Tag Archives: Menkiti Group

The Menkiti Group Hosts Construction Tour of Unique Residential Development in Downtown Worcester

6 Chatham

6 Chatham Street is the inaugural project in a series of revitalization efforts The Menkiti Group is actively pursuing in the Theatre District

Reported on October 26, 2020

The Menkiti Group | 3401 8th Street NE | Washington | DC 20017


(WORCESTER, MA) – The Menkiti Group was joined by City Manager Edward M. Augustus, Jr. along with city officials and civic leaders Monday, October 26 to tour the ongoing construction of Chatham Lofts, a new, market-rate residential apartment community located at 6 Chatham Street, Worcester, MA.  The project consists of the complete rehabilitation and historic restoration of three adjacent structures built in 1892, 1915, and 1926.  From the time of their original construction, the buildings served for many decades as the headquarters of the Worcester Young Women’s Christian Association (YWCA).  More recently, the property served as the home of the Worcester Center for the Performing Arts. With the introduction of these unique residences, The Menkiti Group is excited to breathe new life into an architectural gem in the heart of Downtown Worcester.

“We are proud to be delivering this residential project in tandem with nearby neighborhood serving retail and commercial office space to continue to drive the momentum of economic development in the City of Worcester, and more specifically the Theatre District” said Bo Menkiti, Founder and Chief Executive Officer, The Menkiti Group.  “Chatham Lofts signifies the first step in the launch Menkiti Group’s investment committed to enhancing the existence of an 18-hour thriving, diverse and culturally vibrant neighborhood supporting local residents, small business, theatre, the arts, and contributing to the city as a whole,”

At project completion, the newly renovated building will feature a total of 24 market-rate, residential apartments comprised of ten studio units, eight one-bedroom units, five two-bedroom units, and one three-bedroom unit.  The completed project will feature a wide array of residential unit configurations, including two-story duplex units with beautifully articulated arched masonry window openings and full floor penthouse units with expansive views of the Worcester skyline.

“We are extremely excited for this project to be part of the renaissance of downtown Worcester.  Chatham Lofts takes every opportunity to highlight the existing architecture in order to deliver a distinctive residential living experience.  In concert with other nearby investments, our overarching goal is to bring new life and vibrancy to the Theatre District in support of the City’s Downtown Urban Revitalization Plan,” said Mark Rengel, Vice President of Development, The Menkiti Group.

Project design team members include R.P Masiello as the General Contractor, Elton + Hampton Architects, Petersen Engineering (MEP/FP), John J. Murphy, Jr. Electrical Construction & Engineering, Northeastern Engineering (Structural), Graves Engineering (Civil)  and MacRostie Historic Advisors serve as the Historic Consultant. 

The project has received preliminary approval for listing on the National Register of Historic Places from the National Park Service and has qualified for both federal and state historic tax credits.  The project is also receiving state and local support through a Housing Development Tax Increment Exemption (TIE) Agreement with the City of Worcester and Housing Development (HD) Investment Tax Credits through the Massachusetts Housing Development Incentive Program (HDIP).  Chatham Lofts is being financed by Webster Five and the PCI Fund and equity has been raised through The Menkiti Group’s eMpower Worcester Opportunity Zone Fund, part of the Department of the Treasury’s Opportunity Zone (OZ) program.

“This project builds on the momentum of establishing a dynamic downtown neighborhood,” said city Manager Edward M. Augustus Jr. “It is a critical part of bringing more folks to Worcester and generating activity in and around the downtown core. It also brings to new life a real architectural gem in Downtown Worcester. The people living in Chatham Lofts will be able to walk to nearby restaurants and stores and take in all the splendor of the Theatre District. Worcester is the Heart of the Commonwealth, and the downtown area is the heartbeat of the City. That heartbeat continues to beat stronger with the addition of projects like Chatham Lofts.”

