EDENTON — The Town of Edenton officially closed on a $7 million New Markets Tax Credit investment that will transform the former Sears Building in downtown — known as The Brick — into a modern workplace, bringing 155 high-quality technology jobs to the historic waterfront community.

The Innovate Fund, a certified Community Development Entity, announced the closing of the Project Teapot investment on Dec. 16, 2025, marking a significant milestone in the town’s efforts to revitalize its downtown and diversify its economy. The project will renovate the remaining 16,000 square feet of the building located in the second and third floors of the building at 211 S. Broad St. It will also improve the adjacent parking area.

The first floor has already been renovated and contains commercial space occupied by Huckberry Ice Cream, Coastal Threads and Kraken Coffeehouse.

What the Closing Means

According to town officials, the closing represents two critical developments for the project. First, the tax credit portion of the project is now executed, allowing the project to recognize investor contributions. Second, the New Markets Tax Credit compliance period now has an official start date, setting the timeline for the seven-year commitment to job creation and community development.

“The NMTC idea is a new tool for the Town Team to utilize, but this project structure has found to be a very useful way to do ‘Big things, in a Small town,’” said Town Manager Corey Gooden. “I am so thankful for all the cooperation from everyone who has made this possible, and the amount of hours dedicated from the team was staggering.”

Technology Jobs Coming to Rural North Carolina

The renovated facility will house Provalus, an IT service provider dedicated to elevating high-potential rural communities. The company will bring 155 technology sector jobs to Edenton, representing a new employment segment for the area.

Mayor Hack High emphasized the significance of attracting this type of employer to the region. “The opportunity to have a new employer from a completely new segment of the job market will be a major impact for families locally, and will continue to make Edenton a great place to ‘live, work, and play.’”

Multiple Funding Streams Support Project

While the $7 million New Markets Tax Credit investment serves as the primary initial funding source, the project is supported by an extensive network of additional grants totaling nearly $2 million, Gooden said. These funds are currently held in a restricted account for the project and will be spent as construction invoices are received.

The additional funding sources include a North Carolina Department of Commerce Building Reuse grant ($275,000), One NC grant ($150,000), Golden LEAF Foundation grant ($500,000), Community Development Block Grant ($300,000), and Chowan County funding ($734,500).

Many of these grants operate on a reimbursement basis or target specific milestones, such as employee hiring targets, meaning they will replenish project funds as certain goals are achieved, Gooden said. The town is actively balancing this capital with the various grant requirements as construction progresses.

Addressing Community Needs

The investment was made possible through a partnership with Capital One National Association, which served as the tax credit investor. The project qualified for the federal New Markets Tax Credit Program because the census tract where the building is located demonstrates a poverty rate of 39.9%, well above the national average.

Emma Wyatt, chief operating officer of The Innovate Fund, highlighted the program’s impact on rural communities. “This investment in Edenton is a prime example of the NMTC Program’s ability to leverage private capital to generate sustainable economic opportunity in rural America. We are proud to partner with Provalus, Main Street Edenton, The Town of Edenton, and the community to reactivate key downtown real estate.”

Ches Chesson, director of Main Street Edenton, emphasized the community development aspect of the project. “This NMTC investment marks a defining moment for our community. Redeveloping the remaining 16,000 square feet of the old Sears Building, allows us to bring a long-vacant space back to life while creating a workplace for 155 employees.”

The New Markets Tax Credit Program, administered by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund, is designed to stimulate investment in low-income communities. The program historically generates over $8 of private investment for every $1 of federal funding, multiplying the impact of federal support in communities that need it most.

As AR Chesson continues construction at the site, the project is expected to create both short-term construction jobs and permanent positions once Provalus begins operations in the renovated space.