Tag Archives: DC real estate

The Menkiti Group Expands Investment in Worcester, MA with Acquisition of Historic Main Street Property 

Reported on July 12, 2023 By The Menkiti Group

The Menkiti Group | 3401 8th Street NE | Washington | DC 20017

WORCESTER, MA | July 12, 2023 The Menkiti Group is excited to announce it has closed on the acquisition of 526 Main Street in Worcester, MA.  Located in the heart of downtown Worcester just steps from City Hall and the Hanover Theatre, the firm is undertaking a complete rehabilitation of the historic structure originally constructed in 1894 for local businessman and entrepreneur Ransom F. Taylor. This strategic move further enhances The Menkiti Group’s portfolio and expands its presence in Worcester’s historic and vibrant Theatre District. 

At completion, the project will feature a co-working space which will occupy the entire 2nd floor and will also include a creative maker space intended for local artisans. Additionally, several retail spaces along Main Street are currently being advertised for lease, including an exceptional corner space ideally suited for a sit-down restaurant.

“We are proud to announce the acquisition of 526 Main Street, which further enhances our mission of transforming lives, careers, and communities through real estate,” said Bo Menkiti, Founder and CEO of The Menkiti Group. “This acquisition signifies our continued commitment to bringing investment and commercial density back to Worcester’s historic Theatre District.” 

MassDevelopment bought 526 Main Street, previously home to a pawn shop and check-cashing business, in 2017 through its Transformative Development Initiative (TDI) Equity Investment Program. After soliciting input from the City of Worcester and other stakeholders, MassDevelopment put out a Request for Proposal (“RFP”) seeking developers of the property later that year, with the agency selecting The Menkiti Group to be the preferred developer for this project. In June 2023, MassDevelopment provided three loans totaling $6,913,843 to 526 Main Street Partners LLC and 526 Main Street LL LLC, affiliates of The Menkiti Group, as well as a $250,000 grant from the Commonwealth’s Collaborative Workspace Program and conveyed the property to the company.

“MassDevelopment is proud to have completed its commitment to the City of Worcester and to our first Transformative Development Initiative district,” said MassDevelopment President and CEO Dan Rivera. “With our leading role, this critical revitalization project was made possible – from securing the priority building in 2017 and selecting The Menkiti Group as the preferred developer, to managing the property while the financing stack came together, to now delivering more than $7 million in loan and grant funding to support renovation and restoration. State, local, and private partners have made significant investments to help transform downtown Worcester into a more vibrant and attractive neighborhood, and we were glad to deploy our financing and real estate expertise to unlock the potential of 526 Main Street and ensure it is an important part of this progress.” 

The project team at The Menkiti Group successfully attained an allocation of New Markets Tax Credits from RBC Community Development with additional financing support from US Bank and the Massachusetts Development Finance Agency (MassDev). In addition, the project was awarded a grant through the Collaborative Workspace Program, which is also administered by MassDev. With the assistance of historic consultant, Epsilon Associates, The Menkiti Group qualified the project to receive both Federal and State Historic Tax Credits. Following the complete rehabilitation of the structure, the building will be listed on the National Register of Historic Places.

“We’re grateful to our financing partners at MassDev, RBC and US Bank who are allowing this project to be brought to fruition,” said Brian Burke, Executive Vice President of Development and Finance, The Menkiti Group. “The project required a multi-layered financing structure and this team worked collaboratively from day one to make this transaction possible.” 

The project’s design team is led by Providence-based ZDS Architecture & Interiors in collaboration with Building Engineering Resources (MEP/FP), Graves Engineering (Civil), and Roome and Guarracino (Structural).  The Menkiti Group has partnered again with local General Contractor, R.P. Masiello, the builder responsible for the award-winning renovation of the former Worcester YWCA located directly across the street at 6 Chatham Street (Chatham Lofts). 

