Bishop TD Jakes recently announced that his company, TD Jakes Real Estate Ventures, is partnering with New Urban Development, “Miami’s largest Black-owned real estate developer,” to create two affordable housing developments in South Florida.
Located in Hallandale Beach and Miami Gardens, Managing Partner Marcus Dawson said the partnership with NUD demonstrates a sincere effort to revive and stabilize struggling communities.
“Florida continues to grow and the need for more living options is at an unprecedented level,” Dawson said. “Our mission is to create the alliances needed to help solve the most pressing problems like affordable housing. » He went on to say that NUD shares similar ideologies of community transformation for seniors and underserved populations, and what they have already developed proves it.
Development at Hallandale Beach will be a five-acre mixed-income multi-family lot property comprising 200 units. Planned to be centrally located in a historic African-American community with limited affordable housing choices, the site is expected to break ground in the first quarter of 2024. The development will house just 150 units on seven acres in Miami Gardens. Located adjacent to the Miami Gardens Senior Family Center, the property will be the first of its kind as a senior housing complex developed for area seniors. With much to do, the development will also provide a clubhouse and walking trails.
NUD obtained the land from the City of Miami Gardens in to match existing senior recreation centers, while Miami-Dade County received funding for housing development. Oliver Gross, president of New Urban Development, said the partnership with TD Jakes Real Estate Ventures has opened many doors to resources they didn’t have access to before. “The relationships and access to funding sources through TD Jakes Real Estate Ventures will help us expand the work we do to improve housing options in neglected and underserved neighborhoods in and around Miami-Dade County,” Gross said.
“We all believe in a holistic approach to community revitalization that values transformation over transactions and integrates educational programs, financial literacy and other resources for residents.
South Florida is the latest region to be hit by Jakes and his Dallas-based company. In May 2023, TD Jakes Group partnered with Wells Fargo to purchase 95 acres of the former Fort McPherson military base to make it a mixed-use, mixed-income community, according to Atlanta Agent Magazine. The 10-year partnership would be responsible for bringing in nearly $1 billion in capital funding and grants from the Wells Fargo Foundation, aimed at revitalizing underserved neighborhoods.
