The saying goes, “If you want something done right, do it yourself.” But for first-time developers in Englewood, it was more like: “If you want something better created for your community, build it together.”
In an area facing historic disinvestment, six entrepreneurs wanted to transform their neighborhood by launching a business incubator. But with for-profit development, the biggest challenge is often attracting investors who understand and support one’s mission.
“Outside investors were snatching up property in the area and planned on sitting on it until
Englewood gentrified,” said architect Deon Lucas, who spearheaded the project. “But we
wanted to make a change now.”
Because of a lack of traditional funders, the entrepreneurs formed their own development company-E.G. Woode Alpha, named after Englewood-using an innovative low-profit funding model that relies on collective ownership. Their first project, E.G. Woode L3C, was a true DIY effort by the partners to transform a former liquor store into a home for their businesses. The
group served as general contractors, and Lucas brought his architecture talents and connections in the construction community. They nailed flooring themselves, built an elevator shaft and became experts in digging out foundation.
The space is now home to four businesses: Beehyyve (Lucas’ architecture firm), Powell’s barbershop, Marie|Wesley consignment boutique, and a new location of the local chain Momentum Coffee. To drive traffic to the building, the business owners host events such as “Cocktails and Consignment.” And because of the incubator’s success, E.G. Woode is taking on its second project down the block, comprising two restaurants and an incubator kitchen.
“We are confident that our initial investment and belief in this community will bring even more
investment into Englewood,” Lucas said.
21 июн 2023