“526 Main Street is a jewel box of a structure located at an extremely high visibility intersection in Downtown Worcester,” said Mark Rengel, Vice President of Development, The Menkiti Group. “It has played an important role in the retail landscape for more than a century, and we are excited for the building to recognize its full potential.  With the addition several high-quality retailers, the Ransom F. Taylor block will once again become an integral part of the fabric of Main Street.”  

About The Menkiti Group

Founded in 2004, The Menkiti Group is a 100% minority-owned Certified Business Enterprise headquartered in Washington, DC, with additional offices in Worcester, Massachusetts. The Menkiti Group is an integrated real estate services company focused on a double bottom line, measuring success in terms of positive social impact and financial returns. The company was founded with the mission to transform lives, careers, and communities through real estate, and they are committed to driving neighborhood impact and engaging in communities with a long-term lens. Their focuses include urban investment, residential and commercial development, residential sales, and commercial brokerage.

The company’s approach to urban neighborhood transformation and investment is centered upon partnerships with capital investors, local developers, community stakeholders, and small business owners to create thriving urban spaces that drive sustainable neighborhood impact and produce economic growth. The enterprise is dedicated to making smart investments in neighborhoods that are often on the “other side of perception,” to directly impact community vitality. Projects range from residential renovations and the development and tenanting of main street commercial properties to large-scale, mixed-use, transit-oriented development projects.

Over the past 19 years, The Menkiti Group has invested over $360MM in emerging urban neighborhoods, worked on the development of over 3.8MM SF of real estate, and has assisted over 2,000 families in purchasing their first homes. The Menkiti Group currently has over 4.9M SF in its development pipeline including catalytic projects in Washington, DC such as MLK Gateway, Bond Bread with Howard University, The Yards Parcels G1 and G2 in partnership with Brookfield, and St. Elizabeths Parcels 7, 8, and 9. For more information about The Menkiti Group, please visit menkitigroup.com or call (202) 733-5455. For leasing inquiries please contact Mike McElaney, VP of Commercial Real Estate, at (508) 713-9684.

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Media Contact 

Victoria Zelefsky | vzelefsky@menkitigroup.com  

The Menkiti Group Corporate Marketing Team Wins a 2022 Public Relations and Marketing Excellence Award 

Reported on November 1, 2022 By The Menkiti Group

The Menkiti Group | 3401 8th Street NE | Washington | DC 20017

(Washington D.C.) November 1, 2022 — Today, the Business Intelligence Group announced that The Menkiti Group’s Corporate Marketing Team has won the 2022 Public Relations and Marketing Excellence Awards. The Menkiti Group is a DC-based Black-owned integrated real estate services company with a mission to transform lives, careers, and communities through real estate. The enterprise, which includes a residential brokerage arm, Keller Williams Capital Properties, with nearly 1,000 agents in the DMV, is committed to driving impact by delivering the Power of Home to the clients and communities they serve and by transforming urban neighborhoods through their award-winning capital, development, and asset management platforms.

Public Relations & Marketing Excellence Award 2022 | Presented by Business Intelligence Group

“This award is a testament to the passion and dedication of our entire marketing team here at The Menkiti Group. With our mission of transforming lives, careers, and communities through real estate at the very heart of every campaign and marketing strategy, we are honored to receive this national award that celebrates and validates our collective efforts.” said Victoria Zelefsky, Director of Brand and Communications at The Menkiti Group. “I am proud to lead a team of creatives who share a similar commitment to driving impact and making a difference through marketing strategies by uplifting powerful stories from inside and outside our organization.”

In addition to this award, the corporate marketing team at The Menkiti Group was a 2022 Inman Innovator finalist for their marketing campaign honoring “Women’s History Month” and their Director of Brand and Communications, Victoria Zelefsky, was named as one of the “Top 50 Women Leaders of Maryland for 2022” by The Women We Admire.

“In 2022, The Menkiti Group’s Corporate Marketing Team showed all of us how creativity and business acumen can serve their clients’ needs,” said Maria Jimenez, Chief Nominations Officer of the Business Intelligence Group. “In this post-pandemic age, teams need to remain agile and open to all paths to effectively communicate.”

