The Kensington Corridor Trust is one of several community-owned or community-led commercial real estate entities at various stages of formation and implementation across the country, and they’re starting to get more notice. Next City has previously covered several, including Oakland’s East Bay Permanent Real Estate Cooperative; the E.G. Woode commercial real estate collective in Chicago; the NorthEast Investment Cooperative in Minneapolis; The Guild in Atlanta; the East Portland Community Investment Trust; and Seattle’s El Barrio Community Trust.
A handful of such community-owned commercial real estate examples just made it into a new report from the Local Initiatives Support Corporation (LISC), “Commercial Community Ownership as a Strategy for Just Development.”
“We were trying to look at a range of different local contexts and case studies,” says Julia Duranti-Martínez, author of the report. “Some are community land trusts, some are not. Some are about fighting speculation and commercial property warehousing, some are about the challenges of distressed commercial corridors and cultivating local economic bases as opposed to bringing in larger employers.”