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THE FIRST FOUR YEARS
By Karen Black, Drexel University: Nowak Metro Finance Lab, 2024
WHAT IS THE KCT?
By Karen Black, 2024
The Kensington Corridor Trust or the KCT is a neighborhood trust started in 2019 whose mission is to acquire and redevelop real estate on a disinvested commercial corridor and place it into long-term community control to preserve culture and affordability while building neighborhood power and wealth.
WHY IS THE KCT’S MODEL IMPORTANT TO EXPLORE?
Cities are seeking new models for creating community power and control over neighborhood real estate development and for regenerating failing retail corridors in a manner that benefits existing residents. The KCT seeks to prove that commercial districts can be improved while catering to the needs of existing residents.
This report delves into the revitalisation of low-income neighborhood commercial corridors that are increasingly attracting investment, as wealthier residents move in. However, much of this investment benefits absentee property owners and developers, rather than addressing the needs of local residents and small businesses. The report highlights how commercial real estate is dominated by the top 1% of households, with nearly 75% of neighbourhood retail spaces being bought up by external investors. In response, innovative community-driven models are emerging to regain local control of these spaces. One such model is the Kensington Corridor Trust (KCT) in Philadelphia, which is working to preserve community ownership of commercial and residential properties.
The report focuses on the KCT’s efforts to acquire and manage mixed-use properties along the Kensington Corridor, with the goal of decommodifying real estate and preventing speculative investment. Using a unique trust model, KCT aims to ensure that these properties remain affordable for local businesses and residents. This case study offers a detailed look at the KCT’s first four years, sharing the lessons learned as the organisation builds a sustainable community ownership structure. By documenting the KCT’s progress, this report provides valuable insights for other communities seeking inclusive growth and local control of their commercial real estate.