The Public Relations and Marketing Excellence Awards were launched in 2014 to reward marketing teams and departments whose work delivered exceptional performance and innovative approaches each year. These awards are designed to reward and recognize those individuals and organizations who largely go unrecognized for helping to build great brands and products of world-class organizations. For more information, visit https://www.bintelligence.com/pr-excellence/.

About The Menkiti Group

Founded in 2004, The Menkiti Group is a 100% minority-owned Certified Business Enterprise headquartered in Washington, DC, with additional offices in Worcester, Massachusetts. The Menkiti Group is an integrated real estate services company focused on a double bottom line, measuring success in terms of positive social impact and financial returns. The company was founded with the mission to transform lives, careers, and communities through real estate, and they are committed to driving neighborhood impact and engaging in communities with a long-term lens. Their focuses include urban investment, residential and commercial development, residential sales, and a commercial brokerage.

Over the past 18 years, The Menkiti Group has invested over $350MM in emerging urban neighborhoods, worked on the development of over 3MM SF of real estate, and has assisted over 2,000 families in purchasing their first homes. For more information, please visit menkitigroup.com or call (202) 733-5455.

About Business Intelligence Group

The Business Intelligence Group was founded with the mission of recognizing true talent and superior performance in the business world. Unlike other industry and business award programs, business executives—those with experience and knowledge—judge the programs. The organization’s proprietary and unique scoring system selectively measures performance across multiple business domains and then rewards those companies whose achievements stand above those of their peers.

Contacts

Victoria Zelefsky
The Menkiti Group
press@menkitigroup.com

Maria Jimenez
Business Intelligence Group
jmaria@bintelligence.com

SOURCE The Menkiti Group

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Bond Bread Project Received Approval by Historic Preservation Review Board 

Reported onOctober 14, 2022 By The Menkiti Group

The Menkiti Group | 3401 8th Street NE | Washington | DC 20017

WASHINGTON, Oct. 14, 2022 /PRNewswire/ — The redevelopment of the 2.2-acre Bond Bread Factory / WRECO Garage site at Howard University received unanimous approval by the Historic Preservation Review Board (HPRB) on Thursday, September 29, 2022. Redevelopment of Bond Bread/WRECO will be led by a master development team consisting of DC-based developers The Menkiti Group, Fivesquares Development, and EDENS. The project advances the guiding principles of the Duke District Plan, with an intention to emphasize the centrality of a “university district” to the future of the neighborhood and position that district as a dynamic, mixed-use area. With this approval, the project can move forward with design and permitting.

Bond Bread Project Rendering, Corner of U Street and V Street | Studios Architecture
Bond Bread Project Rendering, Corner of U Street and V Street | Studios Architecture

“Urban transformation is about so much more than bricks and mortar; it is also about the intangible and how well a project preserves and transforms the identity of the community. For me, this project is deeply personal as a local Black developer and real estate professional who has spent the last two decades building an organization in the District that is focused on transforming lives, careers, and communities through real estate,” said Bo Menkiti, Founder & CEO of The Menkiti Group.

“I have witnessed firsthand the power and impact of being able to incorporate both the cultural history and the restoration of historic buildings into transformative new developments. I am truly honored to have our firm leading this special project in partnership with Howard University and alongside our fellow developers at Fivesquares and EDENS. Together we share a collective vision and goal of preserving the history of the Bond Bread and WRECO buildings as well as reconnecting the community to its cultural history.”

The vision for the project is to enhance the cultural heritage and character of DC, the historic Shaw, Pleasant Plains and LeDroit park neighborhoods, and Howard University. The 9-story redevelopment, designed by Studios Architecture, includes 469 residential units, a 180-room lifestyle hotel, 50,100 SF of retail space, and a 19,800 SF open public courtyard with the historical truss reveal of the former WRECO bus garage. Façade retention of the two historic buildings will seek to respect the scale of the neighborhood while creating a harmonizing blend between preservation of existing design and contemporary design. By creating a vital neighborhood center, the development team aims to highlight the inextricable link to Howard University and will ensure the project reflects the culture and character of the University, the neighborhood and its history, and the surrounding community.

