Amidst Houston’s urban development’s fast-paced and ever-changing landscape, a unique housing project stands out. The new mixed-income development on Caroline Street in Midtown is not just another construction project but a beacon of hope for the base workforce, often overlooked in the city’s housing developments. This new development is being built by Five Woods Realty, led by their CEO, Laolu Davies-Yemitan, who believes that decent and affordable housing should not be exclusive to those with large incomes.
The project is a part of the “Growing Diverse Housing Developers” initiative, a national program by Wells Fargo aimed at helping minority development firms grow and scale up their businesses. Through this initiative, Davies-Yemitan hopes to build more mixed-income dwellings for Houstonians who work in areas like Midtown but cannot afford to live there due to inflation.
This project could be a game-changer for 72-year-old Darrell Williams, who recently lost his apartment and had to move in with his sister. Williams has been in Houston all his life and believes there is no difference in the construction or quality of people in affordable housing. He says, “affordability is an issue for those that make up a key workforce for those in our community.” With this initiative, those who meet the low-income requirements could have rent below $500 a month, a significant relief for many struggling Houstonians.
Davies-Yemitan is passionate about providing affordable housing to the underserved people in Houston who work in areas like Midtown. He believes that his company’s success lies in the preparation that meets opportunities like the Wells Fargo program. The mixed-income development on Caroline Street is set to be completed next year, and Davies-Yemitan hopes to build at least two mixed-income developments per year for the next four years.
Houston’s urban development is moving at a breakneck pace, but Laolu Davies-Yemitan strives to keep the base workforce from being left behind. With his passion and drive, Davies-Yemitan is creating a brighter future for many Houstonians who deserve decent and affordable housing.