Construction begins on $ 12.8 million business training center in Jamaica – QNS.com
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The Greater Jamaica Development Corporation (GJDC) has closed funding for the construction of the first co-working space and business training center in South East Queen, which will support the local business community and increase the presence of local entrepreneurs.
The $ 12.8 million adaptive reuse project will create a modern co-working space and an 18,000 square foot business training facility in the Moda building, located at 89-14 Parsons Blvd., formerly known as by Queens Courthouse.
The facility will provide state-of-the-art commendable shared space, technological conference capabilities and training rooms, while creating opportunities for synergy with members and opportunities for growth. The facility will also provide office space for a local non-profit social service organization.
Coworking space is estimated at over 126 permanent and part-time jobs and 33 construction jobs.
“Coming out of the pandemic, I can’t think of a better project to work on,” said Hope Knight, President and CEO of GJDC. “When completed, the coworking space will bring together entrepreneurs from South East Queens so they can collaborate and grow, wherever they live. This would not have been possible without our financial partners and I would like to thank each of them for their continued support.
The project is a direct result of community stakeholder planning conducted as part of the Jamaica NOW Action Plan and the Downtown New York State Revitalization Initiative. The project also received financial support in 2019 from Governor Kathy Hochul and the New York State Downtown Revitalization Initiative.
The New York City Economic Development Corporation facilitated the use of the New Markets Tax Credit (NMTC) program for financing, which was created for projects in low-income communities, through NYC Neighborhood Capital Corporation (NYCNCC ), which allocated $ 12.5 million in tax credits. Capital One provided an equity investment in the amount of $ 4.8 million and SeaChange Capital Partners provided bridge financing in the amount of $ 1.3 million.
Rachel Loeb, President and CEO of NYCEDC, said she was proud to support a new coworking space and business training center in Jamaica.
“The center will help small businesses by connecting them with local entrepreneurs, fostering new networking opportunities and providing space for innovation, growth and critical professional training,” said Loeb. “We thank the Greater Jamaica Development Corporation for their partnership and know that this center will serve the Queens business community for years to come.”
The project is currently under construction and is expected to be completed in June 2022.