zone and in a census tract that is historically designated as distressed.

The Kalahari Condominium is a 12-story tower located at 40 West 116th Street. The LEED-certified green building contains 250 market rate and affordable residential units and is dedicated to the diversity of its surrounding community. The Kalahari is now 95% sold, according to the developer.

Full Spectrum of NY LLC, formed in 1988 by Walter J. Edwards and Carlton A. Brown, is a national market leader in the development of mixed-used and mixed-income green buildings in emerging urban markets. Full Spectrum has been responsible for more than one million square feet of residential, institutional and commercial real estate, with some two million square feet currently in its pipeline.

About NYCEDC New York City Economic Development Corporation is the City’s primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC’s mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City’s competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City’s many opportunities. Find us on Facebook to learn more about NYCEDC projects and initiatives.

About NYCCRC The New York City Capital Resource Corporation (NYCCRC) is a local development corporation administered by New York City Economic Development Corporation. The mission of NYCCRC is to encourage community and economic development and job creation and retention throughout New York City by providing lower-cost financing programs to qualified not-for-profit institutions and manufacturing, industrial, and other businesses for their eligible capital projects.

About the Five Borough Economic Opportunity Plan The Five Borough Economic Opportunity Plan is a comprehensive strategy to bring New York City through the current economic downturn as fast as possible. It focuses on three major areas: creating jobs for New Yorkers today, implementing a long-term vision for growing the city's economy, and building affordable, attractive neighborhoods in every borough. Taken together, the initiatives that the City has launched to achieve these goals will generate thousands of jobs and put New York City on a path to economic recovery and growth.