Bo Menkiti and members of The Menkiti Group team were joined at Monday’s construction tour by City Manager Edward M. Augustus, Jr., City Councilor Candy Mero-Carlson, Timothy P. Murray, President and CEO of the Worcester Regional Chamber of Commerce, and community members as well as representatives and partners of the project.

 “Our company is committed to enhancing the fabric of life in America’s urban communities and the City of Worcester has welcomed us and deployment of our neighborhood investment model into their community,” said Menkiti. “Great cities are made up of great neighborhoods and the authenticity of Worcester and the strength and support of its people and its small businesses are what drew us here and drive our long-term commitment to the city.”

ABOUT THE MENKITI GROUP

The Menkiti Group is a Washington, D.C.-based real estate services company dedicated to enhancing the fabric of life in America’s urban neighborhoods through the strategic development, management, and sale of residential and commercial property. Over the past 15 years, The Menkiti Group has delivered and maintained in its pipeline more than 1.5 million square feet of property, has invested over $200 million in D.C.’s emerging neighborhoods, and has assisted over 2,000 families in purchasing their first homes. For more information, please visit MenkitiGroup.com or call (202) 733-5455.

 Victoria Zelefsky | vzelefsky@menkitigroup.com

MLK Gateway Welcomes Capital One Café To Historic Anacostia

Capital One Café inks lease for third Washington, D.C. location east of the river

Reported on August 14, 2020

The Menkiti Group | 3401 8th Street NE | Washington | DC 20017


WASHINGTON, D.C.) – The Menkiti Group, a local DC-based minority-owned integrated real estate services company focused on enhancing urban neighborhoods, announced today that Capital One Café will be the newest tenant at the historic Anacostia MLK Gateway project opening in 2021.

Located at the corner of Good Hope Road and Martin Luther King Jr. Avenue SE, MLK Gateway is a collaboration of DC Government and the private sector, including the Office of the Deputy Mayor for Planning and Economic Development (DMPED), the DC Department of Housing and Community Development (DHCD), The Menkiti Group, and Enlightened, Inc., and is poised to become a catalytic center of commerce and street-fronting retail, driving economic opportunity in the heart of historic Anacostia.

“Our vision for MLK Gateway has always been to create a community-oriented project that drives neighborhood impact,” said Bo Menkiti, founder and chief executive officer, The Menkiti Group. “The opportunity to have Capital One Café join us as a tenant at MLK Gateway further delivers on the mission to enhance historic Anacostia with neighborhood offerings that support community engagement and economic vitality.”

Phase One of MLK Gateway includes a mix of commercial uses and features the restoration of 14,000 square feet of ground-floor retail as well as 20,000 square feet of newly built office space. The project is anchored by Enlightened Inc., an award-winning information technology and cybersecurity firm that will relocate its new headquarters to MLK Gateway. The project’s design embraces and incorporates the site’s existing historic facades and is a rich backdrop for a new epicenter of commerce, culture, and technology with a vibrant mix of neighborhood-serving retail.

“Mayor Bowser was thrilled to work with The Menkiti Group to revitalize the MLK Gateway and to relocate Enlightened’s headquarters to the intersection of Good Hope Road and Martin Luther King Avenue in historic Anacostia,” said John J. Falcicchio, Deputy Mayor for Planning and Economic Development. “The addition of Capital One as a retail tenant will provide further vibrancy and also give residents better access to a major financial institution.”

Capital One Café will occupy approximately 3,700 square feet at MLK Gateway, bringing reimagined design and banking services to the space. The Café will offer a full-service coffee and tea bar featuring locally sourced food and beverages, complimentary Wi-Fi, as well as nooks and meeting rooms for the public to use as collaborative workspaces. Intentionally designed to provide a relaxed and inviting atmosphere to both customers as well as neighborhood guests, all visitors will also be able to engage in a variety of financial education opportunities while in the Café.   

From interactive screens showcasing financial management content to free confidential one-on-one Money Coaching sessions to regularly scheduled free Money Workshops, the Café provides an experience that highlights opportunity paths to achieve financial goals. Café Ambassadors will also be on site to assist with exploring banking solutions and options while ATMs will be readily available for banking services.

