The neighborhood trust model works. The Kensington Corridor Trust is proof.
By Adriana Abizadeh
In cities across the country, economic development often follows a familiar and troubling pattern: disinvestment, decline, and then, when real estate values are at their lowest, increased outside interest that displaces legacy residents. Kensington, a neighborhood in North Philadelphia, has lived this cycle for decades, with the loss of industry finalizing in the 1960s, and the drug trade emerging in the 1970s.
But what if, instead of outsiders reaping the rewards of development, the community owned the land and collectively determined their neighborhood’s future?
Five years ago, the Kensington Corridor Trust set out to answer that question.
To our knowledge, the trust is the nation’s first neighborhood trust focused on a commercial corridor. It collectively owns a growing portfolio of properties along Kensington Avenue and has pioneered a model that puts real estate ownership and control into the hands of the community.
It currently stewards 30 properties along a four-block stretch of Kensington Avenue, comprising a mix of vacant lots and mixed-use buildings. The cumulative market value of the trust’s portfolio amounts to just over $7 million.
Strategically, the trust’s property acquisitions are concentrated along Kensington Avenue, a historically significant commercial corridor. This focus creates a buffer zone that mitigates the effects of speculative development and gentrification.