DALLAS, June 21, 2021 /PRNewswire/ — In a landmark real estate deal being praised as a stimulus to the city's most promising communities, the Local Redevelopment Authority Board of Fort McPherson, the historic army base situated in enviable proximity to downtown Atlanta and Hartsfield-Jackson International Airport, has voted to sell approximately 94.5 acres of remaining land on the property to T.D. Jakes Real Estate Ventures, LLC, a company founded by treasured spiritual leader, business mogul, seasoned real estate developer, global humanitarian, bestselling author and successful movie producer T.D. Jakes.
This approval marks an important milestone in the creation of a unique sustainable mixed-use development in a dynamic neighborhood where TDJREV will develop affordable housing opportunities for Atlanta. This historic agreement paves the way for the redevelopment of an area of Atlanta that people have been talking about for decades, an area that is poised to become a vibrant new residential and commercial neighborhood with 94.5 acres of public open space and new cultural amenities.
TDJREV is a real estate and community investment accelerator fueling social advancement through real estate development growth strategies that responds to local needs to drive intersectional and multigenerational progress for people within underserved communities. The unanimous vote, which comes after nearly two months of negotiations, clears the way for the Dallas-based real estate firm to redevelop the property for mixed-income housing and retail. The development is part of Jakes' long-term vision to cultivate quality affordable housing for the underserved in a model that will be duplicated across the country and around the world as a part of a deepening recognition that access to affordable housing is what fuels and facilitates access to opportunity.
TDJREV's current signature development project is Capella Park, a 400-plus acre community in south Dallas. This comfortable and creatively designed community has a pre-k-8 school and a 64-acre conservation area as the center of the neighborhood.
T.D. Jakes has a longstanding history of success rooted in his commitment to establishing a transformative real estate infrastructure of opportunity that preserves the history and character of neighborhoods, while investing in the community and its people by providing mixed income and affordable housing and inclusive development solutions. Said Jakes: “By addressing racial and economic disparity gaps, we look forward to engaging, empowering, and strengthening local entrepreneurs and stakeholders in this exciting development venture.”
This development vision builds a broadly shared prosperity that improves equity at the grassroots level while building generational wealth for families, businesses and communities. The TDJREV culturally fluent real estate development model also illustrates the power of inclusive investing, and contributes to the broader landscape of regional economic opportunity by fostering jobs, igniting local economic rejuvenation, commercial revitalization and quality-of-life gains.
“My cultural fluency results from having grown up in a community like the Atlanta communities surrounding Fort McPherson. In my travels across all of America, I see too many Black and Brown working-class people still falling victim to the continued gentrification of our neighborhoods. I'm extremely excited about the accessible ownership options that will exist for future residents of this multigenerational community. This project will bring solutions to the quality-of-life problems and elevate the lives of the Atlantans that will live, work and play there,” Jakes said.
TDJREV continues to be focused on change and intentional about how and where it invests to ensure that its development vision helps break down barriers to success, supports the social and financial impact goals within communities to help the economy better perform and fuel advancement for all citizens.
“Our development vision will reflect important, inclusive conversations, outreach and input from community members to ensure citizens of Atlanta will have the opportunity for new affordable housing and cultural space right in their ancestral neighborhoods. We share in the City of Atlanta's belief that the redevelopment of this fertile neighborhood is critical to the future growth of Atlanta,” Jakes added.
The property is adjacent to Tyler Perry Studios, which occupies much of historic Fort McPherson.
“My vision is to develop an oasis within our cities for working families, walking them toward economic viability through financial literacy programs, live-work spaces, mixed income housing and multigenerational options that are so imperative to the betterment of our society,” Jakes said.
The purchase of this property is a continuation of Jakes' longstanding relationship with the city of Atlanta, one which has enjoyed a healthy symbiosis, due to Jakes' decades-long and ongoing investment in the continued growth and evolution of the city. Jakes has shot several of his TDJ Enterprises films in Atlanta, including the recent hits Lust and Envy, both of which aired on Lifetime. His landmark signature events, Women Thou Art Loosed and MegaFest, have been held in Atlanta multiple times, leaving an indelible mark, attracting millions of attendees, and have had an enormous economic impact. In recognition of his invaluable contributions to Atlanta, Jakes was made an honorary citizen in 2004 and given the keys to the city.
“This agreement marks another monumental chapter in the history of Fort Mac,” said Atlanta Mayor Keisha Lance Bottoms. “Thank you to Tyler Perry and Bishop T.D. Jakes for their vision and investment in the Southwest Atlanta community. The positive impact will be felt for generations to come.”
A monumental figure on the global stage and a passionate social justice advocate, Jakes and his real estate firm plan to revitalize Atlanta by employing local talent for this development project and have already begun building pivotal relationships with key business leaders, stakeholders, and well-respected experts.
“I am thankful to Governor Brian Kemp, Mayor Bottoms, Chairman Cassius Butts, the Fort McPherson Board, the greater Atlanta community, and my friend Tyler Perry for this opportunity to serve and further amplify their vision and unwavering commitment to attracting growth opportunities and development excellence to the City of Atlanta,” said Jakes.
TDJREV is a Dallas-based real estate company dedicated to implementing T.D. Jakes' vision of creating attainable and sustainable communities in a global marketplace and developing 21st Century solutions to address rudimentary needs in targeted communities with a focus on economic development, job training, financial literacy and education enrichment. Its real estate portfolio, includes Capella Park, a 400-plus acre community in south Dallas that includes single-family homes, live-work space and a prek-8 school.
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SOURCE T.D. Jakes Real Estate Ventures, LLC