Following the Philadelphia 76ers' win over the Orlando Magic on Wednesday night, the organization's Managing Partner Josh Harris pledged to make a significant investment into a Philadelphia-based company, Mosaic Development Partners, on Thursday morning.
According to a press release, the Harris-Blitzer Sports & Entertainment co-founder pledged to invest $10 million into the minority certified commercial real estate development and project management company, which was founded in 2008.
Although Mosaic Development Partners already has an extensive portfolio with six completed projects over the span of eight years with two more currently in the works, Harris' investment will help the company grow into something much bigger as they seek to create the largest minority-owned development platform in the Eastern U.S.
"With a strong devotion to our city, we are thrilled to take this step forward with Josh Harris," said Mosaic's Founders and Principals, Leslie Smallwood Lewis and Greg Reaves. "As a critical private investor in our game-changing development in Sharswood Ridge, we have gotten to know Josh and are impressed by his commitment to economic equity and combating systemic racism. Through this partnership, we feel confident that we will accelerate our development pipeline and funnel capital into projects that support disenfranchised Philadelphia communities and beyond."
Back in 2020, Harris and the Sixers worked with Mosiac Development Partners through HBSE's racial equality commitment. As Mosiac works on their Sharswood redevelopment project, which is a multi-block development in North Philadelphia, they received a $100,000 grant commitment through Clarifi, a local credit and housing counseling agency that works in Sharswood.
Impressed with Mosiac's efforts in the city, Harris is looking forward to helping the business grow and help create change for the better in Philadelphia.
"Mosaic is one of Philadelphia's most innovative developers and a leader in pioneering a model for community development that truly engages residents, expands local hiring, and furthers opportunities for equitable wealth creation in all communities where they focus," said Harris.
"I am proud to support Mosaic's ambition to expand their work and to help facilitate meaningful and sustainable economic progress. With deep roots in Philadelphia spanning generations, I have immense pride for this city and see great potential in its future growth. I am energized and inspired by the chance to work toward advancing equity, economic opportunity, and long-term change for all Philadelphians," he finished.
Harris' $10 million investment will be used for a wide range of projects. The company revealed they plan to build on their portfolio, partner with other large developers, increase the number of minority and women-owned businesses. They will mentor and support growing minority-led development and investment firms, drive institutional investment capital in projects that support sustainability and wealth-creating opportunities for communities of color, create innovative partnerships at educational institutions, and pledge an investment of their own in the Navy Yard development project, which is being led by Mosaic in collaboration with Ensemble.
Justin Grasso covers the Philadelphia 76ers for Sports Illustrated. You can follow him for live updates on Twitter: @JGrasso_.