On February 1 to kick off Black History Month, we hosted our Embedding Racial Equity in Real Estate event, based on the 10 Principles for Embedding Racial Equity in Real Estate Development report.

George Northcroft kicked off our event with a powerful speech about the importance of racial equity in our work and in the broader society, and the importance of acting with urgency today. We welcomed Taidgh McClory of T.H. McClory from Boston to speak about the 10 Principles report and examples of projects across the United States that exemplify the 10 Principles. Finally, Jaebadiah Gardner of GardnerGlobal joined the other two speakers for a fireside chat, where he spoke about his experience in real estate and shared how he has embedded the Principles in his real estate practice.

We concluded our event with an opportunity for small group discussion. Attendees considered four Principles and were encouraged to share how they were going to take steps toward embedding racial equity within their work. At the end, everyone submitted an action plan for themselves. See the responses below.

We appreciate the strong commitments and the vulnerability that everyone brought to their small group discussions. We would like to thank our event sponsors, Amazon and BentallGreenOak for their support of this event, and our speakers, Taidgh McClory, George Northcroft, and Jaebadiah Gardner.

What Actions Are You Committing to After ULI Northwest’s Embedding Racial Equity in Real Estate Event

• Need to take the discussion back to my team to help refocus on today’s discussions.
• I’ll find some examples of minority contracting language in construction contracts and share with my team in the next week!
• Partnering with underprivileged businesses and organizations in the community.
• This year I will work with colleagues to define key real estate finance terms for use at community meetings intended to discuss recapitalization strategies for multifamily properties to build that knowledge for renters.
• I will share the 10 Principles with a group within my company tasked with exploring launching a social impact fund. I’ll suggest which principles best apply to their exercise.
• Quantifying our internal DEI goals and determining a tracking mechanism for accountability
• Increasing representation of people of color subject matter experts in events
• Continue work with Runstad EDI TF – many aspects of equity in the RE industry and continue participating with HEA.
• I am just starting my real estate education so it would take a long time for me, but I can influence as a student, and I can do it in a year.
• Building diverse teams internally and externally when pursuing work in the community.
• Building and being in a space where everyone feels represented and involved, where they feel that their voice is heard, and their opinions/decisions are being valued and taken seriously. This feat of embedding racial equity across all aspects of a real estate development practice will lead to a massive change in the industry.
• Research risk and return as a racial equity business case.
• I commit to exploring with my staff new decision frameworks that prioritize embedding equity.
• Leverage decision making power to promote diversity of tenants and BIPOC-owned small businesses in business parks.
• Actively seek to expand my network beyond those who have a similar background.
• Continue to diversify our consultant base.
• Incorporate the Environmental Justice tool to help measure our work.
• Understanding the different community by having conversation and attending event so that I can find a common ground out all and put that vision build the project in real estate sector.
• Continuing to hold others accountable in committing to bring racial equity in real estate development.
• Working to increase access to social capital for people of color in real estate.
• I vow to be a strong voice for making the business and social justice case for equity within my company and the construction industry.
• I’m going to discuss the 10 Principles Report with my Housing Finance team later this month.
• Working with people of color whenever possible
• Take the extra step to seek out other contacts you may not already know. Always be expanding your network with this in mind.
• Learn how to articulate the equity business case to existing and new clients in the next 6 months.
• I commit to share the business case for racial equity with my company.
• Focus on the process.
• Having diverse suppliers for all my real estate projects, starting today
• I want to have a development plan for the gas station by July 31
• I’m going to start a monthly staff meeting discussing DEI in business through reading articles and listening to podcasts and then discussing with my coworkers.