“This project will be the 18-hour, destination anchor for what is emerging as one of the most exciting districts in Washington DC where Howard University and the city come together in a new vibrant central square,” said Andy Altman, Principal & Co-Founder of FIVESQUARES. “As the former planning director for the city, it is especially rewarding to partner with the talented team of The Menkiti Group and EDENS to bring a community vision generated over a decade ago to life.”

In late 2017 Howard University released a highly competitive developer selection process which received more than 20 responses to its Request for Qualifications. After careful review and deliberation, Howard selected a development team comprised of diverse, locally based, locally operated experts in the areas of neighborhood building, retail development, and multi-family housing.

“Receiving this approval represents a critical next step in enhancing Howard University’s strategic efforts to energize and revitalize the community surrounding our campus,” said Howard University President Wayne A. I. Frederick. “The Bond Bread Partnership has enabled us to move forward with this development that will enhance the Shaw and Pleasant Plains neighborhood and create value for D.C. residents and businesses, while respecting the historic structures on this site.”

The Bond Bread Partnership comprised of The Menkiti Group, Fivesquares, and EDENS has defined their vision for this project as one that focuses on maximizing the benefits to the university as well as the neighboring communities. Together they are committed to reinforcing and expressing Howard’s historical legacy as a world-class and globally significant institution by defining the urban gateway of Georgia Avenue as a dynamic entrance to the university as it meets the city and dynamic surrounding neighborhoods.

“In repurposing this historic project, we acknowledge that these two landmarks have witnessed significant cultural shifts while embracing the nuances of their own stories – a time where one building fed the city and the other serviced the buses at Howard University’s front door,” said Steve Boyle, Chief Development Officer at EDENS. “Without diminishing the heritage of this site, we reflected on how the revitalization could lead the dialogue of the past, present, and future while continuing the interwoven story of service and legacy on the Georgia Ave corridor. The design of this emblematic project required active listening and discovery to craft a cohesive tapestry that amplifies the stories and voices of today while allowing for future stories to be told.”

The current design concept seeks to open up the site through various connections from W to V Street as well as a passageway through Georgia Avenue. The project design encourages and invites the local community to experience the robust programming and gather in a courtyard steeped in historical expressions of art, poetry, and literature of the neighborhood.

“We believe deeply in the power of preserving the cultural history and legacy of a place, and that is evident in the plan we are committed to executing.” said Bo Menkiti. “When this site is effectively preserved and carried forward into the future, we know it has the potential to be one of the great iconic sites in the city that will be a feature of the neighborhood and Howard University’s historical identity, as well as a beacon to their future impact.”

About The Menkiti Group

Founded in 2004, The Menkiti Group is a 100% minority-owned Certified Business Enterprise headquartered in Washington, DC, with additional offices in Worcester, Massachusetts. The Menkiti Group is an integrated real estate services company focused on a double bottom line, measuring success in terms of positive social impact and financial returns. The company was founded with the mission to transform lives, careers, and communities through real estate, and they are committed to driving neighborhood impact and engaging in communities with a long-term lens. Their focuses include urban investment, residential and commercial development, residential sales, and a commercial brokerage.

The company’s approach to urban neighborhood transformation and investment is centered upon partnerships with capital investors, local developers, community stakeholders, and small business owners to create thriving urban spaces that drive sustainable neighborhood impact and produce economic growth. The enterprise is dedicated to making smart investments in neighborhoods that are often on the “other side of perception,” to directly impact community vitality. Projects range from residential renovations and the development and tenanting of main street commercial properties to large-scale, mixed-use, transit-oriented development projects. 

