The Talking Drum
Defining Our Path Forward
Last year, we embarked on a journey to define who we want to be as a company. This process led to a focused mission and an ambitious vision rooted in core values that guide our work and inspire our future.
Our Mission
Ntontan RE is dedicated to effective and sustainable community-focused development, creating impactful projects that tell powerful stories. We prioritize environmental and financial sustainability, aiming to positively transform neighborhoods through innovative and responsible real estate practices.
Our Vision
To lead innovation in commercial real estate development, design, financing, and sustainability, and to be competitive globally.
Our Values
Integrity
We prioritize understanding the communities we serve and use that insight to shape our work, ensuring our actions are ethical and community-focused.
Sustainability
Our projects will be financially and environmentally sustainable. We ensure long-term financial health through rigorous analysis and stress-testing and we push the boundaries of sustainable initiatives within budget constraints.
Community Impact
Ensure measurable positive impacts on the communities involved.
Design
Create strong, striking designs that reflect the community and prioritize user experience and accessibility.
Collaboration
We work closely with community members, partners, and vendors to create unique solutions to community space needs.
Storytelling
Our projects tell the stories of the communities they serve.
Project Updates
The Townhall Food Hall and Apartments
Winning the Iowa Finance Authority LIHTC Innovation Set-Aside was the momentum we needed to bring this project to life. We have been working with Newbury Living, our partner on this project, throughout the year to secure funding and commence construction.
The Townhall Food Hall and Apartments is an innovative community development initiative that addresses the need for affordable housing while fostering economic opportunities and community engagement. The project includes a mixed-use building with 29 affordable housing units and a pioneering Foodhall featuring three kitchens and a coffee shop. The development comprises a new building housing 24 units and three kitchens and will also sensitively rehabilitate North Des Moines Hall. Built in 1888, this currently vacant and National Register-listed hall will be transformed to include five apartments and a coffee shop. Key innovations include sustainability features, vibrant community spaces, equitable partnerships, and resident programs.
Rendering of the Townhall Food Hall and Apartments on 6th Avenue, courtesy of ASK architecture.
Timeline
We want to avoid the headaches associated with winter construction, so we anticipate beginning site work and historic building stabilization this fall and start working on the new building in the spring.
Future Projects
We are in predevelopment for a mixed-use intergenerational housing concept. This will be a mixed-income, mixed-use, mixed-age project. The concept comes out of a need and a market opportunity. Reach out if you want to hear more about this project.
Partnerships
As a new company, we may lack experience and capital, but we make up for it with innovation, agility, and the ability to explore interesting real estate ideas. We offset our gaps by partnering with experienced individuals and firms. Ntontan was started in a high interest rate environment, which has required us to navigate high capital costs and create unique partnership and funding structures to make our projects happen. We have developed an understanding of difficult to develop urban areas and are dedicated to creating paths towards financially successful projects in these communities. We are always looking to partner on interesting projects related to our mission.
Please reach out if you would like to grab a coffee and talk about development.
Thank you for being part of our journey. We look forward to creating impactful and sustainable communities together.
-Kuuku
Financing
We had to get creative in financing this project. With the help of experienced and innovative thinkers, we are tapping into 12 different sources of funds. We've navigated applications, negotiations, and obscure programs to pull together the financing. The largest source is the Low Income Housing Tax Credit (LIHTC). We will also be using federal and state historic tax credits. We recently received a grant allocation from the Polk County Housing Trust Fund(PCHTF). We are also working through a Tax Increment Financing (TIF) agreement with the City of Des Moines, and federal HOME funds through the city and the state.
We are actively fundraising for the Food Hall component. The Townhall Foodhall aims to bridge the gap between open kitchens and traditional restaurants, providing an affordable, inclusive space for local entrepreneurs to launch and grow their culinary businesses. Please reach out if you are interested in seeing the business plan.
As Ntontan navigates commercial real estate development, I am committed to sharing our experiences and insights with those interested in community development through real estate. I will be doing a series on the financing stack for this project.
The Talking Drum The talking drums of West Africa were used for communication between communities. This periodic piece is our way of updating our community partners, investors, and stakeholders on what has been happening.