Monarch Private Capital finances the historic preservation of
ATLANTA, December 23, 2021 (GLOBE NEWSWIRE) – Monarque Private Capital, a nationally recognized ESG investment firm that develops, finances and manages a diverse portfolio of projects generating federal and state tax credits, is pleased to announce the completion of the third and final phase funding major renovations to the Peale Center in Baltimore History and Architecture (the Peale), a historic tax credit (HTC) equity investment in the company. Located in Baltimore, Maryland, the Peale is an innovative new museum that amplifies and presents the voices and stories of Baltimore’s diverse communities, helping to preserve the city’s entire history for future generations. The tax fairness contribution managed by Monarch is critical to the $ 3.7 million phase, which completes the $ 5.5 million restoration project, allowing the museum to reopen in 2022.
The Peale Museum building was opened in 1814 by artist and entrepreneur Rembrandt Peale, as the first purpose-built museum in the United States. Its Baltimore Museum and Gallery of Fine Arts displayed everything from military artefacts to a mastodon skeleton, the first prehistoric animal to be exhibited in the United States. Adding to its long list of firsts, the museum also became the first to use the gas lamp to light its galleries, a new technology whose success led Rembrandt Peale to found the Baltimore Gas and Light Company (now BGE) in 1816 and installing the first city-wide gas-fired street lighting network in the United States, giving rise to Baltimore’s nickname, “Light City.” In 1829, the building was sold to the city to serve as Baltimore’s first city hall. Following the construction of a new town hall, the Peale Museum then housed the Number 1 Male and Female School of Color (1878-1887), among the first public schools for black students in Baltimore, and the first to offer education secondary and thus training for the first generation of black teachers to come from Baltimore public schools. After narrowly avoiding demolition in the 1920s, the building was reopened as Baltimore’s first municipal museum and became part of the City Life Museums before closing in 1997. The Peale Building remained largely vacant for 20 years until 2017, when it began exterior renovations while hosting exhibitions, programming and events centered on the stories of the people and unique places of Baltimore.
âThanks to Monarch and hundreds of generous donors, the country’s first museum building will once again serve as a community anchor and steward of our cultural heritage,â said Nancy Proctor, Founding CEO and Director of strategy at Peale. “We are delighted that Peale’s goal of helping people see Baltimore in a new light resonates with Monarch’s mission to support community revitalization by innovatively using tax credit investments to fund the adaptive reuse of historic buildings. “
Today, the Peale is home to the world’s largest digital collection of Baltimore stories and the only museum dedicated to Baltimore’s intangible cultural heritage: the stories and voices of the city’s diverse communities. Since its reopening in 2017, the Peale has once again become a cultural haven for the city, nurturing creativity and innovation through its various programs, including storytelling, visits to exhibitions and immersive experiences as well as workshops to strengthen knowledge. skills and professional development. The Peale has posted over 2,400 authentic stories across a number of digital platforms, including its Be Here Stories web and iOS app, social media platforms, and even augmented reality experiences. Because of his transformative role in the history of African American life in Baltimore, the Peale is a member of the Association of African American Museums. When fully renovated and reopened in 2022, a main exhibit in the building will tell the story of Peale’s role in African American education in the city and state.
“Monarch is delighted to be a part of the final phase of the Peale’s key renovations,” said Rick chukas, Partner and Managing Director of Historic Tax Credits at Monarch. “Through historic preservation, the community will have access to the diverse programming and valuable resources offered by the innovative cultural center, creating a new future for the people and places of Baltimore.”
In partnership with the Direction des services gÃ©nÃ©rale de la Ville, the Peale began exterior renovations in 2017. The roof was replaced and the exterior masonry, windows and doors were renovated to stabilize the building envelope. The final phase of the interior renovations began in February 2021 and is expected to be completed in early 2022. The rehabilitation of the Peale Museum building has created more than 60 jobs, including work for ‘accomplished arts apprentices’, young people from the Disinvested communities of Baltimore who are winning while learning gallery installation and historic preservation techniques under the mentorship of Peale’s chief curator, Jeffrey Kent.
âWe are planning a smooth reopening first,â noted Proctor, âto allow us to test signage and our new accessibility features with the public and our presentation partners before a grand reopening. After that, be on your way. look out for an exciting list of exhibitions, performances and community-led events at the Peale starting in June 2022! â
It is still possible to leave your mark on the oldest museum building in the United States. Support the renovation of Peale’s Pollinator Garden by participating in their Buy a Brick campaign. Find out how you can contribute a personalized brick with your name or message by visiting: https://www.thepealecenter.org/buyabrick/
Peale’s programs are driven by its communities. Artists, performers and storytellers of all types are encouraged to contact us to present at the Peale! Find out how you can showcase your work by visiting: https://www.thepealecenter.org/collaborate-with-us/
For more information on Monarch’s programs and services, please contact Rick Chukas by emailing [email protected]
About Monarch Private Capital
Monarch Private Capital manages ESG funds that positively impact communities by creating clean energy, jobs and housing. The funds offer predictable returns through the generation of federal and state tax credits. The Company offers innovative tax capital investments for affordable housing, historic rehabilitations, renewable energy, films and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers, and lenders who participate in these types of federal and state programs. Atlanta-based Monarch has offices and professionals located across the United States.
The Peale is a 501 (c) (3) tax-exempt nonprofit corporation established to restore the historic Peale Museum building as a center to celebrate the unique history of Baltimore, its people and places. By creating a more inclusive cultural register of the city, the Peale aims to help people around the world see Baltimore in a new light. To learn more about the Peale, visit its website.