Over the past 18 years, The Menkiti Group has invested over $350MM in emerging urban neighborhoods, worked on the development of over 3MM SF of real estate, and has assisted over 2,000 families in purchasing their first homes. For more information, please visit menkitigroup.com or call (202) 733-5455.

SOURCE The Menkiti Group

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Keller Williams Capital Properties (KWCP) and The Menkiti Group Welcomes Simon Frewer as the New President of Home Services 

Reported on August 17, 2022 By The Menkiti Group

The Menkiti Group | 3401 8th Street NE | Washington | DC 20017

WASHINGTON, Aug. 17, 2022 /PRNewswire/ — One of the nation’s fastest growing and most innovative real estate companies is proud to announce Simon Frewer, as the President of Home Services. Mr. Frewer joins the executive team at KWCP and The Menkiti Group to lead KWCP’s growth strategy and to integrate their world-class real estate brokerage with an expanding ecosystem of real estate service partners, all supported by integrated technology. In this new role, Mr. Frewer, who brings with him a long and impressive track record of leading tech-enabled service businesses, will lead the teams focused on empowering agents to deliver the Power of Home™. KWCP’s Power of Home value proposition is a highly differentiated, customer-centric approach that unlocks value for consumers throughout the homeownership-lifecycle.

“I am thrilled to have Simon leading the charge in our next evolution of growth as we focus on building and delivering the broader real estate platform of the future,” said Bo Menkiti, Founder and CEO of The Menkiti Group and KWCP. “His background makes him the ideal person to help us grow and fulfill our mission of transforming lives, careers, and communities through real estate by empowering agent entrepreneurs to deliver the Power of Home to the clients and communities they serve.”

The addition of Mr. Frewer provides an opportunity for the enterprise to further establish itself as a leader in the real estate services space and to partner with innovative and cutting-edge companies already focusing on delivering elements of the Power of Home platform to consumers.

“I’ve been so impressed by this company’s journey to date, and I couldn’t be more excited to lead the Home Services division as we empower our agents to deliver the Power of Home to their customers, and to continue to build the agent and brokerage experience of the future as our industry continues to evolve,” said Simon Frewer, President of Home Services. “Over the course of my career, I have been privileged to lead high growth companies that have disrupted the industries they play in, and I am extremely grateful and excited for the opportunity to join this great organization to do that once again.”

Mr. Frewer is an experienced senior executive with an impressive record of building businesses and leading great teams through times of transition. He has held the CEO, COO, and President roles at several globally renowned companies, where he led through times of incredible growth and change. As the CEO of Challenger, he helped transform modern B2B selling as we know it, helping some of the world’s best companies grow via sales force optimization, business process design, leadership development, and evolving the customer experience. Most recently, Mr. Frewer was the President of DLP Capital, an innovative real-estate investment fund and real estate development company. At DLP, he led new divisions that supported real estate developers and investors via software, membership, training, and event-based products. 

“This is an exciting and transformative time for all of us at KWCP and The Menkiti Group as we focus on the future of the real estate industry and we are proud to have Simon leading our efforts to deliver the Power of Home,” said Kymber Menkiti, President of KWCP. “He has quickly become an integral part of our team and I look forward to seeing our continued growth and innovation with Simon at the helm.”

By expanding their Home Services division, the enterprise is formalizing their commitment to delivering the Power of Home to consumers while keeping agents at the center of the transaction. As they concentrate on national expansion and innovation, they are aggressively recruiting and developing talent. Mr. Frewer joins a team of established leaders which includes Bryan Felder, Vice President of Core Services and Marriah Unruh, GM & Area Director of KWCP.

About The Menkiti Group:

Founded in 2004, The Menkiti Group is a 100% minority-owned Certified Business Enterprise headquartered in Washington, DC, with additional offices in Worcester, Massachusetts. The Menkiti Group is an integrated real estate services company focused on a double bottom line, measuring success in terms of positive social impact and financial returns. The company was founded with the mission to transform lives, careers, and communities through real estate, and is committed to driving impact by empowering agent entrepreneurs to deliver the Power of Home™ to the clients and communities they serve, and by transforming urban neighborhoods through its award-winning capital, development, and asset management platforms.

