The Clark family and Praxis Development Group broke ground on The Clark on 54th, the first Black-, woman- and locally-owned development in Los Angeles’ Crenshaw district.
The Clark on 54th includes 38 market-rate units, 10 deeply affordable units for households earning up to 50% AMI and 2,100 square feet of ground-floor retail space for locally-based, diverse businesses. The transit-oriented project will feature energy-efficient appliances and electric vehicle charging stations. It is also located less than a quarter mile from the new Hyde Park station on the LA Metro K Line.
The ground-up project is being developed by a joint venture between a women-owned development firm, Praxis Development, and a minority-owned firm, Regenaissance LLC. The project is a partner of Destination Crenshaw, a transformative initiative spurring revitalization along the historically African American corridor.
Financing for The Clark on 54th includes an equity investment from MSquared; an equity investment from Six Peak Capital; a construction loan from the Local Initiatives Support Coalition (LISC) Black Economic Development Fund, with participation from Genesis LA; a grant from LA4LA, a philanthropic, government, and private sector alliance; and subordinate financing from LISC LA.
Praxis Development Group develops a wide variety of projects for its own account, in partnership with landowners, or on behalf of its clients. Our projects include new construction and rehabilitation of various product types. We specialize in transformative, urban infill projects that achieve the highest levels of design and construction and become integral to the communities they serve.
