December 2007

South Beach Development, LLC

THE PROJECT

In December 2007, AMCREF Community Capital (AMCREF) provided $12 million of NMTC financing to, South Beach Development, LLC, the largest non-gaming, private investment on the Mississippi Gulf Coast since Hurricane Katrina. The tower includes 96 affordable hotel rooms. The project utilized state-of-the-art building technologies to help protect against damage from future hurricanes. The project is located in a Go Zone LIC that suffered significant damage from the storm surge and served as an important symbol at the time that major investment in the region had begun, influencing others to follow.

COMMUNITY IMPACT

The South Beach Development Hotel is a beneficial project that stands as a model for future development on the Gulf Coast. Positive community impacts include:

  • Job Creation: 28 FTE Jobs Created/Maintained for hotel personnel, plus 780 construction jobs
  • Smarter Building: Innovative construction methods and materials were utilized to avoid potential future hurricane damage, making the development exceptionally storm–resistant. As such, the building serves as a model for others rebuilding along the coast
  • Catalytic Effect: The first major non-casino project in Biloxi post-Katrina. In addition, the NMTC first-round investment supported the first tower. The developer may build up to four additional towers.