MOBILE,
Ala., June 20, 2024 /PRNewswire/ -- UB Community
Development, LLC (UBCD), a community development partner of United
Bank, announced that it provided Gulf Distributing Company of
Mobile $7
million in New Markets Tax Credit (NMTC) funding for the
acquisition, renovation, and equipping of the former Mobile Press
Register building to serve as a warehouse and office facility in
Mobile, Alabama.
Made possible in part by strategic partnerships with UBCD,
United Bank, Truist Community Capital and Truist Bank, the
rehabilitated facility boasts state-of-the-art equipment
specifically designed to optimize warehouse efficiency. Gulf
Distributing will move its existing Mobile workforce of 257 employees to the
downtown location and create an additional 65 new jobs. Once
renovation is completed, 75,000 square feet of the
243,000-square-foot facility will accommodate multiple tenants
bringing additional jobs to Downtown
Mobile.
The Project is viewed as a critical investment in the
revitalization of Downtown Mobile
by community stakeholders and officials. According to Mobile
Chamber President & CEO Bradley
Byrne, "This move will play a key role in the revitalization
of Downtown Mobile, as we strive
to recruit more back-office operations to our downtown area."
Additionally, Mobile Mayor
Sandy Stimpson stated that the
project "truly is a win-win for the City
of Mobile and Gulf Distributing. It's wonderful to see such
a prominent and beautiful building in our downtown being put back
into use by a local company that has invested so much into the
community. We are excited for Gulf Distributing, and we are proud
to see the continued revitalization of Downtown Mobile."
Gulf Distributing is a family owned and operated full-service
beverage distributor that spans Alabama and the Florida Panhandle into southern and central
Mississippi. Founded in 1973, the
company has grown from just 15 employees and three brands, to now
well over 1,200 employees representing over one hundred suppliers
and over one thousand different beverage brands.
"When the Mobile Press Register moved from its aged Government
Street facility, it was a great opportunity for downtown
Mobile," says UBCD President,
Alex Jones. "However, this facility
was recently closed and over 400 people laid off, leaving a
tremendous gap in downtown. Gulf Distributing and the Maisel family
had a vision to bring this facility back to productive use and fill
the void in the community. UBCD is grateful for the opportunity to
support that vision with our Federal New Markets Tax Credit
program."
About UB Community Development
Headquartered in
Atmore, AL, UB Community
Development's strong history and experience in New Markets Tax
Credit transactions, coupled with our passion for improving the
communities around us, make UBCD Alabama's premier financial
partner for economic and community development. Through our NMTC
projects, Community Facilities Lending Program and Community
Housing Capital Fund, UBCD is working with community development
partners in the fields of healthcare, education, manufacturing,
public works, affordable housing and more to positively affect
growth in regional communities. For more information about UB
Community Development, visit our website at
www.UBCommunityDevelopment.com.
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SOURCE United Bancorporation