Faced with a growing need for affordable housing, TD Jakes partners with a minority developer to solve a nationwide problem
MIAMI, December 12, 2023 /PRNewswire/ — TD Jakes Real Estate Ventures, LLC (TDJREV)a leading real estate company in creating healthy, sustainable communities in a global market, today announced a partnership with New urban development, that of Miami the largest black-owned real estate developer, to build two affordable housing complexes in Hallandale Beach, Florida.And Miami Gardens, Florida. Strategic partnership means a concerted effort to provide affordable housing to areas in need South Florida while helping to revitalize and stabilize communities. This project is part of the continuity of the President TD Jakes push to create affordable and accessible housing across the country for those who need it most.
“Florida continues to grow and the need for more living options is at an unprecedented level,” said Marcus Dawson, managing partner of TD Jakes Real Estate Ventures. “Our mission is to create the alliances needed to help solve the most pressing problems like affordable housing. New Urban Development shares our vision of community transformation for older adults and underserved populations, as well as their accomplishments in South Florida model what development should look like in our communities.
As that of Miami the largest black-owned real estate developer and real estate development affiliate of the Urban League of Greater Miaminew urban development has revitalized the neighborhoods of South Florida for almost two decades. The company has facilitated the development of more than 13 housing projects, including multi-family and senior housing.
“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 across the country. Miami-Dade County and surrounding areas,” said Olivier Gross, president of New Urban Development. “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.”
The mixed-income multifamily development located in Hallandale Beach will include 200 units on five acres, centrally located in a historic African-American community with limited affordable housing options. Development is expected to begin in the first quarter of 2024.
The development of residences for the elderly in Miami Gardens will include 150 units on seven acres. Located adjacent to the Miami Gardens Senior Family Center, it will be the first housing complex developed for seniors in Miami Gardens and will include a clubhouse and walking trails. The city of Miami Gardens allocated the land for new urban development to complement the existing senior recreation center while Miami-Dade County secured funding for housing development.
“It is my absolute honor to welcome the partnership between TD Jakes Real Estate Ventures and New Urban Development to Miami-Dade County,” said Oliver G. Gilbert, IIIPresident of Miami-Dade County Board of County Commissioners. “Their joint venture in Miami Gardens exemplifies a determined commitment not only to creating housing options, but also to creating an environment tailored to the unique needs of our elderly residents, embodying a vision of dignity, comfort and community.
TDJREV has established a development in Dallas called Capella Park, which is a master-planned community launched in 2007. TDJREV is also expected to break ground at Ft. MacPherson, a former US Army base in Atlanta, which will be transformed into mixed housing, businesses and a master-planned community. Similar developments are planned for Chicago, Houston and in other parts of the country.
Affordable housing nationwide is a major concern for all Americans, but particularly for African Americans and those living on the margins of society. Recent reports show that the black homeownership rate was 45% in 2022, 30% lower than that of white households, making the gap wider than it was 50 years ago . In addition to soaring interest rates and housing prices that hit all homebuyers, other barriers to Black homeownership still include discriminatory public and private housing policies that prevent black people to get loans, the devastating impact of student debt, which disproportionately affects black women, and the wage gap where black employees are still paid far less for equal work.
About TD Jakes Real Estate Ventures
TDJREV is a DallasTD Jakes based real estate company dedicated to implementing TD Jakes’ vision of creating achievable and sustainable communities in a global marketplace and developing 21st century solutions to meet the rudimentary needs of targeted communities by putting emphasis on economic development, job training, financial literacy and educational enrichment. Its real estate portfolio includes Capella Park, a 400-plus-acre community in South Dallas which includes single-family homes, live and work space, and a preschool.
About new urban development
Founded in 2005 as a housing development affiliate of the Urban League of Greater MiamiInc., New Urban Development’s primary responsibility is the financing, acquisition, development, construction supervision and asset management of the myriad commercial and residential developments owned and/or managed by the Urban League of Greater Miami and its subsidiaries. New urban development transforms homes into homes, homes into neighborhoods, and neighborhoods into opportunities.
Media contacts for TD Jakes Real Estate Ventures:
Jordan A. Hora
(email protected)
Liz Gleason
elizabeth.gleason@bcw-global.com
SOURCE TD Jakes Real Estate Ventures
