There is evidence of a substantial place-based turn in federal policymaking in the United States over the past quarter century. The largest place-based education policy is the U.S. Department of Education's Promise Neighborhoods program. Employing quasi-experimental methods, I estimate Promise Neighborhood effects on student academic outcomes using Stanford Education Data Archive data at the school-level. Because place-based policies have the potential to transform neighborhood conditions, in both favorable and unfavorable ways, they have important implications for durable spatial inequalities in the U.S. that are congruent with academic achievement gaps. I contribute to research that explores the spatial clustering of disadvantage and the ways that these conditions shape educational outcomes and access to opportunity.