Women Entrepreneurs Helping Shape the Future of Detroit

According to a 2015 estimate by industry group Commercial Real Estate Women, women make up just 32 percent of all real estate development jobs in the United States. But that number represents an increase of 60 percent since 2000.

A recent article in Crain’s Detroit Business explored the ways in which women in development in Michigan are making their mark on the industry and the state—including a number of revealing and informative quotes from women who are on the front lines in shifting demographics and outdated assumptions in this traditionally male-dominated space.

Apartments proposed for construction on historic Center Avenue

BAY CITY, MI -- Jenifer Acosta successfully brought a century-old newspaper building back to life and she's currently in the middle of revitalizing a 125-year-old bank building in downtown Bay City.

Pending environmental approvals from the state, the developer now has plans for new construction on historic Center Avenue

eleven thirteen center

I had an hour between meetings last year and decided to take a drive through Bay City’s Center Avenue Historic District. In particular, I was thinking of developing a small-scale infill project and wanted it to be in close proximity to downtown and other projects I’ve worked on.

I’ve driven down Center Ave countless times, but that day this vacant parcel with concrete slabs jumped out at me. It’s located at the corner of Center and Sherman. A large 100’ x 100’ parcel with the unsightly remains of a gas/auto shop. It’s walkable to Downtown Bay City, about a half a mile away. I called the realtor listed on it’s for sale sign and started digging for information. It has been for sale for 10 years.

There is a long environmental history on the property. The records with the DEQ showed the history dates back to when I was in elementary school and living right down the street in The Perry House on Center Ave.

Twenty-five years later here we both are. The parcel is still an environmental eyesore and I tend to be ambitious enough to see past the present value and see potential on properties. For this particular property, I’ve envisioned building a simple fourplex or sixplex with character. The resources and guidance from the Incremental Development Alliance opened my eyes to looking at properties more simply and not over complicating it.

Finding the right design was a balancing act. Zoning has not been updated to reflect the city’s new master plan. The parcel is currently zoned O-1 where multifamily is allowed with special use approval. Two bedroom units required more parking than is possible. Other sixplex designs were too tall for the height maximum. A smaller fourplex design didn’t fill the site or have the character I’d want to put my name behind.

While scrolling Instagram early this year and drooling over #MansardMonday, it hit me. A Mansard roof would allow a sixplex with smaller units on the third and keep the project under the 35’ maximum height. My husband, Anthony, and I were discussing it at dinner one night and finally, the project came together in our heads and made perfect sense. He asked me to send him visuals of what I had in mind. I immediately went Instagram shopping and sent him 7 Historic Mansard Mansions that were not overly complicated (aka could be built today by local builders and craftsman without scaring off banks).

Anthony designed this French-inspired mansard beauty that has four 1 bedroom + den units and two 1 bedroom units. After pouring through incredible designs for a year and honing in the units to fit the Bay City market, I finally feel ready to move forward with the best project. We’ve started meeting with home builders to see where costs will be and build the right team. As I work with the DEQ and City on the environmental challenges, I now have a final design that I believe my family, the city, and the community would be proud to have added into its historic main street neighborhood.

Many thanks to the Incremental Development Alliance and R John Anderson for the guidance.

Also to my husband, Distressed Design, for making my Instagram daydreams a reality.

-jen

Developer eyes historic Saginaw building for $17.9 million boutique hotel

SAGINAW, MI --  A group of real estate investors are taking the first steps to examine the historic Bearinger Fireproof Building for redevelopment.

Developer Jenifer Acosta, who made her mark in Bay City renovating the old Bay City Times building into luxury apartments, is proposing the Saginaw building at 126 N. Franklin be redeveloped into a 76-room boutique hotel with 4,000-square-feet of restaurant and commercial space.

Jenifer Acosta Real estate developer, Jenifer Acosta Development

Company: Jenifer Acosta Development

Title: Real estate developer

Age: 34

Years in development/real estate: Two

Education: Southern Illinois University, undergraduate; University of Miami, master's; New York University, graduate certificate in real estate development.

Real persistence: Men dominate real estate development, but women make inroads

Years after Susan Harvey was hired in the mid-1990s to lead the Canton Township office of Ashley Capital, a New York City-based industrial and warehouse space powerhouse, the man who had brought her on board confided the one concern he had at the time: That she was "too nice" to be successful in the male-dominated real estate development industry.

She's proven him wrong.

Today’s Favorite FAQ: “What about the DowDupont merger?”

I have been asked this question a lot lately. Over the last two months, I have had the pleasure of speaking to three classes at Saginaw Valley State University and a Bay Area Chamber Leadership class. By the way, whenever I have these opportunities, I’m always impressed by the level of talent and driven individuals we have in the region.

But back to the question on the DowDupont merger – it does come up often, whether I am in the audience at an event or speaking to a class. With the events over the last two months, it was easier than ever to answer.

