Last August, we announced that Cuyahoga Land Bank’s Circle East District teamed up with The Urban Land Institute’s (ULI) Real Estate Diversity Initiative (REDI) program. The partnership was designed to help revitalize the East Cleveland neighborhood aimed at creating mixed-income housing and a vibrant commercial corridor that incorporates sustainable design and construction practices.
ULI is a non-profit organization that focuses on real estate and urban development. Their REDI program aims to increase the representation of people of color, women and the LGBTQ+ community in the real estate industry by providing training, mentorship, and access to resources and capital.
ULI REDI offers a unique, collaborative experience akin to a “Shark Tank” competition, minus the cutthroat competition. Instead, it fosters learning and growth in real estate development. Last year’s group projects focused on planned development within the Land Bank’s Circle East District. Among the 2024 REDI cohort’s recent final presentations, one group’s work stood out. We caught up with participant Jennifer McKinney to learn more about her experience in the program and the impactful project her team developed.
Q&A with Jennifer McKinney, ULI REDI Program Participant
Tell us about yourself and your professional goals.
I’m a licensed realtor with a few flips under my belt. My goal is to expand my portfolio and focus on rehabbing properties in Cleveland over the next seven-plus years.
How has your involvement with the ULI REDI program helped you work toward those goals?
REDI proved invaluable for both networking and expanding my real estate expertise. The site visits, such as the one to Progressive Field, provided invaluable firsthand experience, and the insights shared by industry experts were truly enriching. My understanding of real estate development has grown significantly as a result.
Explain the program’s process and the work involved.
The program provided a robust curriculum with weekly expert-led presentations covering a wide range of real estate development topics. These intensive three-hour sessions were followed by collaborative group meetings, allowing us to apply the newly acquired knowledge to our individual projects. Numerous site visits further enriched the learning experience. The culminating final presentation preparation was demanding yet ultimately provided a comprehensive and rewarding experience.
Tell us about your Team’s presentation.
Our group focused specifically on the Stover Place project in East Cleveland’s Circle East District. Stover Place is planned as a mixed-use commercial building with 204 units, totaling 250,000 square feet, along with two parking lots. The development aims to provide a grocery store, a vocational school, market-rate housing and green space, creating an environment where residents can live comfortably with easy access to shopping, recreation and resources that can enhance their careers and livelihoods. Our mission was to honor East Cleveland’s rich heritage while creating a future of progress and unity. We envisioned a space where history and innovation blend seamlessly, fostering connection among residents and hope for future generations.
What did you learn about developing underserved neighborhoods and communities?
I work in the non-profit sector, so serving underserved communities is a passion of mine. More resources are desperately needed to address the barriers minorities and underserved areas fac, and. East Cleveland is a prime example. News outlets frequently focus on highlighