CityWorks: Helping Build Better Communities
CityWorks, created in 2005, helps non-profit organizations in the development of commercial and other non-residential real estate projects in economically distressed neighborhoods throughout New Jersey.
Staffed by a team of people skilled in commercial development, CityWorks actively seeks out project opportunities and helps bring them to fruition, partnering closely with non-profit organizations, public and private financing agencies, the real estate community and businesses with an interest in inner cities of New Jersey.
CityWorks fills a critical void in the community economic development field, bringing jobs, needed commercial goods and services, and new economic vitality to neglected and deteriorating neighborhoods.
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In urban areas in New Jersey, and throughout the country, community-development
and other non-profit organizations have become effective engines of change in
underserved neighborhoods, and have achieved impressive success in building
affordable housing and providing vital social services.
But vibrant, functioning neighborhoods require more than just housing development and preservation. They need places where residents can shop and do business, as well as opportunities for employment and entrepreneurship.
Over the last decade, banks, retailers, and other businesses have begun to turn more serious attention to the potential of inner-city markets. Responding to these market opportunities, community development corporations which provide programs, services and activities that positively support a community, have also begun to investigate economic and commercial development opportunities.
These development opportunities focus on retail, light industrial, community service and non-residential real estate projects.
While there are many opportunities, community development corporations in New Jersey, to date, have not developed commercial projects on any scale, nor does the pipeline of projects reflect the number and scale of viable opportunities.
The Economic Development Authority recently reported that of $35 million allocated for low-interest loans to nonprofit-sponsored economic development projects, only $8-$9 million had been committed in over seven years.
While there are many sound reasons why there is limited activity, the process of developing a commercial property in economically-distressed communities requires a great deal of sophistication and technical skill focused on commercial projects which many community development corporations, even those with experience in residential development, lack.
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