Local Family Develops $24-Million Apartment and Retail Building in Crenshaw District
The corner lot on Crenshaw Boulevard and 54th Street looks like any other construction site. Inside the chain-link fence encircling the property, an excavator was moving a pile of rubble last week – the last remains of an old building that had been demolished to make room for something new.
A Rare Instance of Local, Minority Property Owner Participation
But the mundane scene belied an unusual story in Los Angeles real estate. Instead of selling the property, a Black family with deep roots in South L.A. chose to hold on to the land and develop it themselves into a $24-million apartment and retail building.
A Family Legacy
The property was once the site of their mother’s hair salon and wig shop, where Jamial Clark and his sister Bridgette Reed spent countless hours helping their mother, Lucretia Clark, and pitching in to answer phones after school. The family’s decision to develop the property was a way to honor their parents’ legacy and keep the land in the family.
A Team Effort
To bring the project to life, the Clarks teamed up with developer Kacy Keys, who has spent nearly three decades building commercial projects, including apartments, offices, and stores. Her company, Praxis Development Group, will have an equity stake in the project, which is named Clark on 54th.
Overcoming Challenges
Securing financing was a major challenge, with Jamial Clark investing over $100,000 to keep the project afloat. The Clarks and Praxis had to put up cash to keep the project from faltering, with Jamial Clark stating, "I invested over $100,000 of my money just to keep things going, and to keep bills paid and the mortgage paid."
A Model for Others
The Clarks hope their project will serve as a model for other local, minority property owners who want to develop their own properties and keep them in the family. "There are a lot of Black-owned properties up and down Crenshaw," Reed said. "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."
Conclusion
The Clark on 54th project is a rare instance of a local, minority property owner participating in the redevelopment of their neighborhood, which has historically been overlooked by conventional developers. The project’s success serves as a model for other local property owners who want to develop their own properties and keep them in the family.
FAQs
Q: What is the name of the project?
A: The project is called Clark on 54th.
Q: Who is the developer behind the project?
A: Kacy Keys and her company, Praxis Development Group, are leading the project.
Q: What is the total cost of the project?
A: The project has a total value of $24 million.
Q: What is the number of apartments in the project?
A: The project will feature 48 apartments.
Q: What is the purpose of the project?
A: The project aims to provide affordable housing and retail space to the community while honoring the family’s legacy.
