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Business & Opportunities

Black Entrepreneur To Buy 68,000-Square-Foot Property To Create Opportunities For North Minneapolis Businesses

November 9, 2022
How Africa News
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Jesse Ross, a businessman and activist from North Minneapolis, wants to renovate a structure that will house local entrepreneurs.

Ross has reportedly been an active member of his community, acting as a Diversity, Equity, and Inclusion (DEI) leader and local speaker, according to CBS News.

The Wealth Redistribution Project, developed in collaboration with the City of Minneapolis and the Minneapolis Park & Recreation Board, was founded by Ross as well.

Wealth Redistribution Project

The multi-million dollar effort upholds a vision to birth “a commercial rental space for Black, Brown, Indigenous and women-owned businesses” to reside before property and development values rise, according to the company website.

“So many people in a lot of the DEI work that I do … have said to me, ‘I don’t know what to do. I wish I could do more. Our company should be doing more.’ Here is a practical opportunity . There will be businesses here. There will be people here. There will be bills that need to be paid as well,” Ross said, according to CBS News. “Opportunities for companies, for institutions, for people to just say … ‘Hey I really want to do something and here’s somebody like Jesse who is creating a platform.”

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The property will be a 68,000-square-foot building resting at 2518 North Second Street. The location is between the North Loop and Upper Harbor Redevelopment.

 

“Creating ownership in a space that’s in the middle of those two vibrant geographic locations I think is very important for those business owners, for the residents and for everybody who is to come,” Ross said, according to CBS news. “I do feel responsible for making sure that I’m a good steward of my resources but also that other people are a good steward of their opportunities to contribute resources.”

Fundraising Efforts

Only 5% more is required to move through with the ground-breaking project that will benefit local companies; so far, Ross’ efforts have raised $4.7 million.

By December 1, 2022, the day before closing, Ross hopes to have secured all of the cash required for the Wealth Re-Distribution Project.

Renovations will then start in 2023 and last about six months. If all goes as planned, a soft opening will happen in the summer.

“In the next 10 years there will be tons of people, probably hundreds of thousands of people that will drive right by this space and this could be the potential missing middle,” Ross told CBS News.

 

 

 

 

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