Azania Herron, for LISC
(980) 272-1804
aherron@zajapr.com
CHARLOTTE, N.C. (Oct. 24, 2024) — LISC Charlotte is pleased to announce the launch of its first Real Estate Developer Incubator (REDi) training program to support more inclusive and equitable wealth creation among emerging commercial developers.
LISC Charlotte will deliver REDi from the success of a model offered by LISC in markets across the nation. The training program is being made available during a time when commercial development opportunities are on the rise in the Corridors–six geographical areas identified by the City of Charlotte to foster thriving communities for residents and businesses, build lasting legacies, and grow communities equitably.
“We have worked closely with the City of Charlotte over the course of a few years to bring this effective emerging developers program to the Charlotte market,” said LISC Charlotte Executive Director Ralphine Caldwell. “We could not be more excited for their support to get this initiative off the ground and to see the positive community impacts that this program will make among local commercial developers who are poised for growth. Being able to leverage partnerships with the City and Wells Fargo makes it possible to offer REDi at no-cost to help ensure that every aspiring developer can more equally participate in the growing development market.”
REDi, made possible in partnership with the City of Charlotte and with $300,000 in grant funding from Wells Fargo, will offer training and support to developers to dramatically accelerate the number of those equipped to utilize capital to advance their business. Developers interested in pursuing commercial projects in the Corridors of Opportunity are encouraged to apply to the program.
"Today marks an exciting milestone as we launch this initiative aimed at empowering our residents to grow and develop their businesses right in their own neighborhoods," said Erin Gillespie, Interim Executive Manager, Corridors of Opportunity. "This program with REDI is designed to provide the tools and resources our local business owners need to succeed. I encourage everyone to apply and take advantage of this valuable opportunity. Together, we can strengthen our community and create a thriving environment for local businesses."
The program will help developers to expand their capacity and access to projects while becoming more competitive as the city of Charlotte’s affordable housing and commercial project pipeline grows and more market opportunities arise. Through a cohort-based curriculum, firms will receive technical assistance, coaching and access to resources that will equip them to reduce barriers to market entry and expansion. Participants can anticipate enhancing their networks, gaining access to capital opportunities, and building their capability to expand their existing portfolio of business and contracts.
“It’s important to create an inclusive economy with more pathways for developers to participate in Charlotte’s commercial development,” said Jay Everette, head of Community Relations for Wells Fargo. “With the leadership of LISC and the City of Charlotte, we are encouraging wealth creation for these emerging small businesses as well as through the jobs they could provide in economic corridors around the city.”
Emerging developers are encouraged to learn more by attending a REDi Informational Webinar on Friday, November 8. Register by visiting the REDi Information Session Registration page. Participating owners or senior partners must meet eligibility requirements. Firms located in the Corridors of Opportunity geography, or that have a real estate project located in the Corridors geography will be prioritized for program participation.
Applications are open now through November 21, with the first cohort scheduled to begin in January 2025. Apply by visiting the LISC Charlotte REDi Training page.
Local Initiatives Support Corporation (LISC) is a 40-year Community Development Financial Institution (CDFI) committed to comprehensive community development, including investing capital and resources into small businesses, economic development, affordable housing, health & safety, sports & recreation, and education, as well as building the capacity of non-profit partners. LISC Charlotte's economic development strategy focuses on providing resources to minority developers for commercial projects, creating jobs, and supporting small business activity in our target neighborhood, Historic West End. Since opening its office in March 2019, LISC Charlotte has invested over $60 million in Charlotte in partnership with the city, philanthropic leaders, corporations and community organizations. For more, visit www.lisc.org/charlotte.
The City of Charlotte provides services to more than 897,000 residents. The city's priorities are workforce and business development; transportation, planning and the environment; safe communities; and great neighborhoods. Charlotte is ranked 5th on the U.S. News & World Report’s 150 Best Places to Live in the U.S. in 2024-2025. For the latest news and updates about city government, visit the citywide newsroom at charlottenc.gov/City-News, follow @CLTgov on Facebook, X and Instagram, and subscribe to the City Speaks newsletter.