La Cité Development Secures Major Funding Commitment to Support Edgar Allan Poe House & Museum

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Aug 01, 2023, 12:45 ET

Three-year Commitment by Wells Fargo Invests in West Baltimore's Local Culture and Community

NEW YORK, Aug 1, 2023 /PRNewswire/ -- La Cité Development's commitment to revitalize neighborhoods throughout the U.S just got a major boost with the announcement of Wells Fargo committing $300,000 to support the Edgar Allan Poe House & Museum in West Baltimore, over a three-year period, in celebrating the legacy of one of the city's most famous residents.

Since its inception, La Cité Development, a leading real estate development corporation, has been committed to building great neighborhoods in partnership with community organizations, such as the Edgar Allan Poe's House and Museum, by securing funding and supporting housing and community development activities.

The commitment will support the Annual International Edgar Allan Poe's Festival, which is the House & Museum's largest program, keeping the festival a free community event and premier tourist destination for Poe-lovers from all over the world.

"We are extremely honored to work with the City of Baltimore and our local partners to help implement our shared vision of making communities stronger and more prosperous," said Dan Bythewood, La Cité Development's President. "Equally so, we are thrilled to have worked closely with Wells Fargo in securing this substantial commitment and look forward to continuing our efforts to building a broader, more inclusive neighborhood".

Enrica Jang, Executive Director for Poe Baltimore, added, "This announcement can't be overlooked as merely a financial contribution, it is transformational for the future of the festival and for Poe House. We couldn't be more grateful to Wells Fargo and to La Cité Development for caring deeply about the Baltimore community and for their unwavering efforts in securing this commitment."

La Cité's corporate philosophy of improving neighborhoods one block at a time, embraces investment in neighborhoods and communities that have been largely overlooked or neglected and promotes development projects such as the Center\West, a large-scale redevelopment of 32.94 acres of land in the Poppleton neighborhood of Southwest Baltimore, home of Poe's House and Museum.

The company invested over $102 million in the Poppleton area with its first two multi-family buildings. These first buildings have surpassed the City of Baltimore's minimum MWBE threshold and more than doubled the city's inclusionary housing.

About La Cité Development
La Cité Development, LLC is an award-winning real estate development corporation with a 20-year track record of investing in strategic real estate ventures throughout the eastern seaboard, as well as specific markets elsewhere in the United States and abroad. The predominant focus of La Cité's interests is on residential and mixed-use properties spanning from rehab to new construction, with investment primarily being placed within the residential marketplace. La Cité's philosophy of improving neighborhoods embraces investment in neighborhoods and communities that have been largely overlooked or neglected and promotes development projects with a strong commitment to providing transformative change in the lives of the local communities.

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SOURCE La Cité Development