ComCap and The Works, Inc. partnered with Neighborhood Preservation Inc. in formulating an anchor-based strategy in the Frayser community in Memphis. The Frayser Neighborhood Initiative targets blighted and abandoned properties within a one-mile radius of the neighborhood schools, MLK College Prep and Frayser Elementary Achievement School. The goal of this project is to provide quality and affordable housing options for students and families while developing the surrounding area into a safe, thriving community.
The first phase of this effort was the redevelopment of the Renaissance at Steele, a 146-unit quality, energy-efficient, and affordable apartment complex with a community gathering space and supportive services. Across the street from the newly completed $18 million project are two more vacant apartment complexes. ComCap is actively evaluating options for the redevelopment of those complexes.