A
construction site on Crenshaw Boulevard and 54th Street in South Los Angeles is buzzing with activity as an excavator clears the last remnants of an old building that once housed a hair salon and wig shop owned by Henry and Lucretia Clark. Their children, Jamial Clark and Bridgette Reed, have chosen to develop the property themselves into a $24-million apartment and retail complex, bucking the trend of selling to outside developers capitalizing on rising neighborhood fortunes.

    The siblings inherited the property from their parents in 1995 and have spent years navigating the challenges of redevelopment. Despite facing difficulties in securing funding, they remained committed to preserving family ownership and legacy. "We just want to encourage other families to do the same thing and not sell out to these developers who are pricing us out of our own communities," Reed said.

    The project, named Clark on 54th, will feature a six-story building with 48 apartments and ground-floor retail space. Co-developer Kacy Keys' company, Praxis Development Group, has partnered with the Clarks in a joint venture to bring the vision to life. Keys emphasized the importance of playing the developer role, overseeing design, construction, and financing.

    The Clark family's decision to hold onto their property is significant, as it marks a rare instance of local minority ownership participating in neighborhood redevelopment. Their project aims to provide affordable housing options, including 10 deeply affordable units reserved for tenants earning 50% of the median income in the area.

    Finding financing proved to be one of the biggest challenges, with Keys assembling a package from seven entities after approaching over 100 potential sources. The effort paid off, and the project is now moving forward, offering a beacon of hope for preserving community character amidst rapid economic change.