“Capital One Cafés are not only a place to get help with accounts or focus on financial wellness, they serve as a convening space for the local community. Our investment in the Anacostia MLK Gateway location gives us the chance to bring that experience to another important DC neighborhood, complementing our existing network of Cafés and Branches,said Jennifer Windbeck, Senior Vice President of Capital One Cafés, Branches, & Private Banking.

Consistently focused on building with and for the communities and customers it serves, Capital One Café will offer free meeting space for neighborhood associations, non-profits and students. Supporting various organizations across the D.C. Metropolitan area, Capital One has strong relationships with Anacostia-based community partners including the Anacostia Economic Development Corporation, Far Southeast Family Strengthening Collaborative, and ARCH Development Corporation.

The Menkiti Group has been actively engaged with the historic Anacostia community for the past four years, working together with the Bowser Administration and DMPED to execute on a collaborative vision for equitable and sustainable economic development in Ward 8.  MLK Gateway will include the launch of a technology incubator activating the site for the greater part of the day and providing jobs and pathways to opportunity for residents and businesses. Phase Two of the project includes the construction of a new building at 1909-1913 Martin Luther King Jr. Ave. SE with street-level retail and multi-story office space above which will serve as the new home for the DC Department of Housing and Community Development.

“Our commitment has and always will be to enhance the fabric of life in America’s urban communities. We are honored to partner with Mayor Bowser, DMPED, Enlightened and Capital One who share a similar commitment as we develop this project that brings to life the community’s vision for the future of the Anacostia neighborhood,” said Menkiti.

ABOUT THE MENKITI GROUP

The Menkiti Group is a Washington, D.C.-based real estate services company dedicated to enhancing the fabric of life in America’s urban neighborhoods through the strategic development, management, and sale of residential and commercial property. Over the past 15 years, The Menkiti Group has delivered and maintains in its pipeline more than 2 million square feet of property, has invested over $200 million in D.C.’s emerging neighborhoods and has assisted over 2,000 families in purchasing their first homes. For more information, please visit MenkitiGroup.com.

ABOUT CAPITAL ONE

Capital One Financial Corporation (​www.capitalone.com​) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $243.7 billion in deposits and $365.7 billion in total assets as of December 31, 2017. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses, and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey, and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index. Visit the Capital One newsroom for more ​Capital One news​.

 Maya Nadeem | 443.309.5092 | maya@menkitigroup.com

The Menkiti Group Breaks Ground on Historic Project in Anacostia

MLK Gateway to serve as a new epicenter of commerce, culture and technology with a vibrant mix of neighborhood-serving retail

by. Maya Nadeem | Maya@menkitigroup.com

Photo Credit to Khalid Naji‐Allah
Bo Menkiti, founder and CEO of The Menkiti Group (right), is joined by Washington, D.C., Mayor Muriel Bowser and Antwanye Ford, president and CEO of Enlightened Inc., at the MLK Gateway Groundbreaking Celebration on Wednesday, Jan. 8, 2020.

(WASHINGTON, D.C.) – The Menkiti Group was joined by Mayor Muriel Bowser and city officials Wednesday to celebrate the groundbreaking of the first phase of the MLK Gateway, a project being developed by The Menkiti Group and Enlightened Inc. in partnership as MLK Gateway Partners LLC (MGP). Located at the corner of Good Hope Road and Martin Luther King Jr. Avenue SE, MLK Gateway will become a catalytic center of commerce, driving economic opportunity in the heart of historic Anacostia.

“We are excited about returning Good Hope Road and MLK to the center of commerce in historic Anacostia. We believe this project is an innovative example of community-led participative development and serves as a model for how the public and private sectors can collaborate to drive neighborhood impact,” said Bo Menkiti, founder and chief executive officer, The Menkiti Group.