The company’s approach to delivering the Power of Home is centered on building an integrated home services platform that provides agent entrepreneurs with the products, tools, technology, training, and support they need to build successful local businesses that drive impact for the clients they serve. The company’s tech enabled verticals include brokerage, title, mortgage, insurance, a consumer home management portal, and concierge home renovation services. 

Over the past 18 years, The Menkiti Group has invested over $350MM in emerging urban neighborhoods, worked on the development of over 3MM SF of real estate, and has assisted over 2,000 families in purchasing their first homes. For more information, please visit menkitigroup.com or call (202) 733-5455.

About Keller Williams Capital Properties

Keller Williams Capital Properties (KWCP), The Menkiti Group’s residential brokerage arm, continues its trajectory of growth, breaking multiple records in 2021. To date, KWCP stands out as one of the fastest-growing Keller Williams Realty International brokerages ranking in the Top 20 of all KW franchises. This year, KWCP set new internal benchmarks for future growth, exceeding $3.15B in total sales volume, serving nearly 7K families, generating over $80MM in revenue, and sharing nearly $1MM in profit back to its agents who contributed to the company’s growth.

KWCP has been honored seven times by the Initiative for a Competitive Inner City as one of America’s fastest-growing companies, placing the company in the ICIC Hall of Fame. In Spring of 2022, KWCP was ranked #6 in the Washington Business Journal’s List of the Largest Companies Owned by People of Color in Greater D.C. KWCP remains relentless in its pursuit to transform lives, careers, and communities through real estate. Through a constantly expanding diverse and talented team, KWCP successfully delivers on their commitment to provide outstanding client service while making a purposeful impact on our neighborhoods and deliberate difference within the communities we serve. As KWCP continues its growth, so does its Agent Entrepreneurs; with 100+ individual agents, teams & groups increasing their business over 20% year-over-year!

SOURCE The Menkiti Group

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Rehab 101: (Before & After)

MG Residential free seminar on renovating for investment
MG Residential free seminar on renovating for investment

Are you ready to invest in real estate to build wealth? Curious about the renovation for resale process and what you should know before you start?

The neighborhood experts at MG Residential and the Single-Family Home Development Team at The Menkiti Group have the insight and information on renovating for resale. Join Natasha Mosley, Director of Single-Family Home Development on Sat, May 4 at 10:30 am for a FREE seminar and tour of the before & after of a recently completed project in North Michigan Park.

Register Here

NoMa Parks Foundation opens rain installation in M Street NE Underpass

Thousands of light-up rods now hang from the Metro underpass on M Street, Northeast.

The first of four planned Art Parks titled “Rain” serves to beautify and brighten the underpass for pedestrians 24 hours a day.  The lights pulse in response to traffic and provide pedestrians a safer, more enjoyable experience. Look for the next NoMa Art Park titled “Lightweave”, beginning construction on L Street NE underpass this November!

PHOTO CREDIT: NOMA PARKS FOUNDATION VIA WASHINGTONIAN.COM/2018/10/26/PHOTOS-DCS-FIRST-UNDERPASS-ART-PARK-OPENS-IN-NOMA/

NoMa Parks Foundation Opens Rain Installation in M Street NE Underpass

Bo Menkiti Recognized as a RisMedia Real Estate Newsmaker

RISMedia has announced it has chosen Bo Menkiti as a member of the Class of 2019 Real Estate Newsmakers, which will be revealed in the December 2018 issue of RISMedia’s Real Estate magazine, and featured online at RISMedia.com.

RISMedia’s Real Estate Newsmakers is an exclusive group of industry luminaries who have contributed in newsworthy ways to real estate.  The 2019 Class was chosen by RISMedia editors for headline-making initiatives and successes, including, but not limited to:

  • Advancing the industry
  • Impacting change
  • Technology achievements
  • Diversity and inclusion
  • Business accomplishments and growth
  • Humanitarian efforts
  • Industry activism and support
  • Thought leadership and influence
  • Excellence in customer service
  • Creativity and innovation

“RISMedia’s Real Estate Newsmaker Awards honor the industry’s real newsmakers—the people who are positively affecting our industry and the millions of consumers we serve,” says John Featherston, CEO and president of RISMedia. “Our industry promotes and provides consumers with a pathway to responsible homeownership. Over the past three-plus decades, RISMedia has covered, chronicled and celebrated the professionals making news in real estate, and we are honored to continue to formalize these honors with the 2019 annual RISMedia Real Estate Newsmaker Awards.”

For More Information, visit RisMedia.com.

5 Stunning Kitchens That Prove Going Bold Is Worth the Risk

Source: Jennifer Barger – Washingtonian.com

Below are five stunning kitchen trends that prove going bold is worth the risk.

  1. Dark and Handsome
    Brass hardware, patterned tile floors, and dark navy cabinets
  2. Blue Wave
    One part calm and Two parts creative
  3. Traffic Stopper
    An eye-catching burst of color
  4. The Great Indoors
    Earthy yet sophisticated
  5. Crayola Kitchen
    Black concrete countertops with edgy modern cabinets

Our favorite is the Blue Wave – teal, white and beachy wood combine in a peaceful space. Learn more about the Five Trends on Washingtonian.com.

Check out our Blue Wave kitchens at 700 16th Street NE in Kingman Park at MGLivingDC.com.

The Menkiti Group Named One of the Nation’s Fastest-Growing Inner City Businesses

Washington, DC, October 3, 2018- The Initiative for a Competitive Inner City (ICIC) announced that The Menkiti Group has made the 2018 Inner City 100 list of the fastest-growing inner city businesses in America, based on revenue growth. ICIC, a 25-year-old national nonprofit founded by Harvard Business School professor Michael E. Porter, promotes economic prosperity in America’s inner cities through private sector investment that leads to jobs, income and wealth creation for local residents.

The list was revealed at the 20th Annual Inner City 100 Conference and Awards in Boston October 1-2.  The full list is available on Fortune’s website. The Menkiti Group, led by CEO Bo Menkiti was ranked #93 based on its growth rate from 2013 to 2017 of 68.26% and 2017 revenue of $17,515,873.

2018 marked the 5th appearance on the prestigious list for The Menkiti Group, placing the company into the ICIC fastest-growing companies Hall of Fame. Keller Williams Capital Properties was also ranked for a record 5th appearance, this year at #92, which places the company into the Hall of Fame as well.

Said ICIC CEO Steve Grossman, “Inner City 100 companies are forces of economic opportunity, optimism and transformation in their communities. They lead the way in innovation, job creation and economic revitalization and it’s an honor to shine the spotlight on their leadership and accomplishments. In addition to excellence in business, these pioneering entrepreneurs have demonstrated a deep commitment to and passion for their communities, which significantly impact the wellbeing of their local economies”.

Now celebrating its 20th year, ICIC’s Inner City 100 list has long celebrated urban entrepreneurship. Since its inception, ICIC’s list has recognized 975 companies, which have seen average growth rates of more than 400 percent during a five-year period and have collectively created more than 126,000 meaningful jobs in America’s distressed and underserved communities and neighborhoods.  The Inner City 100 program opens doors for other budding urban entrepreneurs and stimulates inner city business development and job creation through recognition, networking and learning.

“These businesses and their owners are a testament to the impact innovation and entrepreneurship have had in rejuvenating urban areas across the U.S. Companies such as (COMPANY NAME) are experiencing revenue growth and increased investment, which are in turn creating more jobs and economic opportunity for citizens in the communities where these companies call home” said ICIC President and COO, Matt Camp.

2018 Inner City 100 by the numbers:

  • Average growth rate of 436 percent between 2013 and 2017
  • Represent 46 cities in 23 states
  • Employed 10,085 individuals in 2017
  • Created 5,516 new jobs in the last five years
  • On average, 36 percent of employees live in same neighborhood as the company.
  • Average company age is 15 years
  • Average 2016 revenue is $14.8 million
  • 31 percent are women-led
  • 38 percent are minority-led
  • Represent 26 industries

CEOs from the winning companies were invited to the Inner City 100 Conference and Awards, two days of robust networking opportunities and educational sessions led by Fortune 500 executives and academics from top-tier universities, including Harvard Business School. Past winners have reported connecting with multi-million dollar investors as a result of appearing on the Inner City 100 list and attending the Conference.

Initiative for a Competitive Inner City (ICIC)

ICIC is a national nonprofit founded by Harvard Business School professor Michael E. Porter. ICIC’s mission is to promote economic prosperity in America’s inner cities through private sector investment that leads to jobs, income and wealth creation for local residents. Through its research on inner city economies, ICIC provides businesses, governments and investors with the most comprehensive and actionable information in the field about urban market opportunities. The organization supports urban businesses through the Inner City 100, Inner City Capital Connections, Goldman Sachs 10,000 Small Businesses program, and Santander Bank’s Cultivate Small Business program. Learn more at www.icic.org or @icicorg.

Capitol Vista Breaks Ground

As reported by the Executive Office of the Mayor on Tuesday, September 25, 2018:

“Today, Mayor Bowser broke ground on Capitol Vista, a 104-unit affordable housing community in the amenity-rich Mount Vernon Triangle neighborhood in Ward 6. This groundbreaking follows recent affordable housing announcements by Mayor Bowser in the Mount Vernon Triangle neighborhood, which include the grand opening of Plaza West, a 223-unit affordable housing community for seniors, families, and “grandfamilies,” and a groundbreaking on Liberty Place, an affordable housing project which will deliver permanent supportive housing units for those experiencing homelessness and units for veterans.

“As our city continues to grow and prosper, my Administration has remained laser-focused on ensuring residents of all backgrounds and income levels have access to safe and affordable places to live across all eight wards,” said Mayor Bowser. “Capitol Vista is an example of how we are meeting the diverse housing needs of Washingtonians and creating pathways to the middle class at the same time.”

Located at 810 New Jersey Avenue, NW, Capitol Vista will be comprised of 104 studio-, one-, and two-bedroom units for households earning up to 50 percent of the median family income (MFI) or $58,600 for a family of four. Capitol Vista will be a 100 percent affordable community with 3,000 square feet of ground floor retail and space for public art.

Capitol Vista is located in a transit-oriented, growing neighborhood within walking distance of four Metro stations and bus routes. It is also close to a grocery store, multiple places of worship, a library, recreation and restaurants, as well as downtown, employment centers and jobs.

Amenities for residents include a fitness center, conference room, clubroom, roof terrace, and bicycle parking.

The Capitol Vista affordable housing community was made possible through a collaboration of DC Government agencies, including the Office of the Deputy Mayor for Planning and Economic Development, the DC Department of Housing and Community Development, the DC Housing Finance Agency, and DC Housing Authority. Voltron Community Partners comprised of Dantes Partners LLC, Spectrum Management LLC, The Menkiti Group and Bailey Real Estate Holdings, will develop the project.

Mayor Bowser has designated September 24 through October 1 as #RootstoRoofs Housing Week across DC. The Capitol Vista groundbreaking is one several events highlighting the Bowser Administration’s progress in providing all Washingtonians a fair shot by creating and preserving affordable housing. Since coming into office, the Bowser Administration has delivered 6,000 affordable units, with another 5,200 under construction.

At the event, the Mayor was joined by Deputy Mayor for Planning and Economic Development Brian Kenner and Ward 6 Councilmember Charles Allen.”

Executive Office of the Mayor Newsroom

Learn more about Capitol Vista by visiting the project page.