JPMorgan Chase provides $1 million grant to help North Miami residents own and operate commercial real estate through Catalyst Miami’s community property cooperative
Project will build wealth for families via small-dollar investments and give community residents more control over development
MIAMI – JPMorgan Chase granted Catalyst Miami $1 million to fund the North Miami Community Investment Cooperative (NM-CIC), a commercial property cooperative that will be owned and operated by North Miami community members. The NM-CIC opens up investment opportunities in real estate to working-class residents, especially as mobility- and transit-oriented development increases in the area.
NM-CIC will provide education and capacity-building opportunities to help local, small-dollar investors govern and manage the property. The initiative also supports the hyperlocal economy by recruiting local businesses to lease spaces and receive technical assistance through Catalyst Miami’s small business services. And because this is a replicable model, the transformative scope of the project could eventually extend to all of Miami-Dade County.
“One of the most important and effective keys to building wealth and reducing the racial wealth gap is in small business and property ownership,” said Maria Escorcia, Vice President of Global Philanthropy at JPMorgan Chase. “Initiatives like NM-CIC are intended to help not only small business owners, but the community at large. JPMorgan Chase is proud to support Catalyst Miami in this initiative to create a more prosperous and inclusive North Miami.”
The NM-CIC initiative is part of Catalyst Miami’s efforts to spearhead wealth-building projects that promote economic inclusiveness for communities that were disproportionately impacted by the pandemic and were already at a disadvantage with regard to the racial wealth gap.
“The investment cooperative is an exciting part of our overall strategies to create shared economic prosperity, build intergenerational wealth, and advance racial equity on a scalable, community level,” said Catalyst Miami Vice President of Community Economic Development, Ahmed Mori. And the project is not only about asset ownership. "Expanding community control—putting people at the center of decision-making—is often missing from more standard efforts to address poverty and the racial wealth divide,” Mori said.
“Recovering from this pandemic is going to be difficult for communities that already bore the brunt of economic and racial injustice,” said Catalyst Miami CEO Gretchen Beesing. “It’s a crucial time for intentional intervention and community investments, and for rethinking the systems that have long denied equitable access to economic mobility opportunities.”
In the first phase, which begins this year, Catalyst Miami will facilitate the purchase and initial management of the commercial real estate, including making infrastructural repairs and managing commercial tenant relations. Then, Catalyst Miami will oversee the process of selling the property back to members of the surrounding community.
The City of North Miami is among the most demographically diverse municipalities in Miami-Dade County, and is home to a vibrant small business community. By giving residents an opportunity to “buy back the block” and centering economic development on local neighborhoods, the NM-CIC provides a demonstration of community-level economics that supports equitable wealth-building, collective ownership, and stabilization instead of displacement.
To schedule interviews with Ahmed Mori or Gretchen Beesing, please contact Carolina Fernandez-Mazzoni at [email protected] or 786-414-1290. To schedule interviews with Maria Escorcia, please contact Allison Reed at [email protected] or 240-506-7897.
About Catalyst Miami
Founded in 1996 by now-Mayor Daniella Levine Cava, Catalyst Miami is an economic justice nonprofit organization whose mission is to identify and collectively solve issues adversely affecting low-wealth communities in Miami-Dade County. Learn more about the organization at www.catalystmiami.org
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE:JPM) is a leading global financial services firm with assets of $3.2 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com