Registered: 1111431800 Posts: 333
Reply with quote #1
So the Jacobs family adopted Southeast San Diego almost around the same time that Sol Price adopted City Heights. Both their goals were to help tackle poverty by land banking and redistributing the wealth so to speak in various ways - stem the tide of gentrification and getting land and assets back to the people who live/rent in those communities. Sol Price (Price Center/Price Foundation) was successful in leveraging private and public dollars to do much in City Heights. You can drive through and see it very clearly. Something else that the Price foundation did that is not that visible is selling the residential properties to residents from the community - with the caveat that a. they understand that they own the house and not really the land b. they need to live in the property for a really, really long time - no flipping, no short stay (the goal being that the community has stability.) and c. that the property can be/must be sold to the next impoverished family so that they too can get a leg up. Many families took advantage of this opportunity. I don't have a specific number nor am I still up on the latest and greatest but this foundation was overall, pretty successful. The Jacobs Family Foundation in Southeast San Diego tried to do the same as the Price Foundation and one can see a few improvements - a shopping center, a community center etc... however, home ownership opportunities were not realized as desired. Attracting businesses to move in to create jobs were also not fully realized. Their intentions also were to have the community own shares of land - something like a land trust but they didn't quite work it out. The net-net is that They have 40 acres of RE unused and carry 33 million in debt. Given the desire of the foundation to get out of the debt that they are in and the current sluggish, low inventory, sellers market - what are your thoughts? Analysis? how would you go after this? Would you go after this or not? What would be some strategies? I attached the latest Voice of SD article below which includes all properties in map. http://www.voiceofsandiego.org/topics/nonprofits/jacobs-center-southeastern-sd-landholder-sheds-key-staff-in-upheaval/
Registered: 1150855007 Posts: 934
Reply with quote #2
What a co-incidence. I just watched a TV show about a hour ago on the Lincoln Park Bloods. The street corner they showed over and over was Manomet St. and (S. Willie James) Jones Ave. near Kennedy Neighborhood Park. Lots of "nobody better ever get in our way" and "we gotta take care of business". This is about a mile south of the Jacobs properties. This may be one of those hopeless tasks that requires things like ending poverty and drug addiction before it can work. I wouldn't even assume that the locals are behind development. They may like things just the way they are. There is often a lot of anger over gentrification. If it becomes working, middle class where are all the existing poor people going to go? We could send somebody out to wander around the neighborhood after dark, and if they survive, see what the locals think. Everybody loves free stuff. They ought to cut their losses and give it all away. Set up some puppet oversight board of locals and run like heck the other way.