Capital Impact Partners Announces Second Cohort for Detroit Equitable Development Initiative
Program supports greater opportunities for minority real estate developers in Detroit
(DETROIT, April 30, 2019) – Capital Impact Partners is pleased to announce the second cohort of participants in its Detroit Equitable Development Initiative (EDI). In the long term, this program aims to support wealth building for local real estate developers of color while also encouraging mixed-income neighborhood development throughout the city. In the short term, it connects participants with the knowledge, connections, and resources necessary to engage in small- to mid-scale multifamily and mixed-use real estate development projects in Detroit.
The first year of Capital Impact’s Detroit EDI pilot program received great interest, and, as of early April, Capital Impact finalized an agreement to provide project financing—in the form of a predevelopment loan—to support Ron Bartell’s new mixed-use project on Livernois.
“It is hard to put into words how grateful I am for the skills and opportunities the Equitable Development Initiative gave to me,” said Sean Tidwell, participant in the program’s first cohort. “Being a participant helped kickstart my work in commercial real estate development and afforded me the opportunity to connect with developers that wanted to support and offer me the resources I needed to get my project moving forward. I am forever grateful to Capital Impact and JPMorgan Chase for their commitment to implementing such a program and supporting minority entrepreneurs in Detroit.”
This year, more than 70 developers applied to the program, and 19 are participating. Second cohort participants include: Ashley McLeod, Beverly Beard, Corey Williams, Diamond Bates, Duane Washington, Edward Carrington, Essence Hickman, Frank Romo, John Davis, John Truong, Kyra Jefferson, Marc Johnson, Marcel Pearl, Marcus Jones, Ronald Weaver, Randal Jean-Baptiste, Sherita Smith, Tarolyn Buckles and Tracey Yurko.
The program kicked off in February 2019 and will run through June 2019. Over the course of the program, participants are engaging in multifamily/mixed-use real estate development training and engagement with local experts including a project advisor with local development expertise. Organizations and individuals providing program support and technical assistance include Woodborn Partners, 313 Creative, the National Development Council, Hosey Development, Ethos Development Partners, the Roxbury Group, American Community Developers and the Platform.
“Over the two-year pilot phase of the initiative, we are honing in on what does and doesn’t work when it comes to supporting local developers in their efforts to scale up and work on larger, transformative real estate development projects,” said Elizabeth Luther, Detroit Program Manager, Capital Impact Partners. “We have fine-tuned the training component of the program and are looking for additional ways to help program participants and graduates move their projects to completion. Our long-term goals include local wealth building and neighborhood stabilization.”
There are approximately 50,000 minority-owned small businesses in Detroit, making it the fourth largest city for minority entrepreneurship in the United States. As the city’s recovery continues, more real estate developers are needed for the rehabilitation and construction of housing, commercial and community space in Detroit’s neighborhoods. With financial support from JPMorgan Chase, the Equitable Development Initiative is designed to contribute to ongoing stabilization efforts throughout Detroit’s mixed-income neighborhoods, by supporting small- and mid-sized mixed-use and multifamily projects in those areas.
“Helping minority developers start and grow their businesses will both build a larger pool of talent available to help the city of Detroit rebound while also ensuring more Detroiters will benefit in the economic recovery,” said September Hargrove, Vice President, Global Philanthropy, JPMorgan Chase. “Driving sustainable growth to support long term residents of the city’s neighborhoods is a key priority for JPMorgan Chase.”
For more information on the Equitable Development Initiative, visit www.capitalimpact.org.
About Capital Impact Partners
Through capital and commitment, Capital Impact Partners helps people build communities of opportunity that break barriers to success. We champion social and economic justice for underserved communities to foster good health, economic opportunity, and interconnectedness. Through mission-driven lending, incubating social impact programs, impact investing, and policy reform we partner with local communities to create equitable access to health care and education, healthy foods, affordable housing, and dignified aging for those most in need. We have disbursed more than $2.5 billion to revitalize communities over the past 35 years. Our leadership in delivering financial and social impact has resulted in Capital Impact earning a “AA-” rating from S&P Global and being recognized by Aeris since 2005 for our performance. Headquartered in Arlington, VA, Capital Impact Partners operates nationally, with local offices in Detroit, MI, and Oakland, CA. Learn more at www.capitalimpact.org.
About JPMorgan Chase
JPMorgan Chase & Co. is a leading global financial services firm with assets of $2.6 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.