Apr 29, 2011
Gene Zink, the CEO of Strategic Capital Partners, LLC spoke at the NAIOP lunch Thursday, April 28th at the Omni Hotel downtown. He stated that the winning formula for redeveloping blighted and poverty stricken areas of a City is:
–Establish the schools first (pre-k through 12 charter schools used);
–Establish Rent Assited and Market Rate Rental and For Sale Residential; and
This winning formula, deemed “Holistic Redevelopment” by Mr. Zink, was designed by the Purpose Built Communities, (founded by Tom Cousins and Warren Buffet, based on Tom Cousins’ development experience with East Lake in Atlanta, Georgia) for Avondale Meadows, a 100 acre public housing area of Indianapolis about 7 miles from the central business district.
The results are:
–86% Unemployment reduced to 10%;
–100% of all High School graduates went to college;
–70% reduction in crime; and
–Community gardens, green space, recreational walking/running/biking paths, Community Center with family focused job training, health care, and child care, 600 high quality mixed income apartments and 250 townhomes and single family homes.
Might this be the right formula for redevelopment of the Jacksonville North Bank or the Northwest Jacksonville Moncrief Rd./Myrtle Ave. corridor?
NAIOP of Northeast Florida Public Relations Committee