Wells Fargo & Company (NYSE: WFC) and the T.D. Jakes Group, a conglomerate that includes T.D. Jakes Real Estate Ventures, LLC (TDJREV), TDJ Enterprises (TDJE), and T.D. Jakes Foundation (TDJF), announced on Wednesday a groundbreaking partnership aimed at driving economic vitality and inclusivity in underserved communities across the United States. The partnership is expected to result in up to $1 billion in capital and financing from Wells Fargo, as well as grants from the Wells Fargo Foundation over the next decade. The partnership, the first of its kind, is set to transform communities in need across the country by providing long-term, transformative investments that foster economic opportunity and create long-term change.
The partnership brings together two entities committed to the revitalization of marginalized communities. Wells Fargo, the fourth-largest bank in the United States, has a long-standing commitment to community investment and sustainable growth. The company’s goal is to help strengthen communities by providing resources and investing in the well-being of its customers, communities, and team members. The T.D. Jakes Group, on the other hand, is a social impact conglomerate that seeks to create positive change in underserved communities. The group’s mission is to provide economic justice, eradicate food deserts, create desirable workplaces and affordable housing, close the digital divide, and ultimately help families leave a rich and lasting legacy for the next generation.
“We are excited to collaborate with the T.D. Jakes Group as they play a key role in the transformation of communities that will have a lasting impact for generations to come,” said Charlie Scharf, CEO of Wells Fargo. “This strategic partnership goes beyond a one-off capital investment and underscores our continued commitment to diverse and inclusive communities. We look forward to seeing the meaningful difference we’ll make together in communities across the country.”
The partnership aims to provide long-term, transformative investments that foster economic opportunity and create lasting change. Over the next decade, the partnership could result in up to $1 billion in capital and financing from Wells Fargo, as well as grants from the Wells Fargo Foundation. The partnership will focus on revitalizing neighborhoods, fostering economic opportunity, and creating long-term change in communities that need it most.
“This alliance with our organization allows us to further our four decades-long work to provide economic justice, eradicate food deserts, construct desirable workplaces and affordable housing, closing the digital divide and ultimately help families leave a rich and lasting legacy for the next generation,” said T.D. Jakes, Chairman & CEO of the T.D. Jakes Group. “We recognize the need for CEOs like Charlie Scharf bending the arc and aim of Wells Fargo toward correcting systemic inequalities. We are committed to ensuring additional opportunities actually reach as many areas of need that we can influence. Disruptive partnerships like this create a paradigm shift in how we can collectively bring long overdue transformation, particularly to Black and Brown communities and other marginalized groups around our nation.”
The partnership will begin with the revitalization of Fort McPherson, a historic former army base situated in enviable proximity to downtown Atlanta. TDJREV, a subsidiary of the T.D. Jakes Group, began purchasing nearly 100 acres of the land in 2022 with plans to create an innovative community of commercial and residential space. The plans for this land include mixed-income housing with an array of living choices such as single-family homes, townhomes, and apartments positioned in well-designed neighborhoods with ample amenities aimed at enhancing the quality of life through healthy food choices, healthcare options, and other wraparound services. One of the first prominent projects that Wells Fargo intends to support as a financial partner is the revitalization of the Fort McPherson property, with the vision of aiding TDJREV in developing the area into an inclusive and sustainable neighborhood equipped with ample green space, a bike path, and recreation centers. The partnership between Wells Fargo and the T.D. Jakes Group aims to provide up to $1 billion in capital and financing over the next 10 years to drive economic vitality and inclusivity in communities across America. The Fort McPherson project is just the beginning of this long-term transformational impact, with plans to revitalize neighborhoods in underserved low-and moderate-income communities by increasing homeownership and fostering business creation in several cities, including Atlanta, Chicago, and Dallas.