YMCA of Metro Atlanta, SunTrust Community Capital and MBS Urban Initiatives CDE have closed the financing for the organization’s new headquarters. The 54,400-square-foot building, known as the YMCA Center for Leadership and Learning, will be located in Atlanta’s Westside. The center will house YMCA of Metro Atlanta’s administrative offices and other functions including a training center for 4,000 regional staff.
The deal, a partnership between SunTrust Community Capital, McCormack Baron Salazar and Invest Atlanta, included $22 million in New Markets Tax Credits allocation. The deal also included a $2.5 million Westside Tax Allocation District grant from Invest Atlanta.
Three community development entities contributed NMTC allocation to the deal. MBS Urban Initiatives provided $8 million, and both SunTrust Community Development Enterprises and Atlanta Emerging Markets Inc. contributed $7 million. SunTrust Community Capital served as the sole NMTC investor for the development.
The new Leadership & Learning Center will be located at the former site of Frederick D. Jordan Hall. The new facility’s design will complement and pay homage to the area’s rich educational history. As the new regional YMCA training center for the southeastern United States, training will be provided to over 1,500 employees annually, and will benefit approximately 250,000 children in Atlanta and the surrounding areas. Additionally, new Head Start slots will bring high-quality early education to children in the community, along with opportunities to participate in educational enrichment programs outside of school hours.
“This new center represents a transformative expansion for YMCA of Metro Atlanta and embodies our organization’s tireless efforts to find new ways to invest in our city’s children,” said Ed Munster, president and CEO of the YMCA of Metro Atlanta. “In addition to millions of dollars in direct community and educational benefits for Atlanta’s Westside, we believe this new headquarters will be a catalyst for other investment that will strengthen this area and benefit those who call it home.”
The new Leadership & Learning Center will bring 135 YMCA employees to the Westside, including 25 new jobs and various internship opportunities for Atlanta University Center students.
Located at 569 Martin Luther King, Jr. Dr., the new center is expected to open in early 2019.