“It doesn’t affect me....yet.”

Even though The Times Lofts lost some great tenants who were transferred elsewhere as a result of the merger, the Lofts community has welcomed new neighbours. Overall, the developments in the pipeline are incremental and relatively stable additions to the local market. If it was a large building with 100 units, things would be more worrisome. There's safety in choosing small, incremental, growth.

But I do worry. Especially when it comes to federal policy, state programs, and major news that affect my livelihood. For example, the tax reform overhaul was a nail-biter. Historic tax credits were not in the approved bill from the House of Representative and had the Senate not fought to save this tool, historic buildings in our market likely wouldn’t be saved. That includes plans currently sitting on my desk for an old building that is begging for a new beginning. New Market Tax Credit allocations were another tool that almost didn’t make it – and these have played a role in the Dow Bay Area YMCA and SVRC Marketplace.

“All development issues are local.”

It’s backwards to think that national issues don’t affect developers as much as local issues do. That is backwards. When hurricanes hit the United States, I’m consumed with analyzing construction timetables and making sure materials are ordered before prices go up. I cannot afford to pay 150% for steel or drywall on a rehab with eight layers of financing in the capital stack. I was also thankful my project had been bid out and subcontractors (who are busier than ever) were already committed.

The DowDupont merger may be more likely to affect me in 5-10 years, depending on the levels of growth the region does, or doesn’t, achieve. In the meantime, I can do so much to make this region great in the ways I know how. By increasing quality and sense of place. By rehabbing and bringing new life to old buildings. By encouraging entrepreneurship.

Policies and administrations may strip some of the economic development tools needed for this work. Or, maybe they will create some new tools. Regardless, I’ll be here advocating for the strongest, research-proven programs to continue revitalizing our region. And I’ll remain optimistic that the DowDupont merger will also improve both my livelihood and the region’s vitality. The question is, who’s with me?

Top 3 leadership qualities I admire

I am an army of one. A single member Limited Liability Corporation. However, I am also part of a property management firm and consult for a couple of badass companies. In addition to the structure of what I do, my work keeps me regularly engaged with the ABCs (architects, bankers, and contractors) and then some. 'Some' is putting it mildly. The range on any given day includes city staff, elected officials, business owners, organizations/agencies, engineers, subcontractors, news/media, and marketing professionals to name a few.

Everything is multifaceted. It’s not only my normal. It’s most everyone’s normal. Recently, it struck me. Regardless of what field a person is in, there are qualities I gravitate to and respect the hell out of.

Work Ethic

It’s on every list because it belongs there. You can tell how strong someone’s work ethic is by their reliability. You trust that they won’t simply accomplish something, but that it will be executed well. Generally, my job is the overview. My job is to create goals and ensure they are executed. For example, to my civil engineer I might say, “It’s a 127-year-old building that will have 26 apartment kitchens, 35 bathrooms, 2 offices with private bathrooms, a restaurant with full kitchen and restrooms, dumpsters, a transformer needs to go somewhere, oh and of course - I need as much parking as possible.” I know my civil engineer will run all his calculations and creatively try different ways to make sure these needs are met because he has a great work ethic. When we discuss how he arrived at his solutions, after analyzing every option, I’m confident in his work. If you get the work done and do it well, it breeds trust and respect. That’s work ethic.

Sense of urgency

A sense of urgency is that desire to get everything marked off your list in half the time. It’s the drive to achieve that makes you jump out of bed each morning. To know what items are most time sensitive and prioritize. It really comes down to a physical manifestation in your gut that desires productivity. We all have it. We just focus on some tasks more than others.

That said, we live in an Amazon Prime world where we want it all and want it now, but be cautious of people with that sense of urgency. Know that communicating timelines and priority is important. You don’t want to burn people out or give them a demanding timeline that interferes with their home life. Set the file aside for a week until you really needed it. I love the reaction I get when I tell people something is low on my priority list and to take their time. It also means that when I call on the same person and I’m pushing for an immediate turnaround, they know I’m serious.

Customer service

You’ve heard, “everyone is in the business of sales,” right? Did you know, top companies improve their sales teams by starting them in customer service for a month? And, they have them return two weeks a year for professional development. Customer service is about empathy. It’s connecting and recognizing what another person is facing and acknowledging it. Perhaps taking measures to make it easier on them. It’s when you ask if you can create a process or communication strategy to keep a team member from being overwhelmed with tasks.

Great teams are formed when there is a level of empathy and consideration for each other’s work. You don’t always have to agree with each other’s opinions or decisions, but you should take the time to reflect on why they are coming to that decision.

I’m fortunate to have found incredible people in my network with these characteristics. I respect the hell out of them. I gravitate toward working with them because they are great mentors and leaders. Not only do I have the ability to learn about their specialty and field, but also I have the ability to learn how to improve my own work ethic, sense of urgency, and customer service.

-jen