One of my big take-aways from this morning's The Right Place, Inc. Investor Exchange event: we need to always remember that development dollars are mobile. Real estate investors (aka potential backers of local development projects) have the whole country (as well as international opportunities) at their disposal. The funding necessary to make a much-needed housing project viable in Greater Grand Rapids could just as easily be deployed in Florida, Texas or North Carolina if the financial returns are more attractive there. Just because a project "can pencil" here, doesn't mean it can move forward without help to attract this crucial funding. Especially now with traditional financing as expensive as it is. It was certainly a beautiful morning for about 200 of our closest West Michigan friends at Frederik Meijer Gardens & Sculpture Park. With a focus on regional development opportunities and trends, we heard from Randy Thelen why and how PLACE MATTERS 😁 in our communities, the many place-focused initiatives we're leading as an organization along with many collaborators, and highlighted our above-target progress on our strategic metrics. Brad Thomas of Progressive AE - our event sponsor - further emphasized place as an essential component of prosperity across our many sectors of West Michigan, and made an exciting announcement about his firm's branding and presence! The highlight of the morning was a candid, deep-dive panel discussion with Ben Smith of Heritage Development, Rachel Michaud of The Gillespie Group and Ryan Talbot of Talbot Development about the opportunities and challenges in the real estate development ecosystem in our area. While there's a lot of reason for optimism and tons of positive momentum, there are still headwinds out there to be sure. Huge thanks for their insights this morning, and investments in our region! Kudos to my big boss-man Tim Mroz for his expert moderation and setting the stage for discussion! Lots of fantastic connections, conversations and introductions made, which is a major value-add of these events. #placematters #greatergrandrapids #westmichigan #communitydevelopment #realestateinvestment #collaboration
Thanks so much for inviting me to be on the panel! I was honored to sit on the same stage as such accomolished developers like Rachel and Ben. I see such a bright future in West Michigan and am very excited to play a part in it!
Great event and appreciated the perspectives. I continue to promote the global concept of a light rail network in the region, and don't think that the QLine (as referenced today) is really a representative example of commuter rail transit. Let's keep moving forward! Cheers!
Senior VP @ Highpoint Community Bank | Helping Businesses Reach New Financial Heights
9moThese are important points. I know some of our local political leaders are struggling with that balance of not wanting to automatically “give away the farm” on every project, but keeping in mind that our little corner of the world isn’t the only place where they can be built. I applaud the communities who are thinking ahead and setting expectations before the developer is in front of them.