Lecester “Bill” Allen, the founder of the New Black Wall Street in Atlanta, has died. His family confirmed his death at age 80 occurred at the end of June.
Allen first built the Black-owned market space in 2021 within the Atlanta suburb of Stonecrest. He sought to recreate and embody the success of the famed Black Wall Street in Tulsa, Oklahoma. Upon his death, Allen’s family released a statement about the “truly remarkable” businessman and his legacy.
“As a staple and beloved figure by the constituents of Stonecrest, GA., Mr. Lecester “Bill” Allen was a pioneer and iconic businessman who served as an inspiration for countless entrepreneurs throughout the state of Georgia and across the nation,” shared the family in a statement obtained by Fox 5. “Known locally as “The Wiz,” Mr. Allen was a visionary who saw potential when others saw obstacles. He created many platforms for African American and minority entrepreneurs to build and grow their businesses, foster economic independence and develop community resilience.”
They also detailed his other business endeavors, including the Allen Entrepreneurial Institute. The organization sought to help underrepresented groups with resources, mentorship, and networking events. He also contributed over $100 million to students at HBCUs.
Moreover, Allen died as the largest commercial landowner in Stonecrest. According to U.S. census data, the city hosts a Black population of over 90%. His establishment of New Black Wall Street was a testament to his dedication to Black entrepreneurs in the area. His family hopes his support of their ambitions continues.
“While the loss of our loved one is deeply felt, we are determined to run with his same spirit as his dream is truly becoming a reality,” continued the statement. “Now is the time for an amazing shift, and no stones will be left unturned until the words and ideas of this great man become the footprint of the City of Stonecrest, Georgia, “Ownership, Ownership, Ownership,”
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