Phase One of the project includes a mix of uses and features the restoration of 14,000 square feet of ground-floor retail as well as 20,000 square feet of newly built office space. The project is anchored by Enlightened Inc., award-winning minority-owned information technology and cybersecurity firm that will relocate its nearly 150 district-based employees to a new headquarters at MLK Gateway. The building’s design embraces and incorporates the site’s existing historic facades and is a rich backdrop for new vibrant street-fronting retail.

Photo Credit to Khalid Naji‐Allah
Mayor Muriel Bowser, city officials and project partners join Bo Menkiti, founder and CEO of The Menkiti Group to break ground on the MLK Gateway project, a new catalytic center of commerce driving economic opportunity in the heart of Historic Anacostia.

Photo Credit to Khalid Naji‐Allah
Bo Menkiti, founder and CEO of The Menkiti Group, and Antwanye Ford, president and CEO of Enlightened Inc., celebrated the groundbreaking of the MLK Gateway project on Wednesday with the support of Mayor Muriel Bowser, Ward 8 Councilmember Trayon White and Ward 5 Councilmember Kenyan McDuffie.

“We are proud to be a part of the MLK Gateway Partners and to be a change agent for tech innovation, job creation and economic development for small businesses in Anacostia and beyond,” said Antwanye Ford, president, and chief executive officer, Enlightened Inc.

Phase Two of the project will include the construction of a new building at 1909-1913 Martin Luther King Jr. Ave. SE with street-level retail and multistory office space above.

Photo Credit to Andre Russell

“Today, we are continuing the transformation of this historic neighborhood by revitalizing the gateway of the Anacostia business area,” said Mayor Bowser. “My Administration never gave up on this project because we know it will help us bring jobs, housing, and new amenities to Ward 8. We thank all of our community and private sector partners for making this project a reality.”

The Menkiti Group’s engagement around the community’s vision for equitable and sustainable economic development began over four years ago. Through meetings with dozens of community groups, The Menkiti Group was able to gain a greater understanding of the assets and needs of neighborhood residents and business owners. The long-standing vacant site houses two lots and four storefronts that will transform into retail, restaurant and incubator space to support local small businesses. Neighborhood-serving retail will provide a vibrant tenant mix and activate the site for the greater part of the day as well as provide jobs and pathways to opportunity for Ward 8 residents and businesses.


Photo Credit to Andre Russell
Members from The Menkiti Group and Enlightened Inc., in partnership as MLK Gateway Partners LLC (MGP), celebrated MLK Gateway, a project they are developing located at the corner of Good Hope Road and Martin Luther King Jr. Avenue SE in the heart of Historic Anacostia in Washington, D.C.

“MLK Gateway demonstrates what we can deliver when the public and private sectors work together to make big, strategic investments and use new tools like Opportunity Zones to support existing communities,” said John Falcicchio, interim deputy mayor for Planning and Economic Development.

“We look forward to bringing this historic corner of the Anacostia business center back to life again.”

The MLK Gateway is a model for public and private collaboration with partners including The Menkiti Group, Enlightened Inc., the Office of the Deputy Mayor for Planning and Economic Development (DMPED), the Department of Housing and Community Development (DHCD), the Local Initiatives Support Corporation (LISC), PNC Bank, RMS Investment Group and City First Bank of DC.

The project was financed using a combination of $4.25 million in New Market Tax Credits and $3.3 million in Opportunity Zone funding, grant funding and senior debt. The Project is the first in the country to deploy a combination of both Opportunity Zone funding and New Market Tax Credit. The project also received a $700,000 grant from DMPED’s Neighborhood Prosperity Fund. Hickok Cole is the project architect and Consigli Construction Co., Inc. will serve as the general contractor.

The MLK Gateway project will stimulate sustainable economic impact in Ward 8. Enlightened Inc. will become the largest private technology employer to move east of the Anacostia River in four decades, further accelerating job growth in Historic Anacostia. Enlightened Inc. also plans to launch a technology incubator to groom growing tech firms to do business with the federal government and will run a cybersecurity training program to enable local residents to gain marketable information technology skills. MLK Gateway will be developed and owned by a 100% DC-based local minority-owned Certified Business Enterprise (CBE) team comprised of The Menkiti Group and Enlightened Inc.

