Healthy Food, Job Creation, & Community Ownership
Urban Advisors was engaged to provide two critical Project functions: 1) help a local non-profit structure and negotiate its land option, ownership model and financing options plus 2) help a local socially oriented funder facilitate a Program Related Investment (PRI) that was used to help leverage over $20 million in total Project financing.
The Broad ReFresh Project is a catalytic, healthy food development by Broad Community Connections, a local non-profit organization, which focuses on an important commercial corridor in New Orleans, LA. The project will redevelop a vacant and blighted grocery store into a mixed-use commercial property dedicated to healthy food access. Services will include an affordable grocery store, a fresh foods market, a commercial kitchen training facility and café, and a training facility for nutrition and diet as preventative medicine. The project secured over $20 million in total financing from socially- oriented funders and broke ground in May 2013. The project is expected to create 170 new jobs, of which 35% will be provided to local minority and women owned businesses.