Worcester, MA – Businesses in Worcester, MA celebrated achievements this past Thursday, May 20th, with the annual Worcester Chamber of Commerce Business Awards Ceremony. Among the award recipients was The Menkiti Group, a minority-owned Certified Business Enterprise founded with the mission to transform lives, careers, and communities through real estate, for both 6 Chatham Street and 401-405 Main Street in Worcester, MA.
6 Chatham Street, also known as Chatham Lofts, is a collection of 24 brand-new luxury apartments in the heart of the Theater District that highlight the buildings unique architectural features. 401-405 Main Street has served as a home for generations of downtown Worcester businesses over the past 167 years, from well-known photographer E.B. Luce to Shacks Clothing, which occupied the corner of Main and Mechanic Streets for nearly half a century, to Community Legal Aid, an essential community-serving non-profit organization which has called the building home for decades.
“At the time of their construction, both 401-405 Main Street and 6 Chatham Street were some of the grandest buildings in the City of Worcester and we believe that still holds true today,” said Mark Rengel, Vice President of Development at The Menkiti Group.
The Menkiti Group set out to reconstruct both Worcester landmarks (401-405 Main Street and 6 Chatham Street) by paying respect to the architectural details of the original structure. Their goal is to restore the properties to their former splendor and breathe new life into the halls.
“I’m incredibly proud of the work our team at The Menkiti Group is doing to revitalize important, historic buildings in downtown Worcester. As real estate developers, we have a unique opportunity to give back in a transformative way. Through historic façade renovation of properties like 401-405 Main Street and 6 Chatham Street, we are preserving the beautiful architecture that makes Worcester unique,” said Bo Menkiti, Founder and CEO of The Menkiti Group.
Managing the renovation of 401-405 Main Street was Haynes Group, a commercial construction firm who combines quality construction with a level of personalized service. The team upgraded core building systems, constructed a new exterior storefront, and restored the historic façade. Detailed restoration of brick masonry, stone, wood, and cast-iron façade elements was accomplished by Raymond James Restoration with the guidance of architect Greg O’Connor.
“We were really excited to be part of the rehabilitation of this building right in downtown Worcester that has such a storied past, including Shack’s Clothes,” said Jim Russo, Director of Business Development at Haynes Group.
“We are grateful for the meticulous restoration completed by local artisans Gregory J. O’Connor Associates Architects, Elton + Hampton Architects, Raymond James Restoration, Haynes Group, and R.P. Masiello who collectively breathed new life into the structures. 401-405 Main Street and 6 Chatham Street are significant pieces of downtown Worcester’s identity and I am proud to work with a team that is committed to preserving these impressive cultural resources for generations to come.” said Rengel from The Menkiti Group.
Both properties received the Silver Hammer Award, a yearly award given by the Chamber to acknowledge construction or rehabilitation projects that provide an extraordinary impact on the physical landscape and assist in revitalizing the community.
“We are honored to have both projects recognized by the Worcester Regional Chamber of Commerce and presented with the Silver Hammer Awards,” said Menkiti “and we look forward to continuing our work restoring and revitalizing important buildings which play an enduring role in the continued renaissance of downtown Worcester.”
About Haynes Group, Inc.: Haynes Group, Inc. is a family-owned, full service commercial construction company based in Massachusetts and serving Eastern New England.
Founded by brothers Mike and Bryan Haynes in 2001, Haynes Group has earned distinction by providing outstanding customer service while delivering award-winning corporate office, hotel and hospitality, industrial, and retail projects.
About The Menkiti Group: Founded in 2004, The Menkiti Group is a 100% minority-owned Certified Business Enterprise headquartered in Washington, DC, with additional offices in Worcester, Massachusetts. The organization was founded with the mission to transform lives, careers, and communities through real estate. The Menkiti Group is a double bottom line company, measuring success in terms of financial and positive social impact. The company’s approach to urban neighborhood transformation and investment is centered upon residential and commercial development, residential sales, and commercial brokerage.
The Menkiti Group invests in abandoned and underutilized properties and transforms them into exciting and affordable homes and workspaces. Projects range from single-family residential renovations and the development and tenanting of main street commercial properties to large-scale, mixed-use, transit-oriented development projects. Over the past 16 years, The Menkiti Group has invested over $225MM in DC’s emerging neighborhoods, worked on the development of over 2.1MM SF of real estate, and has assisted over 2,000 families in purchasing their first homes.