“The MLK Gateway project is an example of what is possible when residents, the D.C. government and the private sector come together,” said Ward 5 Councilmember Kenyan McDuffie. “This project will not just revitalize this prominent intersection and gateway to Historic Anacostia, it will bring jobs with a new technology company, Enlightened Inc., and a small business incubator to provide training and expand residents’ access to greater economic opportunity.”

Photo Credit to Andre Russell
Bo Menkiti and The Menkiti Group were joined at Wednesday’s groundbreaking by Enlightened Inc. President and CEO Antwanye Ford, Mayor Muriel Bowser, Ward 8 Councilmember Trayon White, Ward 5 Councilmember Kenyan McDuffie, Deputy Mayor for Planning and Economic Development John Falcicchio and community members as well as representatives and partners of the project.

Bo Menkiti and The Menkiti Group were joined at Wednesday’s groundbreaking by Enlightened Inc. President and CEO Antwanye Ford, Mayor Muriel Bowser, Ward 8 Councilmember Trayon White, Ward 5 Councilmember Kenyan McDuffie, Deputy Mayor for Planning and Economic Development John Falcicchio and community members as well as representatives and partners of the project.

Photo Credit to Andre Russell

Bo Menkiti, founder and CEO of The Menkiti Group, Kymber Lovett‐Menkiti and their 8‐week‐old son, Kameron Menkiti, share the spotlight at Wednesday’s MLK Gateway Groundbreaking event in Historic Anacostia.

“It is in our company’s DNA to pursue our commitment to enhancing the fabric of life in America’s urban communities. We are honored to be standing today with others that share a similar commitment as we break ground on this project that brings to life the community’s vision for the future of the Anacostia neighborhood,” said Menkiti.

Reported on January 8th, 2020 | by Maya Nadeem | Contact 202.733.5456

25th Annual Brookland Lights Trolley Tour

[wooslider slider_type=”attachments” thumbnails=”default”]

The Annual Brookland Trolley Tour Celebration of Lights took place this past Sunday, December 16th and broke all previous attendance records. With almost 500 friends and neighbors joining in to celebrate the holiday season, joy was all around!

Relive the magic in the video below, and be sure to join us next year for the 25th Annual Milestone Tour!
More Photos Available Online

Thank You to our generous sponsors and jolly volunteers who made the event possible.

Annie’s Ace Hardware
Brookland Pint
Chipotle
Good Food Market
Potbelly
Right Proper Brewing Co.
San Antonio Bar & Brill
Smith Public Trust
Wardman Wines
Yes Organic Market
Zeke’s Coffee

MG Residential is a 2019 Washingtonian Top Team


The reason we’re on the Washingtonian list of Top Agents once again? It’s our incredible clients! We are so thankful to every one of them, from first-time home buyers, to repeat clients that entrust us to help them find their 2nd or 3rd home, or the right investment property. We are grateful for their business – and appreciate each referral or inquiry sent our way.

Being in the Top 1% of agents nationwide holds us to the highest standards, which means we’ve got to have the knowledge and experience that our clients need and trust. Since 2004 we’ve completed over $1.1 billion in sales, and we’ve assisted over 2,500 families purchase homes, including 1,100 first-time home buyers.

Guided by in-depth knowledge to evaluate, prepare, price, and showcase properties, we get top results for our clients. With more than 175 new construction units sold, we are also go-to experts for many developers and investors.


We are also pleased to share the news that six of our KWCP Agent Entrepreneur colleagues are included on the Top 100 Best Realtors List.
This exclusive designation is reserved for real estate professionals recognized for their outstanding performance, their market knowledge, integrity, communication skills, and closing preparation as acknowledged by their peers and more than 25,000 Washingtonian magazine subscribers.

Congratulations to these outstanding agents we are so fortunate to work with!

