By Tony Lawson
Real estate development is where capital formation, regulatory approval, construction risk, and long-term asset management converge.
As capital is committed, approvals are secured, and projects move into execution, systems for underwriting, draw management, compliance, and portfolio reporting become required.
The firms listed here operate across affordable housing, mixed-use redevelopment, and large-scale urban development in markets where those decisions are made at scale.
This is part of an ongoing Shoppe Black series documenting Black-owned real estate development firms.
Essence Development | New York, NY
Essence Development was founded in 2020 by Jamar Adams, who serves as Founder and Managing Principal. The firm is focused on affordable and workforce housing, mixed-use developments, and community-centered infrastructure across the Northeast corridor.
Prior to founding Essence, Adams served as Vice President of New York Development at Related Companies, where he oversaw more than $800 million in transactions and $1.5 billion in development, including the construction and rehabilitation of nearly 5,000 affordable and workforce housing units in New York City.
Essence Development’s current portfolio includes over $6 billion in development, encompassing more than 3,800 affordable and workforce housing units, 3,000 market-rate units, and nearly 500,000 square feet of life science and research space.
Active projects include Alpha Towers, Willa Rawls Manor, Fulton and Elliott-Chelsea Houses, Seward Park Extension, and Hernandez Houses, with multiple developments structured through the NYCHA PACT program, which converts public housing to more stable funding structures and unlocks capital for long-term repairs and operations.
Northern Real Estate Urban Ventures | Washington, DC
Northern Real Estate Urban Ventures was founded in 2000 by Dr. Gina Merritt, who serves as Principal. The firm operates as a full-service development company with more than 27 years of execution experience across Washington, DC, Baltimore, and Cleveland.
The firm manages a portfolio valued at over $580 million, including more than 8,000 units of multifamily housing and 600,000 square feet of mixed-use space. Its current pipeline is approximately $600 million in active and planned development, with $310 million raised since 2021, including $124 million in 2024 alone.
Active projects include Mary’s House for Older Adults in Washington, DC, a communal housing development for residents aged 62 and older, and 9410 Hough in Cleveland, a $47 million redevelopment of a vacant 116-unit housing tower serving households at 60 percent of area median income.
Additional projects are in development in Prince George’s County, Maryland, targeting youth transitioning out of foster care, with delivery projected for 2027. The firm recently launched NREUV Contracting and Mechanical, securing nearly $8 million in HVAC contracts in its first year.
Brisa Builders Development | Brooklyn, NY
Brisa Builders Corp. was founded in 1997 by Thomas B. Keller and Lilly Woodyard Keller, who together brought more than 70 years of experience in general contracting, construction management, and affordable housing development across Brooklyn and the five boroughs.
Ericka Keller serves as Chairperson and CEO of Brisa Builders Corp. and Managing Member of Brisa Builders Development LLC, which she launched in 2016.
Since 2016, Brisa Builders Development has originated, completed, or placed under construction over 1,400 units of deeply affordable housing alongside more than 108,575 square feet of commercial, retail, and community facility space. The firm currently has over 2,500 units in predevelopment across New York City, representing a sustained pipeline of capital deployment across affordable housing and mixed-use projects.
Active projects include Grace’s Place Senior Apartments in Far Rockaway, a 57-unit, nine-story building for residents at 50 percent of area median income, and 19-19 Cornaga Avenue, a 92-unit affordable and supportive housing development financed with $51.7 million, including a $41.4 million construction loan from Bank of America.
The firm is also developing the Singing Bridge Residences in Chicopee, Massachusetts, a 105-unit Passive House development financed with $37.3 million from MassHousing, and served as general contractor on the $35 million Earl Monroe New Renaissance Basketball School in the South Bronx. Brisa holds NYS/NYC MWB/E certification and is a NYCHA PACT program partner.
New Urban Development | Miami, FL
New Urban Development was founded in 2005 as the real estate development affiliate of the Urban League of Greater Miami.
Oliver Gross serves as President and CEO, overseeing the firm’s acquisition, development, construction, financing, and asset management activity across Miami-Dade County. New Urban is Miami’s largest Black-owned developer.
