Diversity is sought in real estate field
ROGERS — A local chapter of a global organization is trying to create a more diverse real estate development industry in Northwest Arkansas.
The Northwest Arkansas council of the Urban Land Institute recently completed its inaugural Real Estate Diversity Initiative, also known as REDI. The program aims to give women and minorities more opportunity in the industry, such as easily accessible capital and loans for projects, said Tiffany Hudson, REDI chair member.
The 16 graduates of the program learned about the real estate development process over a 15-week period. They formed teams and used the curriculum to create a mock development proposal, or “pitch deck,” with a focus on smart growth and affordable housing.
The Urban Land Institute is essentially a group of people who are committed to working toward a more creative community in the real estate development industry, Hudson said.
The institute is a global organization with regional councils that work together to shape the future of the built environment in urban areas, including but not limited to roads, buildings, schools and parks, said Megan Brown, the institute’s Northwest Arkansas director of special programs.
Officials with the local council saw a need to implement the already established REDI program this fall because the real estate development industry demographic was not representative of the community, Brown said.
Program members based their projects on a 1 1/3-acre parcel near the Railyard Bike Park in Rogers, which presented the cohort with “a lot of development and opportunities,” Hudson said. The projects not only needed to include a land use plan, but also needed to reflect the issues the parcel had, such as topographical or sewage, and how to solve the issues to move forward with the affordable and accessible housing project.
“These presentations were based on the assumption that the city gave the land,” Mayor Greg Hines said. “They were based on the assumption that the sewer and water bank had been moved, and they still had a hard time figuring out how to pencil them.”
The graduates presented their pitch decks to a panel of judges made of local industry experts, which included Hines; Verdant Studio CEO Jessica Hester; Mark Cloud, vice president of commercial lending at First National Bank of Northwest Arkansas; Runway Group Chief Strategy Officer Brenda Anderson; and Alex Vasquez of Vasquez Results LLC.
The winning project was “The Arcadian” by Adriana Ramos-Hinojos and Krishna Verma. The Arcadian was described as a 30-unit — including condominiums — urban infill project that would be able to serve different populations. The group said the main challenge of their project was keeping an integrated look while providing the variety of housing styles.
“We didn’t think we were going to win because we were missing people,” Ramos-Hinojos said, adding that their team began with five people and ended with two. “We decided that we have to finish this because we committed to the program and we believe in the program.”
Judges agreed every project displayed the cohort’s willingness to think about customers, sustainability and the possible demand for mixed use development. Hines said he was excited by the cohort’s ability to come together and create real affordable housing plans for all residents.
Hines said the program and public forums like it will help the community move forward to a more inclusive housing environment.
“Community problems, regional problems don’t get addressed or solved without these types of conversations,” Hines said.