Bishop T.D. Jakes is doing more than spreading the gospel at the pulpit but putting those lessons, like caring for the poor, into action.
The prominent religious leader, known for amassing a $20 million fortune and heading a church with an annual income of $5.2 million, is partnering with Miami’s most extensive Black-owned real estate developer to construct 350 affordable housing units. The preacher of The Potter’s House, one of the largest congregations in the country, says he is putting into practice principles of fairness and equity for the underprivileged through his T.D. Jakes Real Estate Ventures.
According to a press release, the preacher’s real estate arm will be working with New Urban Development to build two separate complexes in Hallandale Beach and Miami Gardens, Florida, designed to combat the state’s rising housing costs.
Currently, T.D. Jakes Real Estate Ventures and NUD are set to build a 200-unit multifamily mixed-income development on five acres in Hallandale Beach, along with a separate 150-unit development on seven acres in Miami Gardens catering to seniors, the first of its kind in the city.
The senior living complex will include a clubhouse and walking trails, awarded to New Urban Development by the City of Miami Gardens to complement the senior recreation center, with additional funding from Miami-Dade County.
The Hallandale Beach development will begin construction during the first quarter of 2024.
According to a recent report, South Florida is identified as one of the least affordable regions for renters in the United States, with Miami holding the title of the overall least affordable city.
The average South Florida tenant must earn nearly $112,000 annually to comfortably cover housing expenses, as reported by The Palm Beach Post. Despite a nearly 3 percent rise in rent prices in August, it represents a modest increase compared to the double-digit spikes observed in the post-pandemic years of 2021 and 2022.
Marcus Dawson, managing partner of T.D. Jakes Real Estate Ventures, said that this is a crisis that needed attention.
“Florida continues to grow and the need for more living options is at an all-time high. It is our mission to create the necessary alliances that help address the most glaring issues like affordable housing,” Dawson said, adding that they decided to work with NUD because of its commitment to seniors and underserved populations.
Oliver Gross, president of New Urban Development, added, “The relationships and access to funding sources through T.D. Jakes Real Estate Ventures will help us expand the work we’ve been doing to improve the housing options in overlooked and underserved neighborhoods of Miami-Dade County and surrounding areas.”
He continued, “We all believe in a holistic approach to community revitalization that values transformation over transactions and incorporates education programs, financial literacy, and other resources to residents.”
T.D. Jakes Real Estate Ventures has projects in Dallas, and is working with filmmaker Tyler Perry to break ground on the 132-acre Fort McPherson property, a former U.S. Army base in metropolitan Atlanta, which will be transformed into mixed-income housing, businesses, and what they are calling “a master-planned community.”
Perry is set to acquire an additional 37 acres next to Tyler Perry Studios, supplementing the over 330 acres he acquired in 2015, according to 11 Alive.
T.D. Jakes Real Estate Ventures joins him, purchasing 94 acres. Part of the master planned community is to create space for restaurants and shops, bringing in not just affordable housing but ideally places for some of the people living on the development to work.