Which is better for redeveloping a neighborhood that is suffering from increased crime, drugs, unemployment, disinvestment, etc., a for profit real estate developer or a community centered NGO? Can a for-profit real estate developer help in a way that preserves the neighborhood and its community?
Shift Capital, a place-based real estate impact investing fund thinks it can. And it is working with NGO New Kensington Community Development Corporation (NKCDC) with its emphasis on community-led strategic planning, development of the local cooperative movement and ensuring a community voice to bring it about.
Mi3, the Microfinance and Impact Investing Initiative is sponsoring a trip to Kensington in North Philadelphia to meet with staff of these organizations to understand their visions and methods for accomplishing a revitalization of an area that faces significant problems. Recently in the news as ground zero for Philadelphia’s opiate crisis, Kensington has a lot of positives as well, including great transportation links and building infrastructure that could be harnessed to generate jobs for community members.
Led by Professor Mudd, Professors Owens and Lambie-Hansen and selected students will travel to Kensington, a neighborhood roughly bounded by Temple University to the west, the Delaware River to the east and including Fishtown on its southern border.
After an initial meeting with Shift Capital’s staff, including Stuart Hean HC ’14, we will tour Shift Capital’s buildings and share a catered dinner with NKCDC staff Kae Anderson HC ’13. Students can then head back to campus on the van or catch SEPTA after enjoying the festive energy of the last First Friday of the year.
Where: Kensington offices of Shift Capital and NKCDC
Date: Friday, 3 November
Time: 3:30 to 7:30 (including catered dinner with alums Stuart Hean HC ’14 of Shift Capital)
Interested students should complete the short application (1 question) here. If you have any questions, please contact Professor Mudd.