Harrison Beacher
Marjorie Dick Stuart
Joel Nelson
Veronica Seva-Gonzalez
Martin Signore
Theresa Taylor

Cheers to Careers! Real Estate Industry Panel Discussion

The award-winning MG Residential Sales Team is currently hiring for passionate real estate professionals licensed in DC, MD, and VA, who seek career growth and can see themselves embracing our mission of Transforming Lives, Careers, and Communities through Real Estate.

Join us on Wednesday, May 15th from 5:30-7:00 PM for a happy hour and panel discussion with four of our Neighborhood Experts and learn how a full-service team culture may benefit you and your business. Registration is requested: http://bit.ly/2ZMt3ey

901 Monroe St NE Development Update

We are currently in a holding pattern, awaiting changes to the District of Columbia’s Comprehensive Plan, for updates to the Future Use Land Map, which would allow for our proposed ‘Ravenna at Brookland Station’ project to be built.

In the interest of providing a transparent and factual understanding of what has happened with the project over the last 10 years, the Menkiti Group and Horning Brothers team provide the following detailed overview of the 901 Monroe Street NE project. 

A description of the project and proposed renderings of the design may be found here.

Initial Phases/Background

  • The existing zoning designation at 901 Monroe Street NE is inconsistent with current urban planning and transit-oriented development concepts which are expressly designed to enhance American cities and neighborhoods. The existing zoning designation is especially problematic when considering the site’s proximity to Metro and its position along a major commercial corridor.
  • Members of the Brookland community and DC Office of Planning spent 3-5 years developing the Brookland/CUA Metro Station Small Area Plan which was approved by the DC Council in 2009. This plan called for increased density on the 901 Monroe Street NE site along with greater connectivity between the east and west sides of the rail tracks. The plan contemplates buildings of greater density and height than allowed by existing zoning.

Timeline/Progress + Milestones

  • Over the course of more than 40 community meetings in 2011 and 2012, the Menkiti Group and Horning Brothers team proposed a project designed in keeping with the Small Area Plan. Any proposed development exceeding one-story required modification of the underlying zoning designation. In this case, we pursued approval of a Planned Unit Development process (PUD) by the Zoning Commission, which is a public process designed to ensure that neighborhood residents and the surrounding community are thoughtfully considered and provided with tangible community benefits.
  • Over the course of many additional meetings and conversations with community members, the Menkiti Horning team significantly modified the proposed PUD to accommodate neighborhood feedback.
  • The PUD was approved unanimously by the Zoning Commission in 2012.
  • The PUD was appealed, and the Court of Appeals requested that the Zoning Commission clarify the published PUD approval order regarding medium vs. moderate density projects.
  • The PUD was again approved unanimously by the Zoning Commission in 2013.
  • The PUD was appealed a second time, at which time the Court of Appeals suggested that the Zoning Commission process was broken, and that the Zoning Commission needed to be more thorough and clearer in its process of writing PUD approval orders.
  • The PUD was once again approved unanimously by the Zoning Commission in 2015.
  • The PUD was appealed a third time. The Court of Appeals appeared to be moving to remand the PUD to the Zoning Commission yet again. However, our attorney specifically requested that they not remand the case but render a final decision.

    In 2016, The Court of Appeals responded by overturning the Zoning Commission’s Order, thus vacating the original and all successive PUD approvals.
  • Since 2016, a wave of similar appeals has swept across the District, affecting other significant development projects in the city, including the nearby $720M McMillan Sand Filtration Plant redevelopment. See this July 2017 article from BISNOW.

What needs to happen for the 901 Monroe project to move forward?

