WASHINGTON DC, November 2, 2022 —
Cubed Partners and SHIFT Capital announce the planned development of a $50-million, mixed-use project with 100% affordable residences and community-serving activation space at 1232 4th Street NE in Washington, D.C., near Union Market. The neighborhood investment creates access to more affordable housing for DC residents and adds more affordability across the District, including Ward 6.
Set to be completed in 2026, the proposed 84,508-square-foot, ten-story property, includes 98 dwelling units comprised of 31 studios, 56 one-bedroom, and 11 two-bedroom residences all affordable to income levels at or below 60% of area median income (AMI) with 20% of the units at or below 30% AMI. The Project will be designed to achieve Enterprise Green Communities Plus certification, which is the sustainability model for affordable housing development analogous to the USGBC LEED Gold. The Project will incorporate an extensive green roof as well as solar panels above the roof level.
The development at 1232 4th Street NE is a flagship project for Cubed Partners, a DC-bred, minority-led real estate investment company.
“At Cubed, we think differently about how we deliver and invest in communities,“ says Manny (Emmanuel) Egoegonwa, Cubed’s Co-founder. “Our developments, like the one at 1232 4th Street, provide lower income families access to quality living with needed services and staples near their doors, and open up opportunities for financial and familial stability.”
“1232 4th Street, to date, is our biggest change making project in DC. To do it right, we needed a partner who shares our community-serving and intentional mindset for neighborhood development,” adds Ikeogu Imo, Cubed’s Co-founder. “We found this with SHIFT, who has a proven track record in collaborative neighborhood investments, and who recently launched its NextGen Impact Platform to support impact-focused developers, liked Cubed, looking to make generational investments in their communities.”
1232 4th Street is SHIFT’s second Washington, D.C. project being co-developed through its innovative NextGen Impact Platform. Last year, SHIFT and its partner, The Menkiti Group, a D.C.-based Black-owned integrated real estate services company, broke ground on MLK Gateway II, a $62 million, five-story office and retail building in Historic Anacostia.
The NextGen Impact Platform provides investment and training to support emerging impact real estate developers, like Cubed, who face high barriers to entry to grow and capture development opportunities. SHIFT partners with real estate developers who share its mission to use real estate to invest in underserved neighborhoods and to catalyze inclusive, equitable communities. The Platform aspires to connect developers with pre-development equity financing for projects, deal-level equity, bridge funding for operations, execution support and programming, and proprietary impact metrics.
“When selecting a NextGen Impact Platform partner, SHIFT considers the collective vision for a project, the impact on the developer, as well as, the impact on the community. After reviewing Cubed Partners’ business plan and track record, we were confident in their ability to execute the project and are proud to be partnering with them,“ says Nancy Gephart, SHIFT’s Partner, Capital Markets. “We strongly feel the skill sets their team brings to impact development, coupled with their meaningful investments, makes them a viable long-term partner who will create positive change in their community.”
Under its NextGen Impact Platform, SHIFT is providing Cubed with design and construction oversight, expertise in debt and equity financing, administrative resources, and impact tools to help deliver the project.
“As an emerging real estate development firm, our partnership with SHIFT has provided the capital needed for the growth of our operations and the access to opportunities,“ says Cubed’s Manny Egoegonwa. “The NextGen Impact Platform allows us to take the next steps in developing properties in the community with a focus on impact and neighborhood work.”
“SHIFT empowers minority developers by providing them with the same tools for success that they use,” adds Cubed’s Ikeogu Imo. “As we build upon our expertise and live our dream of investing in real estate and our communities, we are grateful to be aligned with SHIFT.”
“We’re excited to work with Cubed Partners on this impactful project,” says SHIFT’s Nancy Gephart. “This project exemplifies what we are trying to do with the NextGen Impact Platform for developers and for communities.”
Planning for the project is under way with an anticipated construction start in 2024. For more information, please contact: Manny Egoegonwa at Cubed Partners.
About Cubed Partners
Cubed Partners is an emerging minority boutique real estate investment Company based in the District of Columbia, with an entrepreneurial focus on residential, commercial, and mixed-use properties. Cubed Partners offers its partners a unique platform that combines comprehensive in-house real estate development, finance, and management expertise.
About SHIFT Capital
SHIFT is a nationally-recognized neighborhood investment group who executes real estate projects and financing strategies that create equitable and mixed-income communities for the long-term. We believe community-centered investments create shared and sustainable economic opportunity and growth, and impact that unites people, businesses, neighborhoods, and cities. To date, SHIFT has invested over $330 million in the neighborhoods we serve to create ecosystems that strengthen entrepreneurship, creativity, and value for tenants, and health and safety for communities. We own and manage a mix of 2 million square feet of new and refactored industrial, commercial, and residential spaces for small businesses, entrepreneurs, and residents.
SHIFT NextGen Impact Platform
The SHIFT NextGen Impact Platform provides value-aligned developers access to capital, resources, and SHIFT’s impact tools to help rising developers grow and scale their business, ensure their projects succeed, and bring positive investments to their neighborhoods. The NextGen Platform is activated by the SHIFT Catalyst Funds and executed by SHIFT’s proven impact measurement tools and NextGen programming tools. Some community-focused NextGen Impact Platform projects include: Sharswood Ridge with Mosaic Development Partners, a nearly $200 million portfolio in downtown Newark, NJ with Hanini Group, and Haverford Square with Voyage Investments, all minority-owned development firms. Learn more about SHIFT’s NextGen Impact Platform.