November 9th 2023.
The Steinbridge Group is taking a monumental step to help historically Black colleges and universities (HBCUs) by investing $100 million in capital into real estate ventures. This money will be used to create accessible housing and mixed-use projects within communities connected to the over 100 HBCUs across the nation.
Tawan Davis, Founding Partner and CEO of Steinbridge, revealed these details in an exclusive interview with BLACK ENTERPRISE. He also spoke about the commitment this week at the ForbesBLK Summit in Atlanta, an event attended by some of the nation’s top Black business leaders. Davis remarked that many of the HBCUs have large amounts of land, properties, and buildings, but lack the resources, capital, and bandwidth to mobilize them for productive use.
Steinbridge’s mission is to generate value from the untapped assets of HBCUs and other Black organizations. The intention is for the institutions to retain meaningful ownership of the developments, generate new revenue streams, and bolster long-term financial gain.
The $100 million commitment is also a way to address the funding disparities that HBCUs face. In the South, where most HBCUs are located, they are poised to capitalize on growing migration. With the investment, Steinbridge aims to help the institutions advance their missions and expand their influence.
Davis mentioned that the HBCUs are expected to keep meaningful ownership of the projects and retain the flexibility to be sensitive to student and local needs. He also said that graduates and staff of the universities should have the chance to become homeowners through the partnerships. This could help build wealth in neighborhoods at risk of gentrification.
The developments may include residential, retail, and office space, into one building or area. Davis added that Steinbridge is looking to partner with other entities that have unused land, such as local churches, governments, and non-profits.
Make sure to read more about Steinbridge and its new commitment here.
[This article has been trending online recently and has been generated with AI. Your feed is customized.]
[Generative AI is experimental.]
