A new local organization is focusing on commercial real estate (CRE) as a way to support and enhance North St. Louis.
In July 2021, Ashley Rice and Sophia Patton founded and now serve as co-CEOs of the JWC (Jesus Wealth Community) Group, a “faith-based social enterprise with the passion for increasing wealth opportunities in underserved communities.”
“Our goal is to strengthen our commercial real estate presence with a focus on urban development. It’s a hybrid business and for-profit project. We are avid community builders and we welcome partnerships with nonprofit organizations and the commercial real estate sector,” said Rice.
Rice and Patton, both St. Louis natives, although Patton is now based in Dallas, created JWC to have a positive impact on the culture and community where they grew up.
“Our mission is to help people maximize their economic and social potential, which requires fighting systemic poverty,” said Rice. “We’re not trying to make a neighborhood ‘nice.’ We want to bring new life and business into underserved areas, starting at Delmar and Kingshighway and going north.”
The JWC Group partners with existing businesses to provide ATM merchant services to urban businesses and operate an online store that donates a portion of sales to nonprofits, and plans to “revitalize forgotten communities” through commercial real estate.
“We own the ATMs and are giving them to businesses for free with the option for revenue-sharing,” Rice said. The first ATM will be in place by November 2021.
The CRE division will start by buying properties in the target neighborhoods to bring in ventures that will support better living conditions —such as gyms, healthy grocery stores, pharmacy options and healthcare clinics.
“We want to see money flowing in so the neighborhood can profit,” Rice said.
Rice works full-time as a housing placement specialist with the St. Patrick Center, an agency in downtown St. Louis that helps homeless people find affordable living conditions. She is a member of the CREW Network-STL, Urban Land Institute-St. Louis District and Real Estate Development for Women of Color.
Patton has a background in insurance and has worked in commercial middle-market underwriting for the past decade.
“We are looking for commercial real estate partners and investors who understand our vision and mission,” Rice said.
The duo expects to see their first CRE projects launch by the end of 2022. For more information about the JWC Group, please visit thejwcgroup.com.