Park Synagogue Redevelopment
CDA is supporting the adaptive reuse of the historic Park Synagogue campus into Park Arts, a multi-phase redevelopment that will transform the 28-acre site into an arts, education, and community hub.
CDA provided a $2 million predevelopment loan and an additional $1.25 million subordinate predevelopment loan through its Community Reinvestment Fund to advance the project ahead of construction.
CDA also committed $16 million in federal New Markets Tax Credit allocation and $2.5 million in state allocation to support the approximately $50 million Phase 1 redevelopment of the historic Mendelsohn building.
In addition, CDA provided approximately $750,000 in bridge financing to support the timing of tax credit equity.
Historic Preservation
This project will preserve the Mendelsohn Building 1 of 4 synagogues in the US designed by German-Jewish architect Erich Mendelsohn.
Neighborhood Revitalization
The project is transformational in that it is of scale & has the potential to change the identity of an area instantly; it is a multi-phase, multi-building project that represents a point-of-departure for the market.
Executed Community Benefits Agreement
The project sponsor has committed to quantifiable community impacts by executing a Community Benefits Agreement.
