Project will renovate a formerly vacant warehouse for use by the accelerated school program located in the Kensington neighborhood of Philadelphia.
MIAMI and PHILADELPHIA, Oct. 31, 2024 /PRNewswire/ — Lafayette Square announced today that it has made a multi-million-dollar investment alongside partners Shift Capital (“Shift”) and Voyage Investments (“Voyage”) in a project that will facilitate the adaptive renovation of a formerly vacant warehouse for use by the El Centro de Estudiantes Big Picture Philadelphia School (“El Centro”).
El Centro is operated by Big Picture Philadelphia, a nonprofit that offers real-world learning experiences, and empowers students to pursue their own pathways to success. Opened in 2008, it is one of Philadelphia’s first accelerated school programs, helping Opportunity Youth (aged 16-21) who have disengaged from traditional education. Students earn diplomas in one and a half to three years, depending on prior credits. El Centro centers learning on students’ interests, integrates career exploration and internships, and provides a supportive, resilience-focused environment with a restorative behavioral model.
“This commitment represents an investment in the future of El Centro, and by extension an investment in the future of Philadelphia,” said Damien Dwin, founder & CEO of Lafayette Square. “At Lafayette Square, education plays a crucial role in driving community impact, yet too often alternative learning programs are overlooked and underserved. El Centro is well aligned with our mission to create better outcomes for working-class communities.”
“We’re proud to partner with Lafayette Square and Voyage Investments on this important project that aligns with our vision of sustainable development and community revitalization,” said Brian Murray, CEO of Shift Capital. “El Centro’s mission to provide educational opportunities for Philadelphia’s youth is critical to the long-term health and vitality of the city’s working-class neighborhoods. By reinvesting in underutilized spaces like this warehouse, we’re not just creating a school, but a foundation for future success.”
“We are incredibly grateful for the support of Lafayette Square, Shift Capital, and Voyage Investments,” said Dr. Maria Gonzalez, Principal of El Centro. “This investment will allow us to expand our efforts to engage Opportunity Youth, providing them with the education, resources, and environment they need to thrive. Our students deserve spaces that reflect their potential, and this project brings us one step closer to realizing that vision.”
Phase I of construction at the 3360 Frankford Avenue warehouse was completed in June 2024, and Lafayette Square’s investment will support Phase II, beginning in Summer 2025. The project is expected to create 50 construction jobs, 20 permanent jobs, and enhance El Centro’s job readiness and workforce training programs for 200 students each year.
About Lafayette SquareLafayette Square invests in middle market companies while positively supporting people and communities. We believe the demand for capital in businesses headquartered outside of high-income places is an overlooked opportunity. We seek investment opportunities that stimulate economic growth across the United States through the creation and preservation of working-class jobs. For more information, please visit www.lafayettesquare.com.
About Shift CapitalShift is a neighborhood investment group and Certified B Corporation that executes real estate projects and financing strategies focused on creating just and equitable communities for the long-term. The Shift Neighborhood Fund focuses on critical investment in underserved neighborhoods in North Philadelphia. Shift Next Gen Impact Platform and its Catalyst Fund supports the next generation of impact developers, with a focus on women and BIPOC developers, such as Voyage Investments. Through these platforms Shift has $350mm+ assets under management, $100mm+ equity under management, and has 1,000+ units developed and in the pipeline.
About Voyage InvestmentsVoyage Investments is a Latino-owned real estate firm focused on acquiring and redeveloping properties that add value to working-class neighborhoods. Voyage has developed over $13M in Philadelphia real estate and consulted on over $200M worth of projects within the Northeastern region of the country. Voyage seeks new opportunities that preserve workforce and affordable housing through investments in 50+ unit apartments buildings within the Philadelphia tri-state and Lehigh Valley, PA markets. Voyage is currently completing their final year in Shift’s Developer-in-Residence program.
About El Centro de Estudiantes Big Picture SchoolFounded in 2008, Big Picture Philadelphia (BPP) challenges systemic inequity in education by providing transformative learning experiences to 400+ high school youth annually at two public schools: Vaux Big Picture High School (a four-year, neighborhood school in North Philadelphia) and El Centro Big Picture (an accelerated school for Opportunity Youth ages 16-21). We believe by providing young people with comprehensive social-emotional, basic needs, and mental health support, individualized post-secondary counseling, and real-world learning experiences connected to their passions, every student can find and walk their pathway to success.
Since opening in 2009, El Centro’s educational approach rooted in strong relationship-building, interest-based education, and trauma-informed care has resulted in over 525 formerly disengaged young adults receiving their diplomas and entering sustainable career pathways. This means that El Centro graduates account for nearly 10% of all Opportunity Youth who have earned their high school diplomas in Philadelphia since 2013.
Media Contact:Jansel Murad
Dukas Linden Public Relations
646-722-6537
[email protected]
SOURCE Lafayette Square Holding Company
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