Primestor Development, a leading minority-owned and minority-led urban impact developer, announced that it has officially closed the first round of its Urban Vision Fund.
Anchored by equity commitments from Belay Investment Group and LGT Capital Partners, Primestor will use the $165M fund to acquire and develop transit-oriented, mixed-use real estate investment opportunities in urban, minority communities with the potential for high-growth and limited access to housing and basic essential services.
“We are excited to complete our first closing of The Urban Vision Fund I, and humbled to partner with capable and mission-aligned institutional and family office investors,” said Primestor’s co-founder and COO Leandro Tyberg.
Established in 1991, Primestor has been responsible for several impactful retail developments across Los Angeles, including several across the Greater South Los Angeles market. Most notably, Primestor has led community engagement and the retail development for the two most transformative redevelopment projects in the Greater South Los Angeles market, Freedom Plaza and Evermont – a transformative, 4.2-acre redevelopment project located at the corner of Vermont and Manchester Avenues.
With their well-established history of supporting local economic development in underinvested minority communities, co-founder and CEO Arturo Sneider believes the new fund will help Primestor to expand on its core mission.
“We see The Urban Vision Fund I as a platform for Primestor to continue growing its unique community-centered business model and bringing greater and more intentional investment into urban minority communities” stated Sneider.
A Community First Development Model
For more than 30 years, Primestor’s success has been fueled by a deeply-rooted belief that community stakeholders and area residents are integral partners to designing and planning for its regional and neighborhood shopping centers.
As result, the Culver City-based firm not only creates retail destinations with design aesthetics not typically found in Black and Brown communities, but their intentional approach to community engagement drives foot traffic long after the ribbon cutting ceremony.
Cultivating genuine partnerships with local governments, community organizations and commercial tenants, Primestor has delivered more than 150 events per year at its properties, including book fairs, food drives, art exhibits, blood drives as well as music and dance performances highlighting local talent.
“Our business model is centered on using real estate as a vehicle for economic empowerment through local jobs, local sales tax, infrastructure improvements and bringing essential goods and services into our historically overlooked communities,” said Sneider.
According to Joshua Foster, an architect and community engagement consultant that has partnered with Primestor in Watts, the company’s commitment to community starts at the top.
“Leandro and Arturo have proven that they will put their money where their mouths are in order to achieve a tangible and authentic impact within the communities they serve, through intentional partnership and engagement,” said Foster.
Beyond community activations, their impact can be measured in the raw economics. Through its local-hire initiatives, Primestor has created more than 14,000 construction and permanent jobs locally – generating an estimated $1.3 billion of annual economic activity in historically overlooked communities.
“Primestor transcends the label of a mere development company; it embodies a culturally inclusive redevelopment organization. With the expertise and track record of accomplished economic development specialists,” stated Watts native, Brandon ‘STIX’ Salaam-Bailey.
An entrepreneur and activist, Stix founded the ThinkWatts Foundation, 501c3 non-profit organization focused on creating solutions for many of the issues affecting Watts’ residents, including economic opportunity, homelessness, financial assistance, and education.
Through his work, Stix has witnessed firsthand the authentic way that Primestor works to add value in the communities they serve.
“Primestor combines the compassionate spirit of a nonprofit, driven by the goal of delivering projects that fully embrace the desires, necessities, style, and cultural aesthetics of financially disadvantaged communities.”
About Primestor Development
Founded in 1991, Primestor acquires, develops, invests and manages transformative, community-oriented real estate projects in urban areas, predominantly in the Western United States. The company is headquartered in Los Angeles, California and has a 30-year history of supporting local economic development in underinvested minority communities and delivering financial returns to its investors. Primestor is minority-founded, owned and led and sees its diversity as core to its mission and success. For more information, visit Primestor.com.