Projects - Foss & Co

PROJECT PORTFOLIO

Although Foss & Company is active in all facets of the transferable tax credit space, the Company’s most impressive projects have come through in the form of Historic Rehabilitative Tax developments, often taking unoccupied or abandoned properties and converting them into market rate apartments, theaters, restaurants, office space, and hotels. Many of these projects helped rejuvenate cities across the United States which may never have occurred without the incentivized tax credit program.

LEVEQUE TOWER

COLUMBUS, OH

Developers: Lawyers Development Corporation,
Kaufman Development, CASTO

Ohio Historic Preservation Tax Credit: $5,000,000

LeVeque Tower first opened in 1927 and for nearly 90 years it has been Columbus’ iconic landmark. After four year rehabilitation, the tower has been restored to prominence. In order to maximize the building’s unique floorplan it has been divided into three different condominiums that now contain a Marriott Autograph Collection hotel, 150,000 sf of class A office space, and 80 luxury apartments. It is a featured project of the Foss OH 2016 Fund and total development costs were in excess of $50 million.

MERCANTILE COMMERCE BUILDING

DALLAS, TX

Developers: NewcrestImage

Federal Historic Tax credit: $8,677,000

Texas Historic Preservation Tax Credit: $10,847,000

The Mercantile Commerce Building is located at 1712 Commerce Street in Dallas and is part of the Foss Texas 2015 Fund. As part of the historic rehabilitation, the former office tower was converted into a 244 room Residence Inn and a 244 room AC Hotel by Marriot. Both hotels are owned and managed by NewcrestImage. The project includes 6,000 square feet of retail space on the ground floor and the hotel lobby and front desk are on the 22^nd floor, overlooking the Dallas Skyline. The rehabilitation began in May 2015 and was completed in October 2017. Total development costs were $58,402,276.

Foss & Company is a national investment management firm founded in 1983. We have managed and deployed over $5 Billion in Tax Equity on behalf of our institutional investor clients. Our firm led some of the earliest tax equity investments in solar (SEGS) in the early 80’s and has managed over $500 million to date in renewable and alternative energy investments.

THE 9

CLEVELAND, OH

Developer: GEIS Development

Federal Historic Rehabilitation Tax Credits: $28,368,591

Ohio State Historic Rehabilitation Tax Credits: $31,000,000

The 9 is the featured project of Foss Ohio 2014 Fund I, LLC and it is the largest project completed in the history of the Ohio Historic Tax Credit program. The complex consists of three historic structures spanning two city blocks at the intersections of East 9th Street, Euclid Avenue, and Prospect Avenue in the heart of downtown Cleveland, Ohio. The site consists of (1) the Cleveland Trust Tower, a 29 story, 400,000SF office high-rise; (2) the Cleveland Trust Rotunda, a stunning 38,000SF historic structure built in 1905 for Cleveland Trust with a stained glass dome built above a main floor and two mezzanine levels; and (3) the 1010 Euclid Building, a 14 story, 120,000SF office building built in 1910. Cleveland based development firm the Geis Companies purchased the complex from Cuyahoga County in February 2013 and at the time of the purchase the entire complex was vacant. Upon purchasing the complex, Geis spent $150 million transforming the complex into a 156 room Marriott Autograph Collection Hotel, 204 luxury apartments, 70,000 square feet of retail/commercial space, a 35,000 square foot Heinen’s Fine Foods grocery store, a 10,000 square foot nightclub called Vault, and a 5,000 square foot rooftop bar/sundeck called Azure. In September of 2015, Novogradac and Company awarded The 9 with the Major Community Impact award at its annual Historic Tax Credit Conference.

WAKE FOREST BIOTECH PLACE

WINSTON-SALEM, NC

Developer: Wexford Science and Technology, LLC

Federal Historic Rehabilitation Tax Credits: $18,193,235

State Historic Rehabilitation Tax Credits: $27,289,853

This is the featured project of the Foss N.C. Mill Credit 2011 Fund I. The $105 million renovation and conversion of two former R.J. Reynolds Tobacco warehouses located in Winston-Salem, NC is the first phase of a multiphase development of the newly created Wake Forest Innovation Quarter. The buildings were converted by Baltimore based developer Wexford Science and Technology, LLC into 184,000 square feet of state of the art biotechnology space for Wake Forest University Health Sciences, as well as 40,000 square feet of commercial and retail space. It is one of the largest economic development projects to take place in Winston-Salem during the past 20 years. This project brought over 400 permanent jobs to the community.

