(Baltimore, MD) – Enterprise Community Development, an affiliate of Enterprise Community Partners (Enterprise) and the largest affordable housing owner and developer in the mid-Atlantic market, today announced the second partner for its innovative Let’s Build Accelerator (LBA). Harrison Development will partner with Enterprise Community Development on a new affordable housing development in Baltimore’s historically Black Upton neighborhood in West Baltimore City, Upton Gateway. This is the second project of this unique joint development model that addresses the various challenges, including access to capital and development capacity, faced by non-institutionally resourced real-estate developers.
Enterprise Community Development launched LBA in late 2021. The program recognizes the unique challenges, perspectives and opportunities of Black, Indigenous and people of color (BIPOC) and community- and faith-based developers and allows partners from these previously marginalized groups to access the necessary capital and development capacity to organically grow their communities.
Harrison Development, in collaboration with Enterprise Community Development, will support a new investment of almost $3 million into Upton Gateway, a multi-phased, 38-unit, mixed-income homeownership development. Harrison Development has a commitment to refashion vacant and abandoned rowhouses into modern, stylish and community-enhancing for-sale homes and this new project with Enterprise Community Development will contribute to Phase II of this commitment.
This is a personal project for Harrison Development President and CEO Dean Harrison, who once lived in the neighborhood and retains ties there. "I am grateful for the opportunity to partner with Enterprise Development Corporation and the Let's Build Accelerator program on our projects in West Baltimore,” said Harrison. “Enterprise has a long and productive history of working in our communities, and Harrison Development is excited to now be a part of that positive impact."
“This transformative project to build 38 mixed-income homes in the historic Upton community leverages more than $70 million in development Enterprise Community Development has undertaken over the past two decades in the neighborhood, including our $9 million investment in the ‘steps away’ Heritage Crossing affordable rental apartments,” said Shelynda Brown, Vice President of Real Estate, Enterprise Community Development. “As a partner in our Let’s Build Accelerator, Harrison Development will gain access to resources of particular importance to BIPOC developers, especially capital and development capacity, along with Enterprise’s deep bench of talent and resources, as a co-developer and financial partner. This collaboration produces just what is needed: crucial homeownership opportunities for residents that deeply need them.”
Critical resources from the City of Baltimore are a key component of this transaction, delivering subsidies to support affordability for future homebuyers and financing for the renovation of the long-vacant rowhomes that are being given a new life in the proud, legacy-rich Upton community. Additional funding comes from Enterprise Community Loan Fund.
Today’s news follow’s Enterprise’s recent announcement of the first LBA project, a new construction, four-story, affordable, multi-family apartment building in Washington, D.C.’s Randle Heights neighborhood that features the removal of a vacant, dilapidated, former rehab facility. Durrani Development, a boutique real estate development firm focusing on affordable homes in the Washington, D.C. metro region, and Enterprise Community Development have joined forces on the $47 million, 86-unit new construction, affordable housing community along Alabama Avenue in the District’s Ward 8 that replaces blocks known for neglect and disinvestment with beacons of hope and inclusive change. The project marks Durrani Development’s first affordable housing project and, once completed, will be its largest project developed.
Enterprise Community Development continues to seek partners and projects for LBA, including affordable housing, mixed-use developments and needed community assets such as retail, multi-family communities, senior communities and Naturally Occurring Affordable Housing (NOAH). Those interested in learning more and applying, can visit www.letsbuildaccelerator.org. Selections will be made on a rolling basis.
Contact: Amy Burke Friedman, PROFILES
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Enterprise Community Development is the top nonprofit owner and developer of affordable homes in the Mid-Atlantic and is an affiliate of Enterprise Community Partners. We specialize in high-impact residential development, preservation, property management and resident services for more than 23,000 people who call our communities home. Our $1.2 billion portfolio includes 110 communities and 13,000 homes, positioning us as one of the top five nonprofit owners of affordable housing in the United States. Our mission is to uplift residents and communities and more than 20 percent of our revenues are reinvested in programs and services to advance our residents’ social, educational, financial and physical well-being. For more information, visit www.enterprisecommunitydevelopment.org.