WASHINGTON, Nov. 23, 2021 /PRNewswire/ — The Menkiti Group was joined by Mayor Muriel Bowser and metropolis officers to rejoice the groundbreaking of the second half of MLK Gateway, The mannequin new epicenter of commerce, tradition, and know-how with a vibrant Combination of neighborhood-serving retail in Historic Anacostia. The event of this enterprise is being led by The Menkiti Group and co-developed by SHIFT Capital, and Enlightened Inc. Located On the nook Of fantastic Hope Road and Martin Luther King Jr. Avenue SE immediately throughout The road from The accomplished first half of the enterprise, Phase II Shall be house to A mannequin newly constructed 5-story office and retail constructing with two levels of beneathground parking that totals over 104,000 SF.
“It is an honor to rejoice the groundbreaking of the second half of this reworkative enterprise aprolongedside metropolis officers, halfners, and Anacostia residents and enterprise house owners who all share An identical notion Inside The power and potential of this group,” said Bo Menkiti, Fobeneath and CEO, The Menkiti Group.
The second half of MLK Gateway will embrace enchancment of A mannequin new constructing at 1909 Martin Luther King Jr. Ave. SE with neighborhood-serving street-diploma retail and multistory office space above. The enterprise is anchored by Washington, D.C.’s Dehalfment of Housing and Community Development (DHCD) which Shall be retaining its headquarters Inside the historic Anacostia neighborhood and is An factor of Mayor Muriel Bowser’s initiative to discover public enterprisees east of the Anacostia River. Furtherextra, It is going to be house to A mannequin new Keller Williams Capital Properties (KWCP) office conveying a nationwide exact property chain east of the river. At MLK Gateway, KWCP will found the East of the River Real Estate Academy, a teaching center for aspiring exact property entrepreneurs designed to open doorways to new alternatives for native residents.
“MLK Gateway II reveals how mission-pushed enchancment and group-focused funding works,” said Brian Murray, CEO of SHIFT Capital. “Collectively with The Menkiti Group’s group and our halfners, We now have created A worth-aligned capital stack that drives equity all by way of the enchancment course of and unites us on objective to ship for the Anacostia group.”
The second half of MLK Gateway has secured over $60 million in financing, proving ThOn there’s good power in Private and non-private collaboration to make strategic fundings in current communities. Financing for the second half of the enterprise Consists of A mixture Of latest Market Tax Credit, Alternative Zone equity, and a Neighborhood Prosperity Grant currentd by DMPED. Financing halfners for the second half embrace EagleFinancial institution, LISC’s Black Financial Development Fund, Atlantic Union Financial institution, Chase, NCIF, Harbor Financial institution, …….