OFN
  • Our Work
    • What is a CDFI?
    • Key Priorities
      • Affordable Housing
      • Financial First Response
      • Climate Change & Resilience
      • Healthy Communities
      • Native Finance
      • Persistent Poverty
      • Racial Equity
      • Rural Development
      • Small Business
    • Impact Stories
    • Impact Data
  • Investing & Giving
    • Why Partner with CDFIs
    • Invest in CDFIs
    • Invest Through OFN
    • Investor Resources
  • Members
    • Join OFN
    • CDFI Connect Community
    • Take Action
  • Public Policy
    • Partnering with the Public Sector
    • U.S. Treasury CDFI Fund
    • Public Policy Communications
    • Take Action
  • Initiatives
    • Current Initiatives
      • CDFI Community Investment Fund
      • Economic Justice Partnership Fund
      • Finance Justice Fund
      • Good to Grow CDFI Investment Fund
      • Greenhouse Gas Reduction Fund
      • Grow with Google Small Business Fund
      • Native CDFI Awards
      • Ned Gramlich Award
    • Past Initiatives
  • About
    • About OFN
    • Mission & Vision
    • Our Team
    • OFN Board
    • OFN Training & Events
    • OFN Careers
    • OFN Financials
    • Contact Us
  • Resources
    • Blog
    • Press Room
    • CDFI Locator
    • CDFI Industry Job Bank
    • CDFI Resource Library
    • Public Appearances
    • CDFI History
    • About CDFIs for Clients

Quick Links

  • CDFI Locator
  • Blog
  • OFN Training & Events
  • Join
  • CDFI Connect Community
Levine Machine - Clearinghouse CDFI client
7th
August
2014
Phoenix, AZ

Levine Machine Transforms Dilapidated Properties into Modern Workspaces

August 7, 2014

Client: Levine Machine

Client Location: Phoenix, AZ

CDFI: Clearinghouse CDFI

CDFI Service Area: Arizona

CDFI Services Provided: 

Financing

Financial and Social Impact

  • Six small businesses are tenants in the restore building, with more than 126 full-time employees in total
  • A building that had fallen into disrepair is repurposed and part of a city’s district revitalization

Once an economic engine of the American southwest and home to a vital rail hub, the warehouse district of downtown Phoenix has been in decline now for 60 years.

Its history echoes that of many towns whose development was driven by the railroads. As cheaper and more efficient means of shipping came onto the scene―long-haul trucking companies and cargo airways―Phoenix’s railroad economy faded, and gradually moved out of the warehouse district. The result: properties fell into disuse and vacancy in a harsh pattern that persisted for years.

The pendulum has reversed course more recently, however, driven by a revitalization due in part to the presence of Levine Machine.

The company saw the inherent value and beauty in old warehouses and in the potential to bringing the once-vibrant neighborhood back to life. Through its many redevelopment projects it has transformed many once-forgotten buildings into modern spaces, bringing new energy and excitement to the downtown area.

When the loan closed, the site was proving its potential, providing office space for six small business tenants which employ a total of 126 full-time employees.

One example: A 42,500 square-foot industrial building at 605 E. Grant Street that was erected in 1917, had its heyday, and then stood vacant until Levine helped transform it into a multi-tenant office complex. CDFI Arizona MultiBank, now Clearinghouse CDFI, administered a loan of $500,000, with participation by the Phoenix Industrial Development Authority, to help Levine refinance a portion of the maturing mortgage on this property. When the loan closed, the site was proving its potential, providing office space for six small business tenants which employ a total of 126 full-time employees. The building management and tenants combined anticipate creating many new jobs within the next year, and the warehouse district as a whole benefits from the growth and impact of Levine Machine and its diverse tenants.

Tags: Placemaking, Urban

Share post to Facebook
Share post to Twitter
Share post to LinkedIn

Opportunity Finance logo - white

  • About OFN
  • Contact Us
  • Blog
  • OFN Training & Events
  • Newsletter Subscription
  • Press Room
  • CDFI Locator
  • Invest in CDFIs
  • CDFI Connect Community
  • CDFI Industry Job Bank
  • OFN Careers

Copyright © 2023 Opportunity Finance Network. All rights reserved.

  • Terms of Use
  • Sitemap