Idea Village Press
NINTH WARD BUSINESS INNOVATION CENTER GROUNDBREAKING
Contact: Lauren Baum, The Idea Village
office: 504.304.3291/cell: 212.920.1981
The Idea Village @ N. Galvez
Community Celebration on Saturday, August 25th from 1 - 3pm
Press Announcement to begin at 2pm
For Immediate Release
(New Orleans) August 24, 2007 – Today, The Idea Village, New Orleans Area Habitat for Humanity (NOAHH) and Regions Bank announce an innovative partnership designed to spur sustainable economic development in the Upper Ninth Ward. There will be a groundbreaking ceremony to celebrate The Idea Village @ N. Galvez Business Innovation Center, expected to open early 2008. Regions Bank is the lead sponsor of this initiative, joined with support from Mercy Corps and Tulane University. The announcement of this partnership coincides with a community celebration on Saturday, August 25th from 1pm to 3pm at N. Galvez and Piety Street.
The Idea Village is developing linked community “Innovation Centers” to revitalize key commercial corridors in New Orleans, with the pilot center under development in the Upper 9th Ward where NOAHH has its highest concentration of affordable housing. The Idea Village @ N. Galvez will be an outpost that provides access to retail space, technology, technical assistance, financial services, and other essential resources necessary to economic recovery and development. This center is designed to be a catalyst for a robust commercial corridor that will fuel private investment throughout the neighborhood, giving residents a sense of confidence, ownership, and participation in their community.
"The Idea Village is one of our company's most significant sponsorships in our commitment to the revitalization of the entire Gulf Coast region," remarks Southwest Regional President Ronnie Smith. "Regions and the other sponsors, Mercy Corps, New Orleans Area Habitat for Humanity and Tulane University, believe in the future of the Upper 9th Ward, so we are dedicated to helping it prosper and enjoy an unprecedented vitality."
According to Allen Bell, co-founder of The Idea Village, who is leading the initiative to develop linked innovative spaces in New Orleans, “A world-class, entrepreneurial environment cannot be created in an isolated business district. It is necessary to build a stable foundation of revitalized neighborhoods to support a vibrant community. By breaking down geographic barriers, the opportunity for collaboration grows exponentially.”
Regions New Orleans City President, Suzanne Mestayer adds, "The Idea Village @ N. Galvez will be a vital center that provides access to retail space, technology, technical assistance, financial education and other essential resources necessary to infuse small business innovation and resources in the Upper 9th Ward area. Regions Bank is committed to serving the people of New Orleans who should expect more.”
The physical landmark in the Upper Ninth Ward is expected to open by early 2008. Jim Pate, Executive Director of New Orleans Area Habitat for Humanity, remarks, “We are delighted to further this partnership in developing additional innovative spaces as a catalyst for addressing neighborhood issues creatively in diverse communities throughout New Orleans.”
ABOUT THE PARTNERS
The Idea Village mission is to ignite innovation by providing strategy, talent and resources to entrepreneurial ventures.
The Idea Village is a 501(c)(3) economic development organization founded by local entrepreneurs who believe that innovation is the catalyst to creating economic change. Since 2002, The Idea Village has been the primary driver for business innovation in New Orleans through its powerful network of individuals committed to accelerating the growth of the local entrepreneurial community. www.ideavillage.org
Regions Financial Corporation is a member of the S&P 100 Index and Forbes Magazine's "Platinum 400" list of America's best big companies. With nearly $140 billion in assets, Regions is one of the nation’s largest full-service providers of consumer and commercial banking, trust, securities brokerage, mortgage and insurance products and services. Regions serves customers in 16 states across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates some 1,900 AmSouth and Regions banking offices and more than 2,400 ATMs. Its investment and securities brokerage, trust and asset management division, Morgan Keegan & Company Inc., provides services from more than 400 offices. Additional information about Regions and its full line of products and services can be found at www.regions.com.
New Orleans Area Habitat for Humanity (NOAHH), an independent affiliate of Habitat for Humanity International, is a 501(c) 3 non-profit organization. NOAHH builds new houses in partnership with sponsors, volunteers, communities, and homeowner families to eliminate poverty housing in the New Orleans area while serving as a catalyst to make decent shelter a matter of conscience and action. Since its inception in 1983 NOAHH has built over 160 new homes for low-income families in need of adequate shelter. In the next five years, NOAHH plans to build 1,500 homes in Orleans, Jefferson, St. Bernard, and Plaquemines Parishes. www.habitat-nola.org
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