Located on the banks of the historic Ocmulgee River, downtown Macon, Georgia, was once a business district with only one restaurant that stayed open after 8:30 p.m. Boarded-up storefronts and neglected, vacant buildings lined its streets.

But, where many saw a dead and decaying downtown 30 years ago, others envisioned a vibrant city with quintessential Southern charm.

Fast forward to today where more than 120 locally owned and operated restaurants, retailers and entertainment venues line the downtown streets and serve music-hungry and family-oriented visitors as well as 1,000-plus residents who have moved in and are enjoying loft-style living.

"Our approach to revitalization is straightforward and locally led,” said Josh Rogers, former NewTown Macon president and CEO. “For 27 years, our involvement has ranged from cleaning streets and preserving historical architecture to hosting public events that support local entrepreneurs. We knew a vibrant downtown could make Maconites proud to call this city home, and we were right."

It takes a village–and a good banker–to reimagine main street

What sets Macon’s revitalization story apart from others is its dedication to keeping leadership local and redevelopment inclusive of businesses owned by people of color, women and other marginalized groups.

Spearheaded by the organization NewTown Macon as well as county and state agencies, grassroots organizers leaned into the concept of the Main Street Approach™ to help guide the community transformation.

Cadence Bank has played an important role from the start of the NewTown Macon organization, with bankers continuously serving on the board since it was formed nearly 30 years ago.

“Being on the board gives me deep insight into how the organization works,” said Bruce Leicht, division president and NewTown Macon board member. “I can also share Cadence’s extensive resources and expertise in financing redevelopment projects through investments eligible under the Community Reinvestment Act (CRA).”

In 2021, a $5 million revolving loan fund issued by Bibb County kick-started NewTown Macon’s loan program, sparking its growth as central Georgia’s first and only Community Development Financial Institution (CDFI). By using accessible loan capital and historic tax credits, NewTown Macon has added 378 units of housing, 67 storefronts and more than 1,000 residents to its downtown.

Leicht, as well as Spencer Strickland, Cadence’s Georgia regional president, and Brandon Mercer, the bank’s relationship manager in Macon, recognized the vital role CDFIs play in fostering economic growth and addressing systemic disparities. In August 2023, the bank infused $9 million of loan and investment dollars to support NewTown Macon’s direct loan program.

"About $2.5 million is Equity Equivalent or EQ2 money (an equity investment within the CDFI), which earns a return back to Cadence,” said Leicht. “The other $6.5 million is a line of credit. Together, the entity’s capital structure is strengthened, stimulating more projects and investments."

The bank also worked with the Macon-Bibb County Economic Opportunity Council to secure tax credits and financing to build a new downtown location for a Head Start program and other services that empower economically disadvantaged families to achieve self-sufficiency.

The Impact

Through the CDFI, entrepreneur and developer academies and the Downtown Diversity Initiative—an entrepreneurial training program formed in partnership with the Macon-Middle Georgia Black Pages—NewTown Macon has increased the share of Black-owned downtown businesses by 89% from 28 to 53 businesses. It also helped 23 local entrepreneurs purchase and renovate commercial spaces for their businesses, creating stability and pathways for building community wealth.

"Through favorable financing programs and tax credits for projects, we’ve doubled the value of land and improvements in downtown."

Josh Rogers

“A few years ago, downtown’s average square foot cost was between $30 and $40. Now, the average is between $130 and $200 per square foot. Plus, redevelopment has had a huge positive impact on the city’s tax base. Leaders now have a bit of cushion to fund services.”

“Rents in the downtown area have doubled since redevelopment started to take hold,” commented Mercer. “It launched a flurry of other housing developments around town. I’ve financed three new subdivisions in recent years thanks to the impact revitalization is making.”

The Accolades

In May 2024, Main Street America named NewTown Macon a recipient of the prestigious Great American Main Street Awards (GAMSA), which recognizes communities for their excellence in comprehensive preservation-based commercial district revitalization. A national jury of industry professionals and leaders in economic development and historic preservation judged numerous entries.

When announcing the award, judges cited NewTown Macon for leading a community-driven effort that “...nurtures local talent, fosters sustainable development and promotes inclusivity.”

Macon has also been recognized by Frommer’s 2023 “Best Places to Visit” guide and the New York Times’ guide to “52 Places to Go in 2023." “We’ve built a little system that works well for us,” concluded Rogers.

An Update

It takes a clear vision and leadership to rally a community to achieve a success story like Macon’s. And one of those leaders was NewTown Macon’s President and CEO, Josh Rogers, who, at only 42, passed away suddenly in November 2024.

Rogers was not just quoted in this story – he was instrumental in writing it. He was passionate about using market economics as a tool to help communities meet social and philanthropic needs and lift up the underserved. Cadence Bank shares his societal vision, and our teammates are proud to have worked with and learned from him over the years.

This past December, NewTown Macon’s board of directors unanimously voted James Fritze, the organization’s chief financial officer since 2018, as its new president and CEO.

When accepting this new role, Fritze offered comfort and reassurance. “While we are heartbroken by the loss of Josh, his passion and vision for downtown Macon will forever guide our path forward. Together, we will build on the incredible momentum he created and ensure downtown Macon thrives for generations to come,” said Fritze.

Footnotes:

This article is provided as a free service to you and is for general informational purposes only. Cadence Bank makes no representations or warranties as to the accuracy, completeness or timeliness of the content in the article. The article is not intended to provide legal, accounting or tax advice and should not be relied upon for such purposes.