Jamestown Launches $50M Fund for Its Small-Business Tenants
The company will distribute money as qualifying tenants develop reopening plans in conjunction with their local Jamestown property management team.
ATLANTA—Locally-based real estate management and investment company Jamestown is launching a $50 million relief fund to support its small-business tenants.
The program is intended to help these businesses develop plans and strategies for reopening as states across the country begin to relax coronavirus-related restrictions.
“Our priority during the last six weeks has been to provide ongoing support and guidance so small business owners could retool their operations and adapt to an ever-changing environment,” Jamestown president Michael Philips said in a statement. “The addition of a $50 million relief program will prove to be a critical resource to our property managers and tenants as they work together to keep our small business communities running,”
The company will distribute money as qualifying tenants develop reopening plans in conjunction with their local Jamestown property management team. These businesses will be entitled to put funds towards hard and soft operating expenses, and can also direct them towards compliance with local, state and federal mandates for dealing with COVID-19.
Since Jamestown began developing its coronavirus contingency plan in January, the company has launched a task force to offer broader assistance to its properties in Atlanta, Boston, Washington D.C., Los Angeles, New York, and San Francisco, as well as other cities around the country. After launching an online resource guide in March to help tenants find details about maintaining business operations, financing, health and safety resources, and best practices for operating and reopening in a COVID-19 environment, Jamestown recognized in late April that additional financial support would also be necessary.
James Beard award winning chef Anne Quatrano, whose Atlanta restaurants Bacchanalia and Star Provisions sit in a Jamestown-owned development, called the announcement a huge relief.
“In today’s economic climate, chefs need more from their landlord than just four walls and a kitchen. We need a collaborative partner who understands there is a greater community benefit in helping our restaurant succeed,” she said in a statement. “I have always been grateful for the support I received from Jamestown, and that is especially true now.”