ECONOMIC GROWTH CENTERS, INC.

Development

In 1984 Whittier CDC now ECONOMIC GROWTH CENTERS, INC. began as the economic development arm of the Whittier Alliance, a Neighborhood organization.  It developed numerous properties on Nicollet and Lyndale Avenues.  It purchased, developed and operated a successful commercial photographic studio until 1997, called Ice House Studio, Inc.  When the textile business left Minneapolis the CDC started Fashion Design, Inc., as an employee owned coop to help employ underutilized sewers that had lost their jobs. When others were talking about small business incubators Whittier CDC was starting the Whittier Emerging Business Center.

Expanding its role in real estate development, Whittier CDC began a process of partnering with private developers to spur economic development in distressed areas of the city.  It has worked to provide facilities management, project management, and property management. The Mercado Central is one such successful model of the support and development by Whittier CDC in partnership.

During the years of 1998-2001 Whittier CDC worked with Ray Harris and Dave Jasper in developing the Sears site on Chicago Ave and Lakestreet.  Whittier signed leases with an option to develop nearly 250,000 square feet as an industrial and manufacturing incubator.  When the city of Minneapolis foreclosed on the developers, Whittier CDC continued to be proactive in support of the development by participating in numerous issues revolving around transportation and displacement of many small businesses that had been established along the Lakestreet Corridor.

Whittier CDC was actively involved in the development of a small business incubator development for Somali immigrants with Basim Sabri, a private developer.  Over 25 Mideastern and Somali businesses are now providing 65 new immigrants with employment on a commercial/industrial site that had long been a problem for the neighborhood.   

Special Projects

ECONOMIC GROWTH CENTERS, INC. looks for specific projects that exemplify means for supporting ethnic diversity, especially African-American, Somali,  Hispanic, and Asian-American business owners.  Corridor development has been a key ingredient in the selection of projects for development. Often "EGC" participates in real estate acquisition, zoning, Brownfield remediation, property management, leasing, project financing, public advocacy, transportation, and planning.

ECONOMIC GROWTH CENTERS, INC. offers property management services and has provided organizational and management support to the multi-million dollar Mercado Central development. Over 47 member businesses of the Cooperative are now operating and expanding their businesses in the development.

Venture Capital

ECONOMIC GROWTH CENTERS, INC., owns all of the outstanding shares of a private corporation known as Southside Ventures, Inc.  The corporation is an investment vehicle for Commercial Real Estate Development.   The principle focus of the corporation is to purchase land, buildings and capital equipment for the development of under utilized property located within the Twin Cities Metro Area.