A Black-led development is underway to revolutionize the Crenshaw, LA.
Los Angeles Times reports that siblings Jamial Clark and Bridgette Reed are guiding a $24 million project. They secured the land from their parents, Henry and Lucretia Clark, who originally purchased it in 1995.
Lucretia owned a hair salon, and the couple also rented out their building. This led to the establishment of a wig shop, shoe repair shop, frame shop, and a social services provider. The building had been a staple in the community, and now the siblings are looking to build on its legacy with new plans.
“I invested over $100,000 of my money just to keep things going and to keep bills paid and the mortgage paid,” Jamial told the outlet. “Selling was never going to be an option, even though we got to a point where we had to think about it.”
The land, situated at the corner of Crenshaw Boulevard and 54th Street, will be developed into a six-story apartment building with 48 units, with plans to include retail spaces and potentially a grocery store.
“There are a lot of Black-owned properties up and down Crenshaw,” Reed explained to the outlet. “We just want to encourage other families to do the same thing and not sell out to these developers who are coming in and actually pricing us out of our own communities.”
Honoring their commitment, the family-focused apartments, set to be available for rent in 2026, will include 10 units designated as “deeply affordable.” To qualify, residents must earn no more than 50% of the median income.
Kacy Keys, founder and CEO of Praxis Development Group, is leading the project and will maintain an equity stake. Praxis Development Group has invested over $200,000 in it. Additional investors in the project include real estate group MSquared and investment and development firm Six Peak Capital.
“It took 3 years (and years of experience) to get here. Amidst interest rate escalation, Measure ULA challenges and numerous nay sayers and hurdles, we did it! Setting a new model of development in partnership with community, legacy owners. Let’s go! Thank you to all who have supported us,” Keys wrote on LinkedIn.
