First Street North
LADF Allocation $7,000,000
Total NMTC Funding $27,500,000
Total Project Cost $28,846,420
Permanent Jobs Retained 40
Permanent Jobs Created 20
Construction Jobs Created 43
Square Footage Created 42,263
Little Tokyo Service Center (“LTSC”, or “Sponsor”) will use the NMTC financing to fund the new construction of First Street North (“Project”). The Project will encompass the ground floor commercial components of two buildings on the site (Building A and Building B), each which will serve as podiums for above-ground residential floors which will be separately owned and financed. The NMTC financing will be utilized only towards the commercial components.

The NMTC-financed project will feature a 10,011 SF permanent space for the Go for Broke National Education Center, 18,611 SF of commercial space with below-market rents for local minority - owned restaurant and retail businesses, and for the remainder of the space LTSC will make commercially reasonable efforts to lease to one or more arts or cultural organizations, nonprofits, or local small businesses. If LTSC cannot identify a suitable tenant for the remainder of the space, then it is anticipating utilizing it as its own administrative office space. All of the retail and restaurant tenants – including Fugetso-Do, Suehiro Café, Hankook BBQ House, Rafu Bussan, and Demitasse – are local minority-owned small businesses that have been operating in Little Tokyo for as far back as 1903 (Fugetso-Do) and are now getting priced out of the neighborhood due to rising rents. The NMTC subsidy will afford the project the ability to offer space to these tenants at below-market rents and keep these businesses in the community for the long term. Additionally, the project is a block away from the upcoming Metro Regional Connector transit hub. Both the sponsor and tenants are minority-controlled businesses.