Rising Tide Capital employees hosted a ribbon cutting Tuesday to celebrate its recent purchase of a building at 311 Martin Luther King Blvd. in Jersey City, to serve as its national headquarters.
Rising Tide Capital is a company that was founded by Alex Forrester and Alfa Demmellash 15 years ago with a mission of training entrepreneurs and providing affordable housing. The building is four stories which includes 5,000 square feet of ground floor space, a courtyard, 10 units of affordable housing, and a top floor commercial space with views of New York City.
“We defeated greed,” Demmellash said. “My co-founder Alex Forrester and I have always envisioned creating a space that would serve as a hub for innovation and growth where our entrepreneurs could gather under one roof to learn, collaborate, create, and live. 311 MLK represents the realization of that vision and our commitment to the Greenville section of Jersey City, which has been our home since our founding.”
New Jersey Sen. Sandra Cunningham, D-31st District, lauded Rising Tide Capital for making Jersey City “alive and well” on Martin Luther King Boulevard.
“I think this building is a start in that happening,” Cunningham said.
New Jersey Redevelopment Authority President Leslie Anderson said Rising Tide Capital opening its building constitutes a great day in Jersey City.
“I have a lot of great ideas on my desk that fail because of a lack of leadership,” Anderson said. “While the financing is important, the impact of the project is premier.”
Rising Tide Capital operates in Chicago, Ill., through a replication partnership with a local nonprofit. Rising Tide Capital operates four programs: a community business academy, a start something challenge, credit to capital, and business acceleration services. These programs are aimed at helping entrepreneurs achieve self-sufficiency.