Do you know of innovative financing approaches that have succeeded in transforming a building (or buildings) in your locality? Are there any folks in your area, region or state that are trying to address the challenge of a lack of capital for small-scale development? If so, Patrice Frey, former President & CEO of Main Street America, wants to know as she begins to lead an initiative to accelerate investment in small-scale real estate development projects on Main Streets!
“During the nine years I’ve worked at Main Street America, I’ve observed one particularly persistent and seemingly intractable obstacle to revitalization in our downtowns and district: a lack of capital to support small-scale development, whether it’s a rehab of a corner store, the creation of upper floor housing, or any number of other creative new uses.”
– Patrice Frey, Senior Advisor to Main Street America
Her special project, known as Main Street America’s Small Deal Initiative, seeks to gather information on the barriers to small-scale real estate development on Main Streets and identify solutions for financing small-scale deals, specifically those under $5 million in project value.
“Without a scalable solution, the lack of capital will continue to suppress economic development, marginalize communities of color and rural places, where a lack of capital is particularly pronounced, and perpetuate our culture of waste and environmental destruction by leaving high quality existing buildings vacant or underutilized.” – Patrice Frey, Senior Advisor to Main Street America
Click here to learn more about Main Street America’s Small Deal Initiative, as well as how you can share your insights with Patrice so that we can all help her showcase why small-scale development matters!