T.D. Jakes To Build Affordable Housing Developments In South Florida | News
T.D. Jakes Real Estate Ventures and New Urban Development announced a partnership on Dec. 12 to build two affordable housing developments in South Florida, according to a joint statement about the venture.
One of the developments, located in Hallandale Beach, about 20 miles north of Miami, is expected to break ground in the first quarter of 2024. The multifamily, mixed-income development features 200 units on five acres at the center of a historic Black community with limited affordable housing options.
The second property will be a senior living development in Miami Gardens. It will have 150 units on seven acres, featuring a clubhouse and walking trails.
“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.
The Dallas-based real estate company implements non-denominational pastor and founder of The Potter’s House Bishop T.D. Jakes’ vision of creating attainable and sustainable communities. Its recently launched comprehensive community development platform focuses on economic development, job training and education.
“It is our mission to create the necessary alliances that help address the most glaring issues like affordable housing,” Dawson continued. “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.”
New Urban Development, founded in 2005, is the real estate development affiliate of the Urban League of Greater Miami. According to the press release, New Urban Development is Miami’s largest Black-owned real estate developer, focusing on revitalizing South Florida neighborhoods.
“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.”
In April, Jakes announced a 10-year partnership between the T.D. Jakes Group and Wells Fargo on CBS Mornings. The bank has committed up to $1 billion to fund various community development projects.
“The future looks very bleak, particularly for minorities,” Jakes said. “Black people, Brown people and also poor White people who are finding it difficult, workforce people, to find a job, to find opportunities to get housing, to get upward mobility.”
Jakes’ inaugural project with Wells Fargo is a mixed-income housing development with retail facilities on 95 acres outside Atlanta on former U.S. Army base Fort McPherson.
