MOBILE, Ala., June 20, 2024 /PRNewswire/ -- UB Community Development, LLC (UBCD), a community development partner of United Bank, announced that it provided Gulf Distributing Company of Mobile $7 million in New Markets Tax Credit (NMTC) funding for the acquisition, renovation, and equipping of the former Mobile Press Register building to serve as a warehouse and office facility in Mobile, Alabama.

Made possible in part by strategic partnerships with UBCD, United Bank, Truist Community Capital and Truist Bank, the rehabilitated facility boasts state-of-the-art equipment specifically designed to optimize warehouse efficiency. Gulf Distributing will move its existing Mobile workforce of 257 employees to the downtown location and create an additional 65 new jobs. Once renovation is completed, 75,000 square feet of the 243,000-square-foot facility will accommodate multiple tenants bringing additional jobs to Downtown Mobile.

The Project is viewed as a critical investment in the revitalization of Downtown Mobile by community stakeholders and officials. According to Mobile Chamber President & CEO Bradley Byrne, "This move will play a key role in the revitalization of Downtown Mobile, as we strive to recruit more back-office operations to our downtown area." Additionally, Mobile Mayor Sandy Stimpson stated that the project "truly is a win-win for the City of Mobile and Gulf Distributing. It's wonderful to see such a prominent and beautiful building in our downtown being put back into use by a local company that has invested so much into the community. We are excited for Gulf Distributing, and we are proud to see the continued revitalization of Downtown Mobile."

Gulf Distributing is a family owned and operated full-service beverage distributor that spans Alabama and the Florida Panhandle into southern and central Mississippi. Founded in 1973, the company has grown from just 15 employees and three brands, to now well over 1,200 employees representing over one hundred suppliers and over one thousand different beverage brands.

"When the Mobile Press Register moved from its aged Government Street facility, it was a great opportunity for downtown Mobile," says UBCD President, Alex Jones. "However, this facility was recently closed and over 400 people laid off, leaving a tremendous gap in downtown. Gulf Distributing and the Maisel family had a vision to bring this facility back to productive use and fill the void in the community. UBCD is grateful for the opportunity to support that vision with our Federal New Markets Tax Credit program."

About UB Community Development
Headquartered in Atmore, AL, UB Community Development's strong history and experience in New Markets Tax Credit transactions, coupled with our passion for improving the communities around us, make UBCD Alabama's premier financial partner for economic and community development. Through our NMTC projects, Community Facilities Lending Program and Community Housing Capital Fund, UBCD is working with community development partners in the fields of healthcare, education, manufacturing, public works, affordable housing and more to positively affect growth in regional communities. For more information about UB Community Development, visit our website at www.UBCommunityDevelopment.com.

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SOURCE United Bancorporation