A group of aspiring local real estate developers got the chance to learn tips from seasoned professionals as the Incremental Development Alliance, the city’s first Emerging Developer Bootcamp, which is designed to demystify the real estate development process and help the developers get their own small real estate project off the ground.
The March 29 event was made possible through the City of Memphis, the Urban Land Institute, the Memphis Medical District Collaborative and Neighborhood Preservation Inc.
“We’re set up to specifically do this type of training and to cultivate both small developers and the ecosystems they need to operate within, including municipalities, local non-profits, local activists, local banks, local investors,” said John Anderson, Minneapolis-based IDA principal and founder.
“They’re all going play a part, and sometimes that part is going to be minor, but it is critical and has to be delivered.”
The introductory informational lectures, held at Bioworks Foundation and High Cotton Brewery, focused on the importance of small-scale real estate development, what makes a good project, how a building makes money, and how small developers interact with the broader ecosystem of professionals.
“We’re growing a cohort of folks who are developing a common vocabulary in order to be able to tackle a problem. Memphis seems to be a city that is ripe for this sort of activity,” Anderson added.
Memphis was selected due to the number of small-scale projects that need to happen in and around the Medical District but are sized wrong for large-scale developers to take on. The smaller projects typically consist of small shops and small operators with one to 20 units and one to three stories.
“It’s important for all of the players to understand that this is a system that runs parallel to the big (development) operations, but it doesn’t have the same operational requirements. It doesn’t need the same things from the city or local banks, or the response from local activists could be different,” explained Anderson.
The IDA hosts 12 to 16 workshops each year around the country as well as extended engagements with people who have been through the early stage training. IDA also works with certain cities like Portland, Ore. and Columbus, GA. on pilot projects.
Another one-day workshop will take place in Memphis in May, followed by a two-day workshop in Sept.
“In the meantime, we’ve mobilized local experts from the ranks of the ULI membership who are willing to help people that need mentoring,” said Anderson. “We’re trying to build enough support so that as people go through the learning curve on their first couple of projects they’re not alone, they have a safety net.”
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