ST. ANTHONY HOTEL

SAN ANTONIO, TX

Developer: BC Lynd Hospitality

Federal Historic Rehabilitation Tax Credits: $11,253,085

Texas Historic Rehabilitation Tax Credits: $14,066,356

Bridge Loan: $16,400,000

The St. Anthony Hotel is the featured project of the Foss Texas 2015 Fund and it was also one of the first project’s to receive a bridge loan from Foss Bridge Credit, LLC. The St. Anthony opened in 1909 and for many years it was the most prominent hotel in San Antonio (the business plan for Southwest Airlines was famously created in the hotel’s bar). After years of deferred maintenance, San Antonio based development firm BC Lynd Hospitality purchased the hotel in 2012 and began a $60 million renovation project to return the hotel to prominence. Construction was completed in May 2015 and the hotel now contains 277 hotel rooms, 30,000 square feet of ballroom space, a high end restaurant, and a rooftop pool. Established in late 2014, the Texas Historic Preservation Tax Credit Program went into effect on January 1, 2015. The St. Anthony Hotel represents the very first project to be issued Texas Historic Tax Credits by the State program.

CENTRAL NATIONAL BANK BUILDING

RICHMOND, VA

Developer: Norman Jemal

Federal Historic Tax Credits: $10,047,307

State Historic Rehabilitation Tax Credits: $12,559,134

Central National Bank Building is one of the featured projects of the Foss Virginia 2015 Fund I, LLC. The development team converted the historic 23-story building located at 219 East Broad Street in Richmond, Virginia, into 205 market rate rental apartments and 26,000SF of retail and commercial space. The building enjoys a unique location in the heart of the culturally rich Broad Street with panoramic views of both the James River and the Richmond city skyline. Total development costs amounted to $45.3 million

The Hotel Lafayette for Carmina Wood Morris and R&P Oak Hill

The Hotel Lafayette for Carmina Wood Morris, PC and R&P Oak Hill

The Hotel Lafayette for Carmina Wood Morris and R&P Oak Hill

The Hotel Lafayette for Carmina Wood Morris, PC and R&P Oak Hill

LAFAYETTE HOTEL

BUFFALO, NY

Developer: Rocco Termini

Federal Historic Rehabilitation Tax Credits: $11,000,000

State Historic Rehabilitation Tax Credits: $5,000,000

The Historic Lafayette Hotel first opened its doors in 1904 and for many years it was the premier hotel in Buffalo, New York. After falling into disrepair in the late 1990’s and early 2000’s, Buffalo developer Rocco Termini bought the building with plans to restore it to its former glory. Construction began in February 2011 and upon completion of construction in May 2012 the project contained Marquis de Lafayette, Mike’s A Steakhouse, Woyshner’s Florist, Butterwood Sweet and Savory, and room2 – a luxury furniture boutique, 120 market rate apartments, a 32 room boutique hotel, and two catering/event businesses. The restoration of this Buffalo landmark has been a huge success as all of the project’s commercial space and all of its apartments were 100% leased upon its grand opening. The total cost of the rehabilitation project was $55,000,000 and the Foss NY Historic Fund acted as the investor for the project’s Federal Historic and New York Historic tax credits.

CIGAR FACTORY

CHARLESTON, SC

Developer: WECCO and Weaver Capital Partners

Federal Historic Tax Credits: $7,454,051

State Historic Rehabilitation Tax Credits: $3,727,026

State Textile Rehabilitation Tax Credits: $7,479,504

The Cigar Factory is the featured project of the Foss South Carolina 2014 Fund I, LLC. Originally constructed as a textile mill in 1882, the building was converted in 1893 by the American Tobacco Co. to produce the popular cigar brand Rio-Tan. The Cigar Factory was converted into 200,000SF of retail and office space as well as 8,000SF of event space. The building which is located at 701 E Bay Street in Charleston, South Carolina, enjoys sweeping views of the harbor, port and city skyline. Total development costs amounted to approximately $63 million.

