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Jendayi Frazer 50 Ventures, LLC
113 Carter Lake Club Carter Lake, IA 51510
2601 Gadsby Place Alexandria, VA 22311
www.50ventures.com
@JendayiFrazer
Jendayi Frazer
Chairman and CEO
frazerje@gmail.com
+1 (412) 916-3164
Yes
Jendayi Frazer, Owner; Blair Freeman Co (Amy Augustyn & Bryce Danielson) - Owner Rep & Project Management; Todd Rayer of Vibrant Homes Omaha - General Contractor; Marla Alberts - Realtor/Marketing
Organizational Chart Uploaded for the Project Team - As owner, I am financially responsible for the project and will provide direction and leadership to the entire team. - Blair Freeman company will act as my Owner's Rep and Project Manager providing transparency and daily oversight from start to completion of the development. - Todd Rayer is the General Contractor who will manage the construction process including hiring subcontractors and is responsible for execution of the project. - Marla Alberts is the Realtor who will be responsible for supporting marketing to Section 8 Voucher holders seeking long-term residence in a quality & affordable home.
My 100% owned companies, 50 Ventures and BHW International, have experience investing in real estate - land, condos, townhouses - across the United States. This is the first new construction project so I have assembled an experienced project team -- from Blair Freeman and Vibrant Homes Omaha. Both companies have managed and built single and multi-family homes in North Omaha. My goals are to ensure that low-income and long term residents of North Omaha are not displaced in the revitalization of the community. My grandparents migrated to North Omaha in the 1930s and I grew up in the neighborhood where I propose to develop multifamily affordable housing. I am specifically committed to this project and to developing a model that is scalable to address the affordability gap in housing and allows families and households to build generational wealth.
The Pratt Street Project
1134692.0
452760.0
Capital project
Providing affordable housing in North Omaha aligns with identified community needs and creates transformation, long-lasting economic growth and fundamental positive change. The City of Omaha’s 2021 Affordable Housing Report states there are 98,500 households in need for affordable housing yet currently fewer than 20,000 dedicated affordable units are in the metro area. North Omaha’s Visioning Workshop identified affordable housing seven out of twelve items on a list of priority housing needs. The Pratt Street project answers this need by constructing a multifamily 4-plex located on 4 vacant lots – 2801, 2803, 2805 Pratt Street and 3540 North 39th Street. Construction will start in Q3 2023 and be completed by Q2 2024. The 4 units (two 3-bedrooms and two 1-bedrooms) will be available to renters eligible for the Section 8 Housing Choice Voucher Program. It will be designed for multigenerational housing for an elder or adult relative to rent the 1-bedroom to build on a strength of North Omaha, keeping generational interaction in intact. I plan a second phase in 2026, building an affordable multifamily 4-plex at 3502 N 28th Street. The project will provide residents with a more stable and higher quality of life. It contributes to North Omaha’s long-lasting economic growth with better neighborhoods and increased property values, without displacing long-term low-income residents through gentrification. The North 28th St block between Pratt St and Pickney St has several vacant lots depressing the appearance and vitality of the neighborhood, resulting in its labeling as a blighted area. As a child, I lived on the block next to my grandparent’s house at 2801 Pratt St. The physical development of N 28th St will help attract more investment for economic growth. The project will connect quality affordable housing just three walkable blocks to the North 30th St economic corridor and near the North Omaha Trail. During construction, a target 20% of the workers will be hired from North and South Omaha receiving fair market wages. I am partnering with SPARK community CDI and Blair Freeman company, both committed to positively transforming North Omaha.
