T.D. Jakes Real Estate Ventures Partners with New Urban Development to Address Housing Crisis in South Florida
With a growing need for affordable housing, T.D. Jakes joins with minority developer to solve nationwide problem
MIAMI, Dec. 12, 2023 /PRNewswire/ -- T.D. Jakes Real Estate Ventures, LLC (TDJREV), a real estate company leading the creation of healthy and sustainable communities in a global marketplace, today announced a partnership with New Urban Development, Miami's largest Black-owned real estate developer, to build two affordable housing developments in Hallandale Beach, Fla., and Miami Gardens, Fla. The strategic partnership signifies a concerted effort to provide affordable housing for in-need areas of South Florida while also helping to revitalize and stabilize the communities. This project is the continuation of Chairman T.D. Jakes' push to create affordable, accessible housing nationwide for those who need it most.
"Florida continues to grow and the need for more living options is at an all-time high," said Marcus Dawson, managing partner of T.D. Jakes Real Estate Ventures. "It is our mission to create the necessary alliances that help address the most glaring issues like affordable housing. New Urban Development shares our vision for community transformation for seniors and underserved populations, and their accomplishments in South Florida model what development should look like in our communities."
As Miami's largest Black-owned real estate developer and real estate development affiliate of The Urban League of Greater Miami, New Urban Development has been revitalizing neighborhoods in South Florida for nearly two decades. The company has facilitated the development of more than 13 housing projects including multi-family and senior living units.
"The relationships and access to funding sources through T.D. Jakes Real Estate Ventures will help us expand the work we've been doing to improve the housing options in overlooked and underserved neighborhoods of Miami-Dade County and surrounding areas," said Oliver Gross, president of New Urban Development. "We all believe in a holistic approach to community revitalization that values transformation over transactions and incorporates education programs, financial literacy and other resources to residents."
The multifamily, mixed-income development located in Hallandale Beach will feature 200 units on five acres, located at the center of a historic African American community with limited affordable housing options. The development is expected to break ground in Q1 2024.
The senior living development in Miami Gardens will consist of 150 units on seven acres. Located adjacent to Miami Gardens Senior Family Center, this will be the first housing complex developed for seniors in Miami Gardens and will feature a clubhouse and walking trails. The City of Miami Gardens awarded the land to New Urban Development to complement the existing senior recreation center while Miami-Dade County awarded funding for the housing development.
"It is my absolute honor to welcome the partnership between T.D. Jakes Real Estate Ventures and New Urban Development to Miami-Dade County," said Oliver G. Gilbert, III, chairman of the Miami-Dade County Board of County Commissioners. "Their joint venture in Miami Gardens exemplifies a purposeful commitment to not only create housing options but to create an environment tailored to the unique needs of our senior residents, embodying a vision of dignity, comfort, and community."
TDJREV established a development in Dallas called Capella Park, which is a master planned community spearheaded in 2007. TDJREV is also slated to break ground on Ft. MacPherson, a former U.S. Army base in Atlanta, which will be transformed into mixed-income housing, businesses, and a master planned community. Similar developments are planned for Chicago, Houston and other areas across the country.
Nationwide affordable housing is a top concern for all Americans, but particularly, African Americans and those living on the margins of society. Recent reports show the Black homeownership rate was 45% in 2022, 30% lower than white households, making the gap wider than it was 50 years ago. In addition to soaring interest rates and home prices plaguing all homebuyers, other obstacles to Black homeownership still include discriminatory public and private housing policies that hinder Blacks from being approved for loans, the devastating impact of student loan debt, which disproportionately impacts Black women, and the wage gap where Black employees are still paid substantially less for equal work.
About T.D. Jakes Real Estate Ventures
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.
About New Urban Development
Founded in 2005 as the housing development affiliate of the Urban League of Greater Miami, Inc., New Urban Development's primary responsibility is the financing, acquisition, development, construction oversight and asset management of the myriad of commercial and residential housing developments owned and/or managed by the Urban League of Greater Miami and its subsidiary entities. New Urban Development transforms dwellings into homes, homes into neighborhoods, and neighborhoods into opportunities.
Media Contacts for T.D. Jakes Real Estate Ventures:
Jordan A. Hora
[email protected]
Liz Gleason
elizabeth.gleason@bcw-global.com
SOURCE T.D. Jakes Real Estate Ventures
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