Philly real estate developers receive multi-million dollar investment from 76ers’ Josh Harris
PHILADELPHIA, Pa. (WPVI) — “From a real estate perspective, we found that when we attended meetings, conferences and consortia, we just didn’t see people who resembled us,” said Leslie Smallwood-Lewis. “Our community was really missing out, so it was almost a call to action for us to go out and launch Mosaic.”
Smallwood-Lewis and her business partner Gregory Reaves founded Mosaic Development Partners in 2008. Since then, the company has created over 200 construction jobs and developed over $120 million in real estate projects.
“We’re going into neighborhoods that most people are afraid of,” Reaves said. “But we know that the elements of the community are good, the people are good and they need investment.”
With limited capital, Mosaic relied on the Reinvestment Fund and PIDC to provide the initial dollars for their projects. They purposefully coordinate food deserts, replacing vacant lots and buildings with amenities like grocery stores and affordable housing units. They hope investors will follow their example and help build services where they are needed most.
Luckily, their last investor was just around the corner.
Josh Harris, managing partner of the Philadelphia 76ers and co-founder of Harris Blitzer Sports & Entertainment, has invested $10 million in Mosaic’s initiatives. Funding will be used to increase participation in minority and women-owned businesses, create mentoring opportunities, and increase capital in communities of color.
In addition, the partnership promises an investment in the $2.6 billion development at the Philadelphia Navy Yard, which is expected to be completed in 2036.
Harris’ contribution was inspired by the work he witnessed on the redevelopment of Sharswood Ridge at the intersection of Jefferson and Ridge streets in North Philadelphia. The project was conceived by the Philadelphia Housing Authority, whose new headquarters are across the street. They tapped into Mosaic to act as the developer of the project.
“This mall is something the community has been asking for and needs for years,” said Smallwood-Lewis. “It is anchored by a supermarket. We also have Santander Bank, we have Urgent Care, we have restaurants and then we have the 98 residential units.”
Some of these units are valued taking into account the median income of the community. This should invite the people already living in the neighborhood and not push them out.
The complex will also include a senior care facility. Estimated completion time is around September or October 2022.
For Smallwood-Lewis, this is another big step toward the larger goal of realizing the potential of the city where she was born and raised.
“You know, my heart is here,” she said. “And we think if we have like-minded people like us and the support of local government and key stakeholders, there’s a lot of good work that can be done in Philadelphia.”
To learn more about Mosaic development partners, visit their website.
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