The Menkiti Group | 3401 8th Street NE | Washington | DC 20017
The Menkiti Group | 3401 8th Street NE | Washington | DC 20017
Two teams of prominent D.C. developers are locked in a head-to-head competition for the chance to redevelop the Reeves Center, one of the city’s most coveted properties at the heart of the U Street corridor.
District officials heard pitches last week from both teams as part of Mayor Muriel Bowser’s effort to restart the redevelopment of Reeves, home to a variety of large D.C. agencies since it opened in 1986 during the administration of Marion Barry. The teams are stocked with a veritable who’s who of developers that have won city projects in the past and are now vying to remake 2000 14th Street NW into a mixed-use destination.
It is unclear how many proposals the District received, but these appear to be the finalists.
One team is led by developers MRP Realty and CSG Urban Partners and the financiers at Capri Investment Group. Their proposal envisions 628 apartments on the site (a third of which would be affordable), alongside some for-sale townhomes, 110,000 square feet of office, 20,000 square feet of retail and a 24,000-square-foot public plaza and performance venue.
The other team is helmed by Dantes Partners, the Menkiti Group and the investment firm EB5 Capital. Other prominent firms such as Horning Brothers, Banneker Ventures, Kadida Development Group and Inle Development will also participate. They’re planning a 150-room hotel, 250 affordable apartments, 46 affordable, for-sale condos, 100,000 square feet of office, up to 15,000 square feet of retail and a new community plaza.
Both pitches include nods to U Street’s history as a hub of Black art and culture, and both feature Black development executives, given D.C.’s new emphasis on ensuring diverse representation in teams that win city development deals. And both set aside room for a new NAACP headquarters, after the organization committed to the project last June, as well as at least a few government agencies that would remain on the site.https://f17a2c44f3561bfe625327a167da144d.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html
There’s no firm timeline yet on when the District will pick a winner — a call for proposals issued in late December identifies summer 2022 as a potential closing date — but whichever group succeeds will have the chance to put its stamp on one of the visible properties in the entire city.
A link to the past
The CSG-MRP vision for the Reeves Center is heavy on new residential, and that’s by design.
Simone Goring Devaney, principal and co-founder of CSG, said her team heard Bowser “loud and clear” in her calls for new housing construction. She also wanted to deliver a mixed-income community, and included 188 units of affordable units in her pitch. About 141 will be affordable for people making 50% of the median family income, while 47 will be set at 30% of MFI.
“Many of these will be larger, family-sized units, which we knew was important, because a lot of new units in the community are smaller,” Goring Devaney said.
The team also plans to include at least five affordable for-sale units among some new townhomes that will front V Street, and to partner with Habitat for Humanity and the Douglass Community Land Trust to ensure their long-term affordability. CSG previously partnered with those firms on a similar proposal on D.C.-owned property near Truxton Circle.
As for the arts, the team has struck a preliminary deal to bring a studio from New York’s Alvin Ailey American Dance Theater to the property, as well as a new recording studio for the Washington Jazz Arts Institute. Goring Devaney envisions both anchoring a new “Frederick Douglass Plaza and Marion Barry, Jr. Amphitheatre,” which would be adorned with images of both men.
“We see the Reeves Center as the western link with the Howard Theatre tying up all the pearls of art and history that have happened along U Street,” said Michael Marshall, head of Michael Marshall Design, which is leading the project’s architecture work alongside PGN Architects.
Goring Devaney also hopes to offer some of the retail space at below-market rates to ensure that long-tenured businesses aren’t pushed out of the largely gentrified neighborhood. She believes that’s a key way to honor the area’s history as a home for Black businesses. Smoot Construction, the Black-owned D.C contractor that built Reeves decades ago, is also part of the team.
The other team is, similarly, no stranger to doing business with the District.
Menkiti is building a new headquarters for the Department of Housing and Community Development, while Dantes Partners has worked on a variety of affordable projects in tandem with the city — its managing principal Buwa Binitie also doubles as the chair of the D.C. Housing Finance Agency’s governing board. The group also includes Lopez & Associates, a consulting firm helmed by close Bowser ally Joshua Lopez.https://f17a2c44f3561bfe625327a167da144d.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html
And the pitch from the team’s leaders centers primarily on these long-standing area ties. Even the project’s primary financiers at EB5 are based in Bethesda, and local firms will provide the majority of its equity.
