Economically Inclusive Revitalization in North Memphis
The Works, Inc. will stimulate market activity in two-thirds of Klondike, while controlling land in one-third, which, combined with zero displacement bottom line, will prove that revitalization can be inclusive.
The core idea of the innovation applied to Klondike is to ensure that Klondike remains a Black neighborhood, while homes in Klondike rise in value. Our commitment to the residents of Klondike to inclusively revitalize the neighborhood aims to prove once and for all that it is possible to turn a very poor, virtually all Black North Memphis neighborhood into a vibrant, mixed-income Black neighborhood. To this end, Klondike’s revitalization pivots on three non-negotiables that will inform and shape all our decisions: Zero Displacement, Permanent Affordability, and Home Owner Wealth Through Rising Home Values. Klondike will be developed into a mixed income neighborhood of 1,500 households, 900 of which will be owning and renting at market rates. This will double Klondike’s home ownership rate while more than halving poverty levels, two building blocks for stability and eventually for economic vitality, making tax increment financing and home equity possible.
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LinkedIn: Roshun Austin