Destination Crenshaw was launched in 2017 as a public/private initiative to revitalize the business and cultural infrastructure of the Crenshaw corridor and is considered to be the largest Black public art project in the U.S.

Broadstreet has committed $7 million of its New Markets Tax Credit (NMTC) allocation, with U.S. Bank as the investor, to fuel a locally driven vision for the Crenshaw commercial corridor in Los Angeles—the heart of an historically Black community in South L.A. Broadstreet’s commitment is focused on the development of Sankofa Park—the centerpiece of a 10-park plan for the community. Financing will also support a working capital line for Destination Crenshaw and defray construction expenses already incurred. The project includes new pocket parks throughout the area, as well as a plan to “reforest” the boulevard with more than 800 trees and 30,000 square feet of landscaping.

The recent expansion of LA Metro Rail has sliced through the neighborhood and impacted the well-being of nearby residents and businesses. NMTC’s investment contributes to the large-scale project that emerged in response, Destination Crenshaw, which is connecting a bustling commercial corridor to vibrant green space, flourishing public art and opportunities to celebrate the rich culture and history of the community. A deep commitment to racial equity runs throughout the effort, from project planning and ownership to contracting and employment.

The project is designed to support construction careers, with 70 percent local hiring for construction jobs connected to the project. And it is meant to reinforce the small business community, with training and technical support to preserve and grow the community’s economic core.

The NMTC capital is expected to create 100 construction jobs and 60 permanent jobs; commissions for 100 local artists; and support to stabilize and/or grow 30 businesses. It also helps support Destination Crenshaw’s workforce development approach to the project, connecting temporary workers and others that have been economically displaced to apprenticeship programs and long-term opportunities for union jobs and art commissions that extend well beyond this work.

All told, NMTC capital is helping implement residents’ vision to create a cultural commerce corridor that celebrates Black history, fuels Black entrepreneurship and contributes to the health and safety of residents.