Return on Inclusion | January 24, 2022

Black-owned developer Mosaic raises $10 million for equitable real estate in Philadelphia

Dennis Price
ImpactAlpha Editor

Dennis Price

ImpactAlpha, Jan. 24 – Led by Leslie Smallwood-Lewis and Greg Reaves, Mosaic focuses on projects in neighborhoods largely left out of Philly’s development boom. Philadelphia 76ers managing partner Josh Harris invested $10 million to help the firm staff up to take on larger projects.

“When we, as the developers, are making those decisions as to who the professional service providers will be in our projects, we’re able to reach out to those who have really not been selected to be parts of teams of these impactful projects,” Smallwood-Lewis told the Philadelphia Inquirer.

Inclusive real estate

Mosaic is among a half-dozen developers and investment professionals that last year teamed up to create The Collective, which is raising $100 million to deploy into Black-owned and operated developers.

Mosaic’s projects include the redevelopment of the South Philadelphia Navy Yard and the Sharswood Ridge retail and public-housing complex in North Philadelphia, in partnership with Shift Capital.