Binitie sees this as a different approach than a typical development deal, where “you go to a pension fund or some investment group and they end up owning 90% of transaction.” By centering on local firms, this a chance to ensure that people of color are more than just perfunctory participants to satisfy diversity requirements, he said.
“If you look at the public disposition of sites, Black and brown people have often just served in the role of checking a box,” Binitie said. “In this instance, we have these individuals leading and financing each individual component.”
The project will include its own tributes to the area’s past, like a new Marion Barry Way, but the developers hope to set themselves apart by building new affordable homes for people of color who are often priced out of the neighborhood. Binitie said the new apartment building will be financed with Low Income Housing Tax Credit equity, ensuring prices are affordable to people between 30% and 80% of MFI. He estimates the average rent at about $1,400 a month.https://f17a2c44f3561bfe625327a167da144d.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html
Similarly, he envisions condos with unthinkably low asking prices close to $60,000 by utilizing other affordable housing funding sources. The retail, too, will offer affordable rents — the plans call for an 8,000-square-foot food hall, with space for about 13 local restaurants. D.C. Central Kitchen is on board to open a 1,200-square-foot café alongside it, offering training programs for people struggling to find work, similar to the nonprofit’s existing efforts in Southeast D.C.
Bo Menkiti, founder and CEO of the Menkiti Group, sees it as a “continuum of opportunity,” with each piece of the project more reasonably priced. Even the flag they’ve secured for the hotel, a Moxy by Marriott, would be a more affordable option.
“We want to create pathways to economic sustainability,” Menkiti said. “And we hope this project reflects the diversity of the District and doesn’t just say, ‘U Street is for those who can pay to be here.’”
The team’s pitch has its own arts component too — Adams Morgan’s Songbyrd Record House and Music Café hopes to open a 2,000-square-foot performance space in the hotel. And The MusicianShip, the group that puts on the annual D.C. Funk Parade, has agreed to help program its “Black Broadway Plaza.”
This team might have an advantage for more practical purposes. Horning Brothers also controls the apartment building just behind Reeves, fronting V Street, as well as the air rights covering some of the Reeves property. By including them in the deal, Menkiti hopes that will allow his team to utilize more of the site with fewer legal hurdles.
“They could’ve just sat back and played all sides here,” Menkiti said. “But they decided they wanted to be part of our team, and see this not just locally-led but locally owned.”
The Menkiti Group | 3401 8th Street NE | Washington | DC 20017
Despite more than 15 years as a residential real estate developer, Buwa Binitie says he has grown accustomed to regularly fielding queries about his expertise.
“Those questions come when a lender might be underwriting you, or maybe there are brokers who are marketing the deal and don’t know you. Questions like ‘Where’s your capital coming from, who’s behind you, who owns your company?’ ” says Binitie, who is Black and is the managing principal of Dantes Partners, a real estate development firm in D.C. “Me and my peers call them ‘unnecessary questions.’ We feel our White peers don’t get them at all.”
Binitie — whose company built the Hodge in D.C.’s Shaw neighborhood and Delta Towers in the H Street corridor, both affordable senior housing developments — is far from alone in his experiences. In the Washington area and around the country, the development community is almost exclusively White. In an industry characterized by huge sums of money, Black developers say they face major hurdles in accessing capital, connecting with influential networks and expanding their businesses.
But in the wake of George Floyd’s killing in Minneapolis last May and the subsequent Black Lives Matter protests, developers of color say the industry seems to be experiencing a shift: Some lenders, investors, municipalities, development partners and others in the commercial real estate world are recognizing how homogenous the field has been and are taking steps to address it.
“I’m feeling a little bit of a difference,” says Binitie. He is echoed by other Black developers, who say they have been fielding some new business opportunities and offers of collaboration from lenders and White-led development companies over the past nine months. “[Lenders and investors are] making a significant effort to produce capital specifically for Black and Brown real estate developers,” Binitie says.