  • Also in 2016, a formal Comprehensive Plan Amendment cycle was initiated by the Office of Planning. As part of this process, more than 3,000 public comments were submitted. In March 2018, the DC Council held a hearing to capture public testimony regarding the Comprehensive Plan and nearly 300 members of the community testified in a record session that lasted more than 13 hours. Members of the Menkiti Horning team testified in support of proposed Comprehensive Plan amendments.
  • In the Fall of 2018, the DC Council delayed the Comprehensive Plan Amendment discussion that would in turn update the now outdated Future Land Use Map. The DC Council has committed to address the Comprehensive Plan Amendment process in an upcoming legislative session in 2019. See this January 2019 article from Washington Business Journal.
  • Through all this a vacant property lies wasting away at a key location in one of DC’s great neighborhoods.

Happening at the site now:

  • For the District Department of Transportation (DDOT) Monroe Street Bridge Project to be completed efficiently, the DDOT contractor required an adjacent staging location for construction equipment and materials. The Menkiti Horning team has temporarily leased space to Fort Myer Construction for the duration of the bridge reconstruction project.  We have no information on the duration or

The Menkiti Horning team remains committed to turning the vacant property at 901 Monroe St NE into a vibrant project. Future updates will be posted here and on our Facebook page.

24th Annual Brookland Lights Trolley Tour

[wooslider slider_type=”attachments” thumbnails=”default”]

The Annual Brookland Trolley Tour Celebration of Lights took place this past Sunday, December 16th and broke all previous attendance records. With almost 500 friends and neighbors joining in to celebrate the holiday season, joy was all around!

Relive the magic in the video below, and be sure to join us next year for the 25th Annual Milestone Tour!
More Photos Available Online

Thank You to our generous sponsors and jolly volunteers who made the event possible.

Annie’s Ace Hardware
Brookland Pint
Chipotle
Good Food Market
Potbelly
Right Proper Brewing Co.
San Antonio Bar & Brill
Smith Public Trust
Wardman Wines
Yes Organic Market
Zeke’s Coffee

Bo Menkiti Recognized as a RisMedia Real Estate Newsmaker

RISMedia has announced it has chosen Bo Menkiti as a member of the Class of 2019 Real Estate Newsmakers, which will be revealed in the December 2018 issue of RISMedia’s Real Estate magazine, and featured online at RISMedia.com.

RISMedia’s Real Estate Newsmakers is an exclusive group of industry luminaries who have contributed in newsworthy ways to real estate.  The 2019 Class was chosen by RISMedia editors for headline-making initiatives and successes, including, but not limited to:

  • Advancing the industry
  • Impacting change
  • Technology achievements
  • Diversity and inclusion
  • Business accomplishments and growth
  • Humanitarian efforts
  • Industry activism and support
  • Thought leadership and influence
  • Excellence in customer service
  • Creativity and innovation

“RISMedia’s Real Estate Newsmaker Awards honor the industry’s real newsmakers—the people who are positively affecting our industry and the millions of consumers we serve,” says John Featherston, CEO and president of RISMedia. “Our industry promotes and provides consumers with a pathway to responsible homeownership. Over the past three-plus decades, RISMedia has covered, chronicled and celebrated the professionals making news in real estate, and we are honored to continue to formalize these honors with the 2019 annual RISMedia Real Estate Newsmaker Awards.”

For More Information, visit RisMedia.com.

The Menkiti Group To Buy Worcester Building From MassDevelopment

From massdevelopment.com:

October 17, 2018

The Menkiti Group, through its subsidiary 526 Main Street Partners LLC, has executed a purchase and sale agreement with MassDevelopment to buy 526-538 Main Street in Worcester, the former Pawn Shop building that MassDevelopment bought last year through its Transformative Development Initiative (TDI) Equity Investment program. MassDevelopment purchased the building in 2017 and made façade improvements before soliciting interest from developers through an RFP process.

The Menkiti Group, an integrated real estate services company, submitted a comprehensive proposal to reactivate the building by providing opportunities for retail, arts, and cultural amenities that will reinforce the neighborhood’s identity as a destination for arts and entertainment. The sale is expected to close in spring 2019.

