Intentionality is key to creating equitable opportunities in commercial real estate

Through the Community Foundation for Greater Atlanta, Wells Fargo’s Wealth Opportunities Restored through Homeownership (WORTH) initiative involves both civic, nonprofit and philanthropic institutions in the Atlanta housing ecosystem. This initiative was launched to help create 40,000 new homeowners of color by the end of 2025 in eight U.S. cities.

Credit: Bruno Passigatti

Credit: Bruno Passigatti

Credit: Handout

Credit: Handout

Black Atlantans, who make up the largest BIPOC demographic in metro Atlanta, are half as likely to own their homes as white Atlantans. An estimated 92% of Black household wealth is located in their homes, making homeownership a critical wealth-building strategy.

ULI Atlanta, a district council of the Urban Land Institute, a nonprofit dedicated to shaping the future of the built environment, recognizes that we cannot think about the future of our cities without being intentional on race and equitable development.

To help create more equitable outcomes, one of ULI’s global mission priorities is to create industry leadership pathways for diverse leaders, including students, women, and professionals of color. Here in Atlanta, ULI is attempting to meet this mission priority by partnering with local universities (Georgia Tech), cities, and community groups to facilitate UrbanPlan and execute ULI’s Etkin Scholars program, which is implemented in eight other U.S. cities with the goal of introducing college and university students to the resources available through ULI membership and mentoring. In 2020, ULI Atlanta also launched the ChangeMakers program, a recognition honoring women leaders who are driving change and innovation in the real estate industry through their influence and impactful contributions in the Atlanta region.

The organization understands that our members should look more like the cities and regions we serve. We need strategic, intentional allies and mentors to the next generation to ensure they have the right oars in both calm waters and rough seas.

The examples mentioned above highlight the crucial role that the private and public sectors play in promoting the growth of minority-owned real estate companies. Atlanta’s exemplary model highlights the central role played by this type of collaboration. These partnerships drive innovation and sustainability and establish a framework for minority-owned real estate companies to thrive, benefiting the industry and society.

Private entities bring invaluable expertise, resources and mentorship, offering a wealth of industry knowledge and financial support. For example, Baker Tilly, a leading CPA consulting firm, created DevelUP, a platform that brings together hundreds of diverse developers, emerging managers, allies, community leaders and industry professionals, to collaborate, network and foster meaningful connections to drive equitable economic development. In addition to an annual convention, the firm helps facilitate meaningful partnerships with stakeholders in the built environment, as well as joint venture partnerships. They also show developers how to leverage different financial resources in their capital, including tax credits for new markets, energy and/or low-income housing. A crucial part of their commitment is building partnerships with industry stakeholders to help bridge the gap between capital and various sponsors in need.

Atlanta is one of the fastest growing cities in the United States and one of the fastest growing markets for diverse entrepreneurs, particularly in the area of ​​minority-led real estate companies. Adding capital to this market makes sense. There are countless ways for established stakeholders to partner and support the next generation of upcoming developers, whether it’s mentoring or offering a portion of their balance sheet to help them close agreements. There is also a need for lending institutions to double down on their investments in Atlanta and in entrepreneurs doing transformational work in the community.

We know that transforming our industry will take time. Diversity must be at the center of creating an ecosystem that works for everyone.

Daphne Bond-Godfrey is the executive director of ULI Atlanta. Matt Paschall leads DevelUP at Baker Tilly.