NIIF Investments

Village Center at Stadium Place Sponsored by GEDCO

In September 2019, Mayor Jack Young, Councilmember Mary Pat Clarke and others joined co-sponsors Govans Ecumenical Development Corporation (GEDCO) and Commercial Development in the groundbreaking for the new Village Center at Stadium Place. For over two decades, GEDCO has led redevelopment of the former Memorial Stadium site on 33rd Street in Ednor Gardens, creating a vibrant, mixed income community serving that provides housing and supportive services to over 350 seniors. The $26 million Village Center project will offer 70 senior apartments, 14 of which will be affordable to low-income seniors, and bring the first on-site retail and commercial offerings to the Stadium Place community.

NIIF provided $750,000 as in low cost construction financing as a participant in a subordinate financing led by Baltimore Community Lending. This package complemented senior financing from Fulton Bank and New Markets Tax Credits provided by SunTrust and Harbor Bancshares. In addition to providing senior housing, the inclusion of 30,000 square feet of retail, medical office and other commercial space will both provide employment opportunities for community residents and serve a neighborhood long starved of shopping options.