February 28, 2024
Source: PR Newswire / Yahoo Finance
Photo Source: Unsplash,
- La Cité Development, LLC, an award-winning real estate development corporation, and T.D. Jakes, global leader and noted entrepreneur, announced their plans to fuel future growth in Baltimore, Maryland, with plans for expansion across the U.S.
As the Chairman & CEO of the T.D. Jakes Group, a global conglomerate dedicated to solving society's problems through strategic alliances that create equity and provide solutions for underrepresented and underserved communities, Jakes' investment in La Cité's plans for Baltimore demonstrates Jakes' continued effort to create local and national social impact, making La Cité an ideal ally in Jakes' mission to address housing disparities across the U.S.
The investment within La Cité from Jakes marks a pivotal moment in the ongoing transformation of West Baltimore's Poppleton neighborhood. The premise of the initial investment between Jakes and La Cité's President Dan Bythewood, is their joint commitment to address the fundamental issues and challenges facing underserved and underrepresented communities with the objective of developing sustainable and thriving communities.
Ongoing and recent statistics and data on the city of Baltimore underscore the urgent need for progressive housing solutions in the city. The lack of affordable and accessible housing has become a pressing concern for residents, contributing to socio-economic challenges and hindering the city's growth potential. With a vision to address these critical issues, La Cité's investment from Chairman Jakes has placed La Cité in a position to be one of the torchbearers for transformative initiatives in this region.
"I believe in the power of investments to bring about positive change. As the nation reflects on the history of Black Americans this month, we celebrate not just our past but also the strides we are making towards a brighter future. By addressing housing issues, we are contributing to the ongoing legacy of empowerment and resilience that defines Black history," remarked Jakes. "As leaders in our community, I recognize the responsibility we bear in contributing to the betterment of our communities. This investment is not just about housing; it's about creating opportunities, empowering families, and leaving a lasting legacy for generations to come."
The announcement represents the latest in the ongoing transformation of the West Baltimore Poppleton neighborhood with new residential and retail projects by La Cité Development, the Black-owned MBE master developer of Center\West.
"It is my great pleasure to welcome T.D. Jakes as a strategic investor to La Cité Development and our transformative Center\West development, which comes at a time of significant momentum for the company. Through a shared vision, we aspire to harness our unwavering commitment and execute impactful initiatives dedicated to rejuvenating neighborhoods and fostering lasting change," said Dan Bythewood, President and Co-Founder of La Cité Development.
As an established and progressive leader in global markets, La Cité has brought distinct value in the local community by investing so far over $102 million in the Poppleton area with its first two mixed-use buildings that are home to both market rate and affordable rental units, contributing to a significant increase in home values and a 40% reduction in crime.
Recently, Jakes' own real-estate development company, T.D. Jakes Real Estate Ventures (TDJREV), announced plans to build two affordable housing developments in South Florida. One, located in Hallandale Beach, 20 miles north of Miami, will be comprised of a multifamily, mixed-income development featuring 200 units on five acres at the center of a historic Black community with limited affordable housing options. The second, will be a senior living development in Miami Gardens that will house 150 units on seven acres, featuring a clubhouse and walking trails.
Jakes' TDJREV is a Dallas-based real estate company dedicated to implementing T.D. Jakes' vision of creating attainable and sustainable communities in a global marketplace and developing 21st Century solutions to address rudimentary needs in targeted communities with a focus on economic development, job training, financial literacy and education enrichment. Its real estate portfolio includes Capella Park, a 400-plus acre community in south Dallas that includes single-family homes, live-work space and a pre-k-8 school.
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