12.13.22 Webinar
Catalyzing Opportunity Zones Investments in Commercial Corridors
Recording & Highlights
On December 13, 2022, the Chicagoland Opportunity Zones Consortium (COZC) hosted its third Opportunity Zones (OZ) webinar to discuss how OZs have been leveraged to spark investment in commercial corridors through infill projects and new-starts.
Speakers:
● Brian Burke, Menkiti Group
● Anthony Miles, TPP Capital Holdings
● Robin Schabes, COZC
● Rachel Reilly, Aces & Archers
Webinar Highlights
The webinar began with an overview of commercial corridors in Chicago, their overlap with OZs, and efforts, such as the community development INVEST South/West initiative. Speakers then shared lessons learned from OZ strategies to invest in similarly positioned communities in Washington, D.C. and Philadelphia. Throughout the webinar, speakers underscored the importance of community engagement, working with local governments, and investment strategies that meet the needs of current residents and businesses.
Brian Burke of the Menkiti Group discussed his organization’s strategy to leverage OZ investment to bring community-serving retail, new jobs, and job training to the Anacostia neighborhood in Washington, D.C. The minority-led development firm completed MLK Gateway I in October 2021 using a mix of bank debt, New Markets Tax Credit equity, OZ equity, and grants to support the project. The next phase, MLK Gateway II, is substantially larger, but will leverage a similar capital stack. For both projects, the Menkiti Group has prioritized local hiring as well as working with local and women and minority-owned businesses and contractors.
In Philadelphia’s Tioga District, Anthony Miles of TPP Capital Holdings is working on a multi-phase, multi-block redevelopment effort adjacent to the Temple University Health Sciences Campus and Temple University Hospital. TPP, a Philadelphia-based, Black-led social impact private equity fund manager and healthcare real estate development firm, has been engaging OZ investors in efforts to raise $300 million for the Tioga District Preventative Health Hub. The hub will break ground in 2023; initial investments are oriented toward improving health outcomes for seniors and area residents, creating housing that is affordable for healthcare workers, as well as creating retail and office space for Black-owned businesses.