In September 2024, a building abandoned for 20 years began a second life. Over the next ten months our team refurbished it floor by floor, 85% complete when operations stopped.
Two accredited programs opened: Barbering & Cosmetology and Nursing Assistance. Twenty-two students were housed on-site with wraparound support. The encampment outside wasn't swept away. It was invited in.
The community invested $1.2M in renovations under an agreement to purchase the building at year's end. The initial contract stated there was nothing wrong with the soil. During refinancing, we learned otherwise: the soil needs an estimated $600–800K in remediation, and no bank would refinance without it.
Our investment and the neighborhood's turnaround raised the property's appraised value to $3.2M. Instead of remediating, the landlord foreclosed and sold the building back to himself for $300K. All-cash buyers are now lined up. Twenty-two students lost their housing.