But whether this is a permanent change remains to be seen, he cautions. “Is this going to be continuous? Or is it a one-time thing so they can say, ‘We provided the capital, and are now going back to our normal course of business?’ ”
Access to capital
Over the past decade, D.C. neighborhoods have experienced astounding growth. Some, like the Wharf, 14th Street and CityCenter, have been dramatically transformed. Developers have played a key role in that growth, determining what the new buildings would look like, how upscale the condos and apartments would be, and whether existing residents and businesses would be accommodated.
But the lack of diversity among developers has often translated into a lack of diversity in the product, observers say, with real estate projects overwhelmingly targeted to middle- and upper-income groups.
Statistics for developers are difficult to come by, but Urban Land Institute (ULI), a national real estate and land use industry association, says 5 percent of its members identify as Black or African American.
The Washington Post spoke with more than 15 Black people working in real estate development about their experiences. The developers, many of whom have been in the industry for years and hold degrees from Ivy League universities, agreed that their opportunities have been limited by racism, institutional bias and a lack of connection to powerful networks.
“It’s a fraternity environment in this niche filled with so much wealth,” says Anthea Martin, a senior vice president at Bellwether Enterprise, a mission-driven mortgage bank that aims to increase the supply of affordable housing. “This limits the money that minorities can tap into.”
“It’s multiples more difficult to get loans,” says Diarra McKinney, a D.C. native who runs Rosewood Strategies, a company that has constructed multifamily buildings in the D.C. neighborhoods of Takoma and Ivy City. Before starting his business, McKinney says he worked for White-led companies. “Banks would say, ‘Oh, we love you guys!’ and they’ll have a term sheet in a day. For [me and other Black developers], we might have significantly more experience than many of those companies, but we still get all kinds of questions.”
As McKinney points out, the loans do usually come through. “It’s not the 1950s,” he says. “I can go through the process and get a loan offer. But the terms are not the same; the interest rate will be much higher. And you don’t know why that is. It’s all behind the scenes.”
Developers also need equity, in the form of investments from friends, family or private firms, to close their deals. And that can be even harder for Black developers to procure than bank credit. The asset management industry, which includes institutional investors and private equity groups, is overwhelmingly White. And family and friends, even well-off ones, simply may not have the extra funds to invest in a real estate project.
“I think more than anything, it’s a function of the wealth disparities in this country,” says Curtis Doucette, a managing partner of Iris Development, which has renovated several apartment complexes in and near New Orleans, and is building a $19 million mixed-use, multifamily development there. “We have far less net worth in the Black community. We’re less likely to have it ourselves, our families are less likely to have it, our networks are less likely to have it.”
Doucette, who has been in the real estate business for 18 years, has partnered with White developers and says the contrast was like night and day. “It was a different socioeconomic environment. It was amazing to me to see how willing people were to put hundreds of thousands of dollars into a project.”
There is one area where Black developers are better represented: affordable housing. Most affordable housing is built with some amount of government subsidy; although it can be difficult and time-consuming to procure, it lowers the barrier to entry by reducing a developer’s dependence on private financing.
“The African American developers that I know, they’re in that niche,” says Martin at Bellwether Enterprise. “Most multifamily developers don’t want to play in that space where the deals are perceived as more of a hassle to finance and manage” and where the returns tend to be significantly lower.
But others say Black developers are not in the sector just out of necessity. “Minority developers are doing affordable housing because they grew up in those communities. They see that the need is there,” says Adeola Adejobi, a New York lawyer who runs the Diversity in Commercial Real Estate Conference. “When you’re looking at a deal from that lens, you’re bringing a different perspective.”
It is a perspective that is arguably a little more people-centered. Many African American developers find ways to benefit Black communities with their projects, for example. Cecily King, who runs Kipling Development in Detroit, is developing a mixed-income condo building in an upscale community; it will allow low-income residents to own property in an area with good schools and rising home values. And that, King says, could be life-changing for a family.
“It’s still a business at the end of the day,” she says. “But the perspective you bring to the table [as a Black person] opens your eyes to what the opportunities can be.”
New initiatives on the horizon
Bree Jones is another developer who is hoping to do good while doing well. Her company, Parity Homes, has a plan to redevelop 96 abandoned rowhouses in west Baltimore and sell them at affordable rates to local residents. “Development without displacement,” she says.
Jones says she has experienced the microaggressions familiar to African Americans in the field and has struggled to find financing for her project. But a year ago, after months of networking and conference-hopping, she met an investor whose company had a social impact wing. The investor, she says, immediately understood the value of her plan.
