1803 Fund, an investment management organization, announced nearly $70 million in real estate investments in Portland’s Albina neighborhood, targeting two areas for redevelopment.

The investments include the purchase of former grain silos on the Willamette River’s east bank and multiple properties in The Low End, the historic heart of Black Portland. “We are investing in Albina not as an artifact of the past, but as a promise to the future,” said Rukaiyah Adams, CEO of 1803 Fund. “Our goal is to build something enduring, grounded in the people who have always called this neighborhood home.”

The $70 million in real estate purchases includes the site of the former grain silos near the Moda Center as well as several blocks in the lower Albina neighborhood, the historic center of Portland’s Black community. The real estate sits on more than seven acres. The 1803 Fund expects the early stages of redeveloping the properties will generate hundreds of jobs and nearly $700 million in economic impact.