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-of-the-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 low-income 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.