Jamaica organization closes on $12.8 million for
construction of fi rst business training center
TIMESLEDGER | QNS.COM | OCT. 8 - OCT. 14, 2021 5
BY CARLOTTA MOHAMED
The Greater Jamaica Development
Corporation (GJDC) has closed on financing
for the construction of southeast
Queen’s first co-working space
and business training center that will
support the local business community
and increase the presence of local
entrepreneurs.
The $12.8 million adaptive reuse
project will create a modern,
18,000-square-foot co-working space
and business training center at The
Moda building, located at 89-14 Parsons
Blvd., formerly known as the
Queens Courthouse.
The facility will provide state-ofthe
art rentable shared space, technology
conference capabilities and
training rooms, while also creating
synergistic opportunities with members
and opportunities for growth.
The facility will also provide office
space for a local social service nonprofit.
The co-working space is estimated
to support over 126 permanent and
part-time jobs and 33 construction
jobs.
“Coming out of the pandemic, I
cannot think of a better project to
work on,” said Hope Knight, president
and CEO of GJDC. “Once complete,
the co-working space will bring
together entrepreneurs in southeast
Queens so they can collaborate and
grow, right where they live. This
could 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 under the Jamaica NOW
Action Plan and the New York State
Downtown Revitalization Initiative.
The project also received financial
support in 2019 from Gov. 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 the financing,
which was created for projects in lowincome
communities, through NYC
Neighborhood Capital Corporation
(NYCNCC), who allocated $12.5 million
in tax credits. Capital One provided
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 they’re proud to support
a new co-working space and business
training center in Jamaica.
“The center will help small businesses
by connecting them to local
entrepreneurs, fostering new networking
opportunities and providing
a space for innovation, growth and
critical job training,” Loeb said. “We
thank the Greater Jamaica Development
Corporation for their partnership
and know this center will serve
the business community of Queens for
years to come.”
The project is now under construction
and is anticipated to be completed
in June of 2022.
Rendering courtesy of Eric Safyan Architect PC
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