A real estate developer oversees the development of a property. In real estate, it is important to spot a good developer to make sure that your property will be spot on. Today, we speak with real estate developer and author Bob Voelker who shares the ins and outs of real estate development.
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Bob starts by discussing density in the real estate space and why it is important to consider this when building a property. Bob also shares his advice to younger multifamily developers and that is not to go where you are not wanted, and so it is important to get to know the place from inside out and to figure out if you belong with them or not. He then discusses what makes a good developer, what Mezz debt is, and his favorite project he did in Dallas. Click the play button now!
Key Points From This Episode:
- Should density be built in today’s real estate environment?
- Bob’s advice to young developers is to not go where you are not wanted.
- Why did Bob venture into real estate?
- Bob shares his background as a tax attorney and why he decided to focus on real estate development.
- What inspires Bob to write his book Managing the Complexities of Real Estate Development?
- Bob discusses what makes a good developer.
- Bob gives a glimpse of how it is being a developer in Dallas.
- Why multifamily is going to be a rising star?
- What is a Mezz debt?
- Bob talks about one of his favorite development projects in Dallas.
“If you wanna have a healthy environment for people to live in and want to lower your traffic count and have a safer environment for people to be around, a safer place for your kids, density really makes sense.”
“If you want a much safer environment, you create this pocket of density.”
“As a developer, you don’t wanna go where you are not wanted because you can spend so much emotional energy, time, and money, on fighting a city. And so, early on, what I suggest to the young developers that I work with when I was just a normal multifamily developer was – go figure out even before you put a sign in a contract, go ahead and meet with the city council person, with the Mayor, with the planning department, find out who the neighborhood groups are, go meet with them. Figure out if you’re really gonna be one of them and if not, go find another place to develop.”
“Multifamily is gonna be a rising star.”
Links Mentioned in Today’s Episode:
About Bob Voelker
Bob has 30 + years of experience as a real estate attorney and multifamily developer with a focus on complex urban mixed-use development projects; high-rise residential development; affordable housing development; and real estate finance, including institutional debt and equity financing (MET, PRU, Goldman Sachs, Carlyle) and creative financing alternatives (EB-5, New Market Tax Credits, Affordable Housing Tax Credits, Historic Tax Credits, and Tax Exempt Bonds). As part of the Senior Management Team at StreetLights for 6 years, Bob was involved in company strategy/culture, company level and project financing, and high rise and mixed-use development projects from inception, including site analysis, financial feasibility, due diligence analysis, and financing through completion, lease-up/stabilization, and recapitalization or sale. Bob started his career as a CPA/tax accountant with a Big 8 accounting firm and after law school practiced tax law prior to moving into real estate development and finance.
Bob has served on the Urban Land Institute National Transit Oriented Development (TOD) Council; North Texas ULI TOD Council; Headed the Local Host Committee for the 23rd International Congress for New Urbanism (CNU) Conference in Dallas; current Board member and former President of CNU North Texas Chapter; and is currently on the board at CitySquare (a Dallas social service provider to lower-income individuals) and the Deep Ellum Tax Increment Financing board. Also a member of the Real Estate Council Membership Committee, Public Policy (PAC) Board, Mentoring Committee, and Professional Services Committee.
Among representative projects that Bob has spearheaded over the last 15 years are the W Hollywood Hotel and Condominiums in Los Angeles ($600MM development on 4.6 acres); Block 23 multifamily/office/grocery/retail mixed-use project in Phoenix; Butler Brothers Building historic building revitalization into two hotels and multifamily residences in Dallas; Hall Arts office building development in Dallas using EB-5 funds; Case Building in Deep Ellum, Dallas; The McKenzie Residences in Dallas; Hamilton at the Epic in Deep Ellum, Dallas; MET Midtown office, apartments & hotel in Midtown, Atlanta. From 1994-2005, developed 3,300 units of affordable housing in Texas, Oklahoma, and Arizona.
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