“New” in Real Estate Development might take a little while.... a story.
I’m someone who enjoys taking the path less traveled.
In business, this often means confronting the challenge of someone saying, “prove it.” These two words seem simple but carry immense weight. What they really mean is, “please remove all risk from this scenario.”
This is not an unreasonable request, but what many fail to grasp is to prove it, is to do it.....and that’s no small undertaking.
In 2017, I took on the leadership of RizeLab, the innovation arm at Rize, with the goal of exploring new possibilities in real estate and pushing boundaries to meet the evolving needs of urban living. On one of our earliest projects, we partnered with MA+HG Architects to explore what Co-Living could look like in a future where space, community, and affordability are key.
Turning this vision into reality was far from easy. Local building codes, the unproven nature of the Co-Living model, and a general aversion to risk meant that our early work remained largely conceptual, collecting dust on the shelf. The challenges of implementing such a model were significant, and for a time, it seemed this concept might never come to life.
To see this work, please visit https://lnkd.in/d2sHfzrW
We were also exploring other innovations in rental housing, particularly moving away from the traditional double-loaded corridor design. I continued to see U.S. housing projects by groups like Brooks Scarpa and Lorcan O’Herlihy, FAIA utilizing courtyards as a catalyst for community. These designs weren’t just about creating living spaces; they fostered environments where residents could connect and interact, building a sense of community often missing in conventional apartment buildings.
And so in 2020, I led a group of Rize members to Los Angeles to seek out these folks. This journey led to engaging Lorcan O’Herlihy and acquiring a site. Co-Living was a topic that LOHA was well-versed in and eager to accommodate and almost by magic, we were doing it.
I left Rize in 2021, and watching from afar as initiatives you championed finally come to life is bittersweet. I realize that often, those who push hardest for new ideas don’t stay long enough to see them through. (see above, road less travelled)
Now, in 2024, Rize is nearing the completion of a 100% Co-Living project in Los Angeles, designed by Lorcan O'Herlihy, nearly eight years from those early days pitching a concept nobody had heard of. Only now, as they approach the finish line, will they begin to see whether the innovation they’ve pursued will prove its worth.
In real estate development, patience isn’t just a virtue—it’s a necessity. The next time someone asks you to “prove it,” remember that this requires a long, long journey. Buckle in, stay committed, and trust that the results will speak for themselves in time.
https://lnkd.in/dqgfq5mP
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1moI live right down the street, stoked for this!