JWC aims for community improvement in North STL

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.

Retail stores awaken in the midst of COVID-19 shutdowns

Simon Property Group, the largest shopping mall operator in the United States, plans to reopen 49 malls and outlet centers starting Friday through Monday for the first time since their March 18th shutdown.

Three of the malls are located in Missouri and will open on Monday, May 4, including St. Louis Premium Outlet in Chesterfield, Battlefield Mall in Springfield and Osage Beach Outlet Marketplace in Osage Beach.

Best Buy also recently announced reopening plans, which include allowing customers to schedule in-store consultations in about 200 of its U.S. stores beginning in May. During the pandemic, the big-box retailer temporarily shut stores and switched to a curb-side pickup model.

According to a study done by Coresight Research, 45% of consumers expect to avoid shopping centers and malls even after the lockdown ends, citing more people will avoid malls than movie theaters or public transportation.

However, the pandemic has not slowed down area retailers; who are renewing their leases - and in some cases - even opening new stores.

In Hazelwood, Mo., a new Dollar Tree is opening this summer in the Village Square Center. The low-cost retailer will occupy approximately 11,000 SF of the once defunct shopping center located at Lindburgh Blvd and Interstate 270.

New York based, Somera Road Inc., bought the dilapidated, mixed-use shopping center in December 2018 and has invested more than $1 million in renovations.

"Dollar stores are continuing to open new locations in this challenging market. The affordability of their product makes them resistant to market downturns. We were thrilled to recently sign Dollar Tree to a long-term lease at our (Village Square) property," said Michael Ervolina, senior associate at Somera Road.

Other occupants include Concentra Urgent Care, Axes Physical Therapy and Millstone Weber, who all signed new lease agreements with Village Square.

It’s important to note, most retailers are adhering to CDC guidelines upon reopening. Simon Property Group, for example, has implemented CDC recommendations and precautions including:

·     Handing out CDC-approved masks and hand-sanitizing packets (at no cost to shoppers)

·     Mandating all employees to wear masks and wash their hands frequently

·     Taking customer temperatures using infrared thermometers

·     Encouraging social distancing in restrooms (tape will be placed over every other sink and urinal)

·     Directing traffic flow with decals on the floor

·     Limiting food court seating

·     Closing children’s play areas

·     and closing public drinking fountains.

Operating hours will be limited to 11a.m - 7 p.m., Monday through Saturday, as well as 12 p.m. - 6 p.m. on Sunday to allow for cleaning and sanitization, according to a Simon Property Group company memo.