“They wanted it to work — they believed in me inherently,” Jones says. The subsequent funding, $1.5 million in equity, is one of the last pieces she needed to begin the project.
Black real estate developers have long collaborated to build networks and pull each other up, and that is continuing. But today, a growing number of initiatives are helping to bring in new capital and new connections — and much of that seems to be the result of the country’s intensified focus on racial equity since last summer.
For example, Enterprise Community Partners, a national nonprofit lender, has recently launched a $3.5 billion program to support developers of color who are creating and preserving affordable homes. Capital Impact, another nonprofit financial institution, started a program in D.C. and Detroit to give a select cohort of minority developers access to mentors, training and, in some cases, funding. And a few big banks have recently earmarked funds for minority developers.
D.C.’s Office of the Deputy Mayor for Planning and Economic Development established an initiative that gives minority-run companies priority access to city-led redevelopment projects. “We’ve had a conversation since the beginning of 2019 about how we can make housing in the city more equitable,” says John Falcicchio, who leads the department. “This is a giant leap forward.”
New York City recently announced a similar initiative.
But to really address the discrepancy, developers say a multifaceted approach is needed — one that nurtures the talent pipeline at all levels. After all, at this point, “There are not that many [Black-led] development firms that have the capacity to meaningfully participate,” says Bo Menkiti, founder and CEO of the Menkiti Group in D.C. Together with Dantes Partners and two other Black-led companies, Menkiti’s firm also built Capitol Vista, an affordable-housing development in Mount Vernon Triangle.
Helping smaller minority companies grow so they can eventually take on major projects themselves might require an uptick in partnerships with established firms, or the creation of mentorship initiatives.
Some new programs are focusing on young people. “A lot of Black kids don’t know what development is,” says Mark Marshall, director of real estate at the Denver-based Urban Land Conservancy. Marshall partners with Urban Land Institute’s Colorado group to mentor and train young adults who might be interested in the field, a program that ULI is replicating in chapters around the country.
ULI’s leaders say they are taking the industry’s racial discrepancies seriously. “Since the murder of George Floyd, [racial equity] has become a top priority for everyone at ULI,” says Gwyneth Jones Cote, the president of ULI Americas.
This year, the organization’s annual Emerging Trends survey showed that 70 percent of members who responded believe the real estate industry can help address systemic racism.
That’s why this shift is so significant, industry insiders say.
“I’ve had conversations that I definitely didn’t have more than six months ago with people in the industry who want to know what they’re missing,” says King, the Detroit developer.
“Outside of the industry, I’ve seen people have interest in investing in communities of color to right the wrongs they’re now aware of,” she adds. But “how long will it last? That’s the challenge right now.”
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.
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.
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
Real Estate industry news and information source Inman has once again named the industry’s most forward-thinking and groundbreaking members in its annual list of Innovator Award Finalists for 2019, and The Menkiti Group has been named one of ten finalists for the Most Innovative Brokerage or Team.
Recognition has been given to 60 different finalists from across the real estate industry, grouped into the following six categories:
Most Innovative Real Estate Technology
Most Innovative Real Estate Company
Most Innovative Brokerage or Team
Most Innovative Podcast or Video Show
Most Innovative MLS, Association or Industry Organization
Most Innovative Marketing
Of note, The Menkiti Group with the nationally recognized sales team of MG Residential is the only Washington, DC-based brokerage or team to be included on the Brokerage or Team list, AND in the overall Inman 2019 Innovation finalists.
Also of note, KW Command, the industry-changing, one-stop mobile application that streamlines agents’ workload, allowing them to automate tasks, create customized marketing campaigns and manage databases and contacts from Keller Williams was named to the Most Innovative Real Estate Technology list. The Menkiti Group is the operating and management company behind Keller Williams Capital Properties, a leading mid-Atlantic brokerage and Top 15 of all KW national affiliate companies.
In July, Inman will announce its Innovator of the Year winner, someone who has consistently pushed the envelope this year, as well as the Nate Ellis Give Back Award winner, honoring an individual or organization that has made a difference through its philanthropy, activism or other commitment to the industry this year.
Learn more about The Menkiti Group, MG Residential, or KW Capital Properties by visiting MenkitiGroup.com
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
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.