Black Entrepreneurs Help Rebuild Black Neighborhoods
Andrew Colom and his business-parnter David Alade want to help Detroit residents rebuild generational wealth by revitalizing communities in the Motor City. The two entrepreneurs recently sat down with Essence Magazine to discuss why they chose to go into the real estate business in the troubled city.
“We buy historic, abandoned homes and let neighbors invest in the rehabilitation of those homes and recoup their investment from the fund consisting of rent paid by new neighbors. Investors can also sell their homes to Century for cash and inclusion in the investment pool.”
“Detroit is a city where there was such high African-American ownership of homes. That got us thinking about bringing neighborhoods back.”
Alade says white men like Donald Trump aren’t the only ones working in real estate as well…
“People usually think of developers as the Donald Trumps, the Dan Gilberts—very well-capitalized, older guys. What I hope is that we’re able to create this new legacy for what a developer looks like. If I can play a role in shaping or changing what a developer is traditionally supposed to look like and encouraging and thinking about ways to build generational wealth, I will consider that a huge accomplishment.”
Find out more about Century Partners by clicking HERE.