Real estate development firm Jamestown and SunTrust Community Capital, a subsidiary of SunTrust Bank, have formed a partnership that will  fund the preservation efforts of Atlanta’s Historic Sears and Roebuck distribution center through  approximately $48 million in capital contributions. This project is part of the Federal Historic Preservation Tax Incentives program, and the partnership with SunTrust Bank is an important part of Jamestown’s plan to fund the restoration of the building.  The aim of the program, which is administered by the National Park Service, is to lower the cost of construction for a historic property to be comparable to the cost of new construction.  This is achieved through tax credits that equal 20 percent of the certified rehabilitation costs for qualified projects.

“The historic tax credit program has enabled Jamestown to properly preserve the historic Sears, Roebuck and Co. building for future use by the community,” says Jamestown CEO Matt Bronfman.

The Federal Historic Preservation Tax Incentive program encourages the rehabilitation and re-use of historic buildings through private sector investment. Ponce City Market is one of the program’s largest projects since its institution by Congress in 1986. Related to the preservation efforts, Jamestown has meticulously restored the brick facades of the two million square-foot structure, original steel sash windows, including the replacement of more than 56,000 panes of glass, and restored more than 700,000 square-feet of original hardwood maple floors. Jamestown will use this equity infusion to complete its renovation efforts.  Additionally, Jamestown will resurrect the elevated rail bridge, which Sears constructed in 1926 to bring merchandise into the facility by train.

“SunTrust Community Capital is proud to be associated with such an iconic project for the city of Atlanta and particularly because we’ve partnered with another long-time Atlanta company,” said Paul Woodworth, head of SunTrust Community Capital. “We’ve been a part of this community since 1891 and it’s gratifying to see this historic complex beginning a new phase in its life.”

The restoration of the former historic Sears, Roebuck & Company building is the largest adaptive reuse project in Atlanta's history. Ponce City Market combines 259 residential flats with approximately 517,000 square feet of Class-A loft office space and 330,000 square feet of retail and restaurants including the recently opened Binders Art Supplies as well as a Central Food Hall, slated to open in spring 2015. The Central Food Hall will feature Anne Quatrano’s latest concept, Dub’s Fish Camp, an Indian street food eatery by the owners of Chai Pani and Linton Hopkins’ H&F Burger, among others. The evolution of Ponce City Market focuses on preserving the building’s historic character and enhancing its connection to the surrounding community. Ponce City Market will also boast a new pedestrian bridge which links the interior courtyard and public market directly to Atlanta’s popular BeltLine trails.