WAKE FOREST 90′S BUILDINGS

WINSTON-SALEM, NC

Developer: Wexford Science and Technology, LLC

Federal Historic Rehabilitation Tax Credits: $26,113,225

N.C. Mill Rehabilitation Tax Credits: $39,169,837

This 473,900 square foot second phase of the Wake Forest Innovation Quarter project has extended Wexford’s vision of rehabilitating this once vacant industrial district into a sustainable, mixed-use, knowledge-based community which residents of Winston-Salem and the Triad area will be able to work, live and play for many years to come. The project’s tenants include the new home for the Wake Forest School of Public Health as well as the new headquarters for Inmar, Inc. This project created 600 new permanent jobs and had a $170 million construction budget. In September of 2014, Novogradac and Company awarded Wake Forest 90’s Buildings with the Major Community Impact award at its annual Historic Tax Credit Conference.

700 MAIN

RICHMOND, VA

Developer: Shamin Hotels

Federal Historic Tax Credits: $4,962,915

State Historic Rehabilitation Tax Credits: $6,203,644

700 Main is one of the featured projects of the Foss Virginia 2015 Fund I, LLC. The development team converted the 18 story commercial office building at 700 E Main Street in Richmond, Virginia into two mid-level Hilton branded hotels and 18,000SF of ground floor retail space. The hotel includes a full-service upscale restaurant, a rooftop bar and lounge that overlooks the Richmond skyline, meeting space with floor to ceiling glass windows, a fitness center, and an interior parking garage located on the third through seventh floors of the building. Total development costs amounted to $37.8 million.

GOODYEAR HALL

AKRON, OH

Developer: Industrial Realty Group

Federal Historic Tax Credits: $6,150,865

State Historic Rehabilitation Tax Credits: $5,000,000

Goodyear Hall is the featured project of the Foss Ohio 2015 Fund I, LLC. The building is a six-story, 292,000SF historic structure located at 1201 East Market Street in Akron, Ohio. The building was originally the headquarters complex for Goodyear Tire & Rubber Company. The building was a mixed-use redevelopment that converted the former office building into 106 apartment units. The development also included updates to the 1500 seat theatre and historic gymnasium on the 1st floor as well as build out of former office spaces fronting Market Street to retail space. The former bank building that is attached to Goodyear Hall was converted into a restaurant. Total development costs amounted to $33.9 million. In September of 2016, Novogradac and Company awarded Goodyear Hall with the Major Community Impact award at its annual Historic Tax Credit Conference.

MAYO HOTEL

TULSA, OK

Developers: John and Tori Snyder

Oklahoma Historic Rehabilitation Credits: $11,000,000

Federal Historic Rehabilitation Credits: $11,000,000

The Mayo Hotel, located in downtown Tulsa, Oklahoma is a 20-story grand hotel that was originally built in 1925. For many years it served as the premier hotel in Tulsa and was once the tallest building in the state. After suffering years of neglect, the hotel was shut down in 1983 and sat vacant until John and Tori Snyder bought the hotel with plans to restore it to prominence. Upon completing the hotel’s restoration in 2009, the Mayo reopened with 107 hotel suites ranging in size from 450 -1300 square feet, 30,000 square feet of ballroom space for weddings and events, two onsite restaurants, and 76 market rate rental apartments. It is once again one of downtown Tulsa’s premier buildings.

CUSTOM HOUSE

ST. PAUL, MN

Developer: Exeter Group and Nelson Development

Federal Historic Tax Credits: $14,136,437

State Historic Rehabilitation Tax Credits: $14,136,437

Custom House is located in St. Paul, Minnesota. Exeter Group and Nelson Development undertook an ambitious renovation of the former US Post Office and Customs House, converting the dilapidated 17-story, 735,000 square foot structure into a mixed use-project consisting of 202 luxury rental apartments, a 149 room Hyatt Place hotel, a 600-unit self-storage facility and 5,000 SF of restaurant space. The building is located in downtown area as it sits one block away from the Mississippi River offering unparalleled views. Total development costs amounted to $83.2 million.