Longer-term patient capital is essential to revitalize iconic American cities suffering from years of underinvestment and urban blight. Unfortunately, this capital is only selectively available through public sources and foundation investors.
Through our Cities Initiative we're developing an opportunity for investors to support urban redevelopment in their own backyards. In cities like Baltimore, Minneapolis, and Detroit, investor capital can help transform decaying old buildings into attractive mixed use real estate such as affordable housing, health care facilities, and business space.
Investor capital can help transform decaying old buildings into attractive mixed use real estate.
Our goal is to bring together passionate investors, citizens, funders, and development partners to create vibrant urban communities in their cities.
Progress to Date
We received a planning grant from the Kresge Foundation in late 2012 to test and demonstrate investor appetite for both place-based development efforts and long-term impact investment products.
In March 2013, we completed the first phase of the initiative--capacity assessment--proving that there is high interest in developing a long term investment product to match community development needs on the ground.
We are currently in the strategy and implementation planning phase, where we will pilot the initiative in Detroit and Minneapolis. We boldly envision a "5 by 20 Initiative," investing $100 million in five cities by 2020.