Phil Knight, co-founder of Nike, and his wife, Penny, pledged a multi-million dollar donation to their hometown of Portland, Oregon, to rebuild the Albina area of the city. Nike’s longtime headquarters is in Beaverton, Oregon, a suburb of Portland.
Located in the north and northeast sections of Portland, Albina is a historically black community whose residents have been displaced over its century-plus history through discriminatory housing practices and redlining. Now, Knight has pledged $400 million to help rebuild the area’s black community for current and future generations.
“I think it can lift up the community and it can give hope to the whole city,” Knight said The Wall Street Journal. “That’s the ambition.”
The initiative, Rebuild Albina, will be part of the new 1803 fund (the launch of which was made possible by Knight’s donation), which is billed as a “private equity fund for the people” and intends to combine the philanthropy and private investment.
“1803 Fund is not a conventional investment firm, and it is not traditional philanthropy, although our work will include pieces of both,” the organization states on its website.
Related: 12 Quotes About Leadership, Passion, Hard Work & More From The Entrepreneur Behind Nike Phil Knight
1803 Fund will be led by CEO Rukaiyah Adams, a Stanford MBA and law graduate who grew up in Northeast Portland. Adams said a former mergers and acquisitions attorney WSJ which is not only intent on raising more funds for the project, but is also results-oriented in its approach to strengthening the community.
“I think judging by who Phil chooses and the team chooses to run the organization, I think that tells you something about what we hope the magnitude will be, and the tone, which is: This is not charity, we’re investing.” , Adams told the network.
Rebuild Albina will focus on a variety of areas, from education and housing to arts and culture, aimed at strengthening the community for existing and future black residents.
Knight has made countless donations over the years to his home state, including funding chairs, buildings and athletic facilities at the University of Oregon and donating $500 million to fund cancer research at the Oregon Health & Science University.
Related: The Extraordinary Career of Nike Founder Phil Knight