The firm has developed more than 13 housing projects and manages eight properties. It currently has approximately $100 million in projects in permitting and pre-construction, with an additional $120 million in site-controlled projects, representing a combined pipeline of over $220 million in active capital deployment across multiple phases of development.
In 2023, New Urban partnered with T.D. Jakes Real Estate Ventures to develop two South Florida communities: a 200-unit multifamily mixed-income development in Hallandale Beach and a 150-unit senior living development in Miami Gardens, both targeting residents in underserved neighborhoods across Miami-Dade County.
Laurel Street | Charlotte, NC
Laurel Street was founded in 2011 by Dionne Nelson, who serves as President and CEO, bringing more than 25 years of experience across real estate development and finance.
The firm operates across North Carolina and Virginia, focusing on mixed-income and affordable housing for working families and seniors.
Laurel Street’s portfolio spans more than 5,500 units across 55 neighborhoods, valued at approximately $1 billion, with roughly 3,100 units affordable at 30 to 60 percent of area median income. The firm was the first minority and woman-owned mixed-income residential developer in North Carolina.
Active projects include Springhouse Square, a 236-unit mixed-income, multi-generational development in east Charlotte delivering in 2025, and River District Apartments, an 87-unit affordable community developed in partnership with Crescent Communities.
Nelson serves on the Board of Directors of Cousins Properties and the Low Income Investment Fund, as a Director of the Federal Reserve Bank of Richmond’s Charlotte Branch, and as a Trustee of the Urban Land Institute.
Dream Maker Corp. | Toronto, ON
Dream Maker Corp. is a Toronto-based vertically integrated asset management and development firm founded by Isaac Olowolafe Jr., who serves as President and CEO.
The firm operates across development, property management, private equity, wealth management, and insurance, with approximately $500 million in assets under management.
The development arm has more than 10 active projects across Toronto, including Dream Residences at Yorkdale, a major mixed-use development located opposite one of North America’s largest shopping centers. The firm also operates Dream Maker Ventures, which manages a Diversity Fund investing in early-stage technology companies with diverse founding teams.
Olowolafe is also a partner at BKR Capital, a venture capital firm operating across the United States and Canada, positioning the firm at the intersection of real estate development and early-stage capital deployment.
Foya Development Group | Newark, NJ
Foya Development Group is led by Adenah Bayoh. The firm focuses on affordable and mixed-income housing development across northern New Jersey, with a portfolio exceeding $250 million in urban redevelopment projects.
Since 2012, Bayoh has developed 373 units of rental housing, including 251 restricted affordable units financed through federal Low Income Housing Tax Credits. Foya integrates operating businesses, including retail, food service, and workforce development, directly into its developments, connecting housing infrastructure to the commercial ecosystems that sustain it.
Active projects include Southside View in Newark’s South Ward, The Sheila in Atlantic City, 915 Broad Street in Newark, and a new affordable homeownership community in Atlantic City. Bayoh became the first Black woman to lead a major affordable housing development in New Jersey.
The Integral Group | Atlanta, GA
The Integral Group was founded in 1993 by Egbert L.J. Perry, who serves as Chairman and CEO. The firm is a vertically integrated real estate development and investment company headquartered in Atlanta, with offices in San Francisco, Los Angeles, Dallas, and Denver.
Over more than three decades, Integral and its principals have led over $5 billion in investments in urban master-planned communities and mixed-use developments across the mid-Atlantic, Southeast, Southwest, and Western United States. The firm’s 300-person organization operates across affordable, workforce, luxury, and mixed-income housing, frequently structured through transit-oriented developments and large-scale public-private partnerships.
Perry served on the board of the Federal Reserve Bank of Atlanta and was appointed to the board of Fannie Mae in 2008, serving as Chairman from 2014 through 2018 during a period that spanned more than $3 trillion in the US mortgage market.
Integral operates across the full development lifecycle, from capital structuring and land acquisition through construction management and long-term asset management, with active projects across major urban markets in the United States.
Shoppe Black builds coverage around how development projects are capitalized, approved, and executed, and where infrastructure decisions are made as those projects move forward.
Firms and platforms operating inside this workflow engage with Shoppe Black to position how they are evaluated across development, construction, and long-term asset management.
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