“Our anticipated purchase of 526-528 Main Street will add to The Menkiti Group’s growing portfolio of projects in the Worcester Theater District, and further demonstrates our commitment to that neighborhood and to its future,” said Bo Menkiti, Founder and CEO of The Menkiti Group. “We recognize the significant architectural, cultural, and educational community assets that are here, and we look forward to working with existing stakeholders, local creatives, and entrepreneurs to enhance and harness those assets to develop a thriving, diverse, and economically vibrant neighborhood.”

“The Menkiti Group has a strong presence here in Worcester’s TDI District and throughout the city, and is the right team to lead 526-538 Main Street into the next stage of development,” said MassDevelopment President and CEO Lauren Liss. “MassDevelopment was proud to invest in this key property through our TDI Equity Investment program and we look forward to seeing this revitalized building breathe new life into downtown Worcester.”

The redevelopment of 526-538 Main Street, a two-story building located across the street from the Hanover Theatre and Conservatory in Worcester’s Theatre District, is critical to advancing the city’s vision for transforming its downtown. Following the departure of the Pawn Shop from the building in March 2018, 526-538 Main Street contains 8,000 square feet of vacant space on the building’s first floor and 8,400 square feet of vacant space on the building’s second floor. The Muse Bar, a contemporary bar established in 2015, occupies 1,000 square feet on the building’s first floor. Since MassDevelopment purchased the building in 2017, the Agency worked with the Theatre District Alliance to install new signage that visually improved the building and marketed the property.

“As our downtown revitalization efforts continue with a complete re-imagining of Main Street, reactivating this key property in our Theatre District is a vital piece of our overall development plan,” said City Manager Edward M. Augustus. “We thank MassDevelopment and the Menkiti Group for making this important project a reality through the TDI program.”

MassDevelopment’s Transformative Development Initiative is a program for Gateway Cities designed to accelerate economic growth within focused districts. The program works with cross-sector partnerships to engage community members in actionable planning, implement local economic development initiatives, and spur further public and private investment.

MassDevelopment uses its TDI Equity Investment program to make equity investments in properties with potential to spur transformative development in and around a TDI District. Through the program, MassDevelopment invests in near-term projects that will have significant economic impacts within a district; are consistent with Commonwealth and Agency priorities; engage and build capacity in local communities and partners; catalyze market demand and support district goals; and lack other sufficient funding sources to proceed.

Worcester is one of 10 Gateway Cities selected in 2014 to host pilot TDI Districts—along with Brockton, Everett, Haverhill, Holyoke, Lynn, Malden, New Bedford, Peabody, Pittsfield, Revere, and Springfield. As a part of the TDI program, each District receives a range of real estate development services to support local visions for redevelopment and to catalyze economic activity and investment. The vision for Worcester’s Theatre District is to become a bustling hub of cultural activity and entertainment within the downtown, leveraging institutional, residential, and commercial growth anchors to create a mixed-use neighborhood for residents and visitors alike to live, work, and play.

“The announcement of this sale is an exciting development in bolstering the great momentum that the Theatre District is currently witnessing,” said Craig Blais, President and CEO of the Worcester Business Development Corporation (WBDC). “This purchase is yet another example of MassDevelopment’s TDI investment programs and the indelible impact that they continue to have within the Theatre District.  The 526 Main Street property has long been viewed as a distress property and the WBDC commends the Menkiti Group’s willingness to take on this difficult property.  This complements our block by block strategy connecting CitySquare to Main Street.”

“The 526-538 Main Street building had been a real detractor to the area until MassDevelopment purchased it,” said Hanover Theatre President and CEO Troy Siebels. “We’re glad to see that they’ve identified a buyer in Menkiti Group that’s committed to using the building in a way that contributes positively to the theatre district.”

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2018, MassDevelopment financed or managed 384 projects generating investment of more than $4.1 billion in the Massachusetts economy. These projects are estimated to create or support 10,994 jobs and build or rehabilitate 830 housing units.

Contact:
Kelsey Schiller, MassDevelopment
kschiller@massdevelopment.com
617-330-2011 & 617-694-9695 (cell)