(See also uploaded Timeline) Land acquisition – last parcel acquired Q1 2022 Business Case and Market Analysis – Q2/Q3 2022 Development Team Finalized – Q4 2022 Financing Applications - Bank Loan Q1/2023; HOME grant Q2/2023 Start Construction – Q3/Q4 2023 Complete Construction – Q2/Q3 2024 Ready for Rental – Q4 2024
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Fundamental Change (i.e., a proposal that will continue to elevate North or South Omaha's presence and perception within the region, significantly improving the lives of area residents through physical development) Long-Lasting Economic Growth (i.e., a proposal that will foster gainful employment opportunities and financial investment in the area, leading to the creation of generational wealth and widespread economic vitality in North and South Omaha) Transformational (i.e., a proposal that will help energize, recharge, or spur significant and favorable advancements in North or South Omaha's function or appearance)
Multimodal Transportation (i.e., enable connectivity through driving, biking, taking transit, walking, and rolling) Policy (i.e., develop or improve context-sensitive education, finance, health, training, zoning, etc.) Quality of Life (i.e., create or enhance natural spaces, mixed uses, parks, safety, etc.) Sustainable Community (i.e., create or enhance housing, services, education, civic uses, recreation, etc.)
I will develop a new construction multifamily 4-plex affordable housing (two 3-bedroom units and two 1-bedroom units). The project will enhance housing for low-income families in the community and is designed to provide multigenerational housing where a household with children can occupy the 3-bedroom and an elder or adult relative can independently live in the 1-bedroom. The location on the corner of Pratt and North 28th Street (3 walkable blocks from 30th St) can also be connected to the North Omaha Trail anchored by the North Omaha Transit station at North 30th and Ames. The new development will improve the neighborhood condition and bring greater stability to extremely low-income households, with both factors contributing to improved educational outcomes for children and healthier lifestyles for families living with less stress and overcrowding.
During the Visioning Workshop housing was repeatedly identified as a need that must happen to see real transformational change and long-term economic success in North Omaha. In particular, affordable housing was listed seven times out of the twelve priority housing needs in North Omaha. My project will develop vacant lots and provide affordable housing geared to build on the community’s strength of multigenerational retention that allows aging seniors to remain in the community. Developing vacant lots and providing affordable housing was identified at the Visioning Workshop as important across all areas of community needs for sustainable community; quality of life needs (safety); multimodal transportation and infrastructure needs (walkability); and policy needs (financing, health, education).
Building a multifamily 4-plex housing unit accelerates the production of new, quality, dedicated affordable housing that is critical to support economic growth, reduce household cost burden, and address the large and growing affordability gap as identified in Housing Affordability in the Omaha and Council Bluffs Area April 2021 report. It aligns with LB1024’s transformational goal to spur significant and favorable advancement in the function and appearance of North Omaha by transforming vacant lots that create gaps in density and development, and often are an eyesore due to trash dumping. It leads to fundamental change by improving the lives of North Omaha residents (families and elders) through the physical development of the lots to provide greater safety, a better neighborhood environment, and a higher quality of life. Finally, the project is the first phase of my plans to develop affordable multifamily units in North Omaha. I will bring in more investment, and as the environment improves, new financial investment will be drawn to the community that can contribute to the jobs and opportunities for families to build generational wealth. The investments will remain within North Omaha.
The immediate jobs created will be during the construction of the 4-plex and the workers and subcontractors will be paid fair market wages and vendors also paid fairly. The longer-term impact will be attracting new investment that can lead to more business and jobs created.
The General Contractor will determine the workforce for the project
Approximately 20 construction sub-contractors with 2-3 workers so opportunity for up to 60 jobs.
Fair Market Wages
General Contractor required to hire at least 10% subcontractors and 20% workers from North or South Omaha. I will also establish an internship program for 2 North Omaha students to work with the General Contractor and Owners Rep.
The North 28th St block between Pratt and Pinkney Streets was once a vibrant community with thriving working-class families when I grew up there. In 1977 all of our neighbors’ houses were demolished on the east side of North 28th street, to construct North Freeway, after which the neighborhood fell into decline. This project will help revitalize the community by building quality affordable housing on the four lots that have stood vacant for close to a decade. Improving the appearance of the community and creating a safer environment for residents will help to restore community pride and vitality. I believe available decent and affordable housing will attract more families with children back to the neighborhood. The design for multigenerational housing will also maintain the character of the community where residents of all ages can build a sense of social connectivity.
Affordable housing is at the center of creating opportunity and a higher quality of life for North Omaha residents. Jobs are created during housing development, and most importantly, residents accessing quality affordable homes will have more discretionary income for other needs like healthcare, education, food, retirement savings, and covering emergencies. Children do better in school when their families move less often and there isn’t overcrowding at home. Development of infill multifamily units will also help clean up the natural environment since many vacant lots are overgrown and subject to continuous trash dumping. This project just three blocks from the North 30th street corridor is part of the broader economic development of North Omaha.
The project is committed to providing multigenerational affordable housing so will incorporate universal design standards so that the units are adaptable for all ages and abilities, especially for elders. It will also utilize green design from cutting down on waste during the initial construction, to installing energy efficient HVAC systems and appliances, and building for ease of conversion and retrofitting the units over their life-cycle.
• Affordability measured as lower rent burden for tenants • Better housing conditions measured as better quality of housing for tenants • Less overcrowding measured as number of bedrooms for tenant families • Increased housing stability measured as tenants decreased need to move often • Improved educational achievement of children measured indirectly by ability to stay in one school (housing stability), reduced overcrowding at home; and improved housing conditions • Improved mental and physical health (inferred indirect impact of increased affordability and improved housing conditions that can reduce the harmful impact of stress for example) • Improved neighborhood characteristics measured as lower incidence of crime and vandalism and trash dumping
Data can be collected through focus groups of housing providers and surveys of tenants to the degree that it is not considered intrusive or violating tenant privacy rights, For example, for section 8 voucher holders, the Omaha Housing Authority can provide an initial intake form and outtake form to survey tenants occupying or vacating a section 8 apartment. The Omaha Housing Authority can also collect data on the quality of housing via annual inspections of section 8 apartments to ensure landlords are maintaining quality. The City of Omaha Planning Department can convene and/or survey multifamily developers, owners, and landlords to gather data on housing and neighborhood conditions or characteristics. It also has access to data from the US Census Bureau to assess overcrowding patterns and housing density.
Yes, this project will be replicated first on vacant lots on N 28th St and then across North Omaha area. I have identified co-investors to scale
Yes
Partnering with SPARK CDI and member of its Developer Academy to connect our projects as part of concerted revitalization of North and South Omaha.
Partnership with SPARK is two years old but not formalized through formal agreements.
No
2801 Pratt St; 2803 Pratt St; 2805 Pratt St; 3540 North 28th Street The combined lot is 14,198 sq. The zoning is R7 Medium density multi-family residential district It is part of the Community Redevelopment Access and Opportunity Zone It is within QCT #7
Within one or more QCTs
All documents uploaded except environmental assessment. The property is not a brownfield site.
Yes
No
Yes
No
No
Based on General Contractor and Owner's Rep estimates of construction cost per sq ft (impacted by inflation) and standard percentages for reserves, consultants and other normal costs.
Yes
No
The General Contractor has been identified but not formally contracted. The owner's rep will solicit 3 or 4 bids to compare with Vibrant Homes but a open public bidding process is not warranted given the limited size of the project.
Please see uploaded documentation. The development budget assumes hard costs of $160/sqft for new construction since inflation in construction cost is approximately 19% higher than last year. The other soft costs follow standard percentages of the construction cost.
Construction Cost Site Work Design and Project Management
Yes
I will contribute $300,000 in equity and seek bank or CDFI loans and HOME Funds to cover the financing requirement. The development will have positive Free Cash Flow when completed and the units rented.
Anticipate Exploring: Bank or CDFI loan - $326,229; HOME Fund - $55,703 and QCT-AHP
QCT-AHP - December 2022; HOME Funds - Sept 2023; Bank Loan - Q1 2023
Grant funding is essential to the projects viability as an affordable housing project with capped rents yet high and rising construction costs.
Yes it is scalable. The plan is replicate the 4-plex in a second phase at 3502 North 28th St located at the corner of N 28th St and Pinkney. This 2nd phase is planned for 2026. The land is currently held by the Omaha Municipal Land Bank.
$300,000 equity
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Additional Location Documents (see application for list) Data table of uses (breakdown of how the requested funds will be used for your proposal) Documentation of site control (proof of ownership, option, purchase contract, or long-term lease agreement) Organizational Chart Plans and detailed descriptions, including pictures and a map of the site location/surrounding area Pro Forma Proposal Budget/Sources and Uses Schedule