Circle Food Store Groundbreaking Cheered on by Enhanced Capital Investment Firm Provides $1 Million in Tax Credit Financing for Redevelopment of the Neighborhood Icon
NEW ORLEANS, Jan. 14, 2013 /PRNewswire/ -- The landmark Circle Food Store in New Orleans is celebrating the start of their grand redevelopment project with a groundbreaking ceremony at 11:00 am today. Among those cheering them on is Enhanced Capital Partners, who recently provided $1 million in tax credit financing to the historic 7th Ward retailer to help the store rebuild from damage caused during Hurricane Katrina.
"The Circle Food Store is true a legacy in the 7th Ward and the neighborhood hasn't been the same without it," said Richard Montgomery, Managing Director at Enhanced Capital. "Bringing the store back will have lasting benefits through the creation of an estimated 75 jobs and the return of a much missed community meeting place."
Over the decades, the Circle Food Store had become a one-stop shop for the community, providing access to fresh food, banking services, medical and dental services, and even uniforms for local community schools. In the seven years since the store has been dormant, more than 50,000 people in the surrounding area have had no direct access to fresh groceries.
"This financing will allow Circle Food Store to once again reopen our doors to all the customers who rely on us," said Dwayne Boudreaux, Owner of the Circle Food Store. "It's been a tough run over the past seven years, but this funding gives us everything we need to repair the building, restock our store, and replace all the equipment we lost."
About Enhanced Capital Partners
Enhanced Capital Partners, Inc., headquartered in New York City, is a diversified private investment firm focused on established small and mid-sized companies overlooked by traditional sources of capital due to location or size. Since 2000, Enhanced Capital has raised more than $600 million through a variety of state and federal public-private investment programs. For more information, visit www.enhancedcapital.com.
This is intended for marketplace communication purposes only and is neither an offer to sell nor a solicitation of any offer to buy any securities, investment product or investment advisory services. This is not an offering or the solicitation of an offer to purchase an interest in a fund.
Marissa Wolf on behalf of Enhanced Capital
SOURCE Enhanced Capital Partners