The Kensington Corridor Trust (KCT) is an innovative cross-sector partnership between Impact Services (a non-profit community-based organization), Shift Capital (a social impact real estate B-Corp), IF LAB (an inclusive technical assistance provider), and PIDC (Philadelphia’s public-private economic development corporation). This partnership takes a multi-stakeholder, multi-pronged approach to corridor revitalization, combining lessons from like-minded efforts that have proven effective in strengthening corridors.
The Executive Director will be responsible for leadership and management; coordination of acquisition, development, and construction of real estate; management of real estate, community development, technical assistance, fund administration, and legal partners.
Summary of Duties:
– Identify viable real estate projects, preparing development plans and pro formas to support the Investment Committee in the decision making process.
– Manage all steps of land due diligence, acquisition, and closing processes including interfacing with all stakeholders.
– Apply for project-level financing, when applicable.
– Work with Shift Capital to manage the development of schedules, contract management, and budget management.
– Work with Property Management Team to ensure adequate property maintenance and tenant management.
– Work with leasing partners to identify and place mission-aligned businesses to the storefront, and lease the residential units above storefronts.
– Work with Impact Services to ensure that excess cash flow is properly allocated to community programs.
– Develop events and community programs that stabilize and market Kensington Avenue as a destination for commerce.
– Work with IF Lab to ensure Kensington Avenue businesses are supported and provided with adequate resources.
– Work with Board of Directors to raise additional Program Related Investments.
– Make recommendations for the Board in regards to financing, debt, and organizational sustainability.
– Seek and develop partnerships to advance KCT and Kensington Avenue revitalization.
– Share best practices with groups across the country who are interested in the neighborhood trust model.
– Prepare regular reports on progress, budgets, and expenditures related to the management of real estate development activities.
– Mentor, supervise and develop junior staff.