L + M Development Partners | Affordable housing with a Bronx beat

Lisa Gomez

CEO
L + M Development Partners

This is a project by the Bronx, for the Bronx, and of the Bronx.

Bronx Point is the 500,000-square-foot building that is going to include more than 500 apartments that are all affordable, including some set aside for formerly homeless people and the permanent home of the Universal Hip Hop Museum.

This neighborhood is an immigrant neighborhood. A borough of strivers. My grandparents immigrated from Mexico. They didn't settle in the Bronx, but they well could have.

This project helps knit the waterside back into the community.

This building gives the Bronx, which has often had a maligned image, something that it can be proud of.

Page Travelstead

Managing Director
Commercial Real Estate
Community Lending & Investment
Wells Fargo

It’s a $350 million project and Wells Fargo invested $250 million of debt and equity.

It really does take a village to build affordable housing. I would say a typical project probably has six sources of financing. This project had at least 12. It was a doubly complex.

Back to Lisa

I know the importance of having a bank that does what it says. And no one does that better than Wells Fargo.

The Bronx is the birthplace of hip hop. We hope the museum will be an inspiration to both Bronxites, as well as folks from around the world.

Darryl McDaniels

Hip Hop Artist
Run-DMC

Hip-hop came to me and made the place that I was at the place that I belong. This museum that is being built is going to change the perception of hip hop for the next generation.

It’s not just to remember when. You will remember where, you will remember why, and you will also think about where can we go as a people, as the Bronx community. That's why this is so important.

Forging What’s Next

Sponsored by Wells Fargo

bloomberg.com/forgingwhatsnext

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