Many businesses and nonprofits have been forced to shift and develop new strategies amid COVID-19, and Cargominium was no exception. We rose to the challenge with new partners and found a better way to bring an affordable housing solution to the community.
COLUMBUS, Ohio (PRWEB) July 17, 2020
Opportunity Zone Development Group (OZDG) (ozdevgroup.com) joined forces with non-profit NISRE, Inc. (NISRE) (nisreinc.org) in 2019 to recapitalize and redevelop the Cargominium project located on Old Leonard Avenue in Columbus, Ohio. OZDG is pleased to announce it raised $3,000,000 capital gains equity in 2019 for the Cargominiums Opportunity Fund to complete the affordable housing project in 2020.
NISRE’s pioneering CEO, Dr. Michele Reynolds, engaged with Columbus developer OZDG with the idea of utilizing the newly created Opportunity Zones to restore the vision for this seminal project. “We knew we needed fresh new minds and hearts at the table to bring this project to fruition and we couldn’t have done it without OZDG,” says Dr. Reynolds, when speaking of the joint-venture created to complete the development. “Many businesses and nonprofits have been forced to shift and develop new strategies amid COVID-19, and Cargominium was no exception. We rose to the challenge with new partners and found a better way to bring an affordable housing solution to the community.”
“We are proud to partner with NISRE and thank Dr. Reynolds for her vision and commitment to this impact investment. We are also pleased to partner with a group of savvy, and civic-minded investors from across the country on this important $5.8 million investment in a Columbus Opportunity Zone,” says OZDG CEO and Co-Founder Graham Allison.
OZDG hired KO Builders, Studio 112 Architecture, New Avenue Architects & Engineers, Moody Engineering and Loewendick Demolition Contractors to deconstruct and redevelop the important Residential Center.
“The previously constructed building was unsafe and could not be salvaged,” said OZDG CFO and Co-founder Brian White. “Demolition is complete, and reconstruction is underway to provide housing for restored citizens that would otherwise be homeless.”
Public-private partnerships remain a key component in the Cargominium development. Mr. Allison stated, “We are grateful for our lending partners, Finance Fund, IFF and the Affordable Housing Trust for their unwavering support. The $2.8 million in lending was essential for our success and no public dollars were used for this project.”
OZDG and NISRE are in discussions for future opportunity zone real estate developments and OZDG is in the process of launching additional Opportunity Funds of up to $10 million to combat the 50,000+ affordable housing unit shortage in Central Ohio.