The Tile Shop
- $3 Million Net NMTC Benefit Achieved
- $18 million NMTC financing for manufacturer and distributor of residential tile products
- Result of a six state search in a five to seven state region
- Activates a well built facility vacant for 10+ years in an industrial park at 50 percent utilization, now poised for growth
- Creates 30-50 eventual full-time positions and 45 FTE construction jobs in a severely distressed NMTC census tract
- Advances the city’s development and the company’s growth by accessing state incentives, federal credits and investor funding
The Tile Shop, a publicly traded Minnesota-based innovator in the DIY market, is now fueling rapid expansion in the south and southwest from a newly renovated, expanding facility in Durant, Oklahoma. The HWH Group worked with Team Durant to create a long-range vision that would maximize value for the company while rebuilding an industrial base—all with no outlays required of the city. HWH took what started as a $3-4 million overall program and assembled a comprehensive initiative, ultimately involving multiple CDEs (Community Development Entities) and investors.
In addition to the building, the project included land, expansion for manufacturing, new equipment and a rail spur connection built by the HWH Construction group. The rigor of closing an NMTC deal of this complexity also ensures its viability, and The Tile Shop is already reaching capacity in Durant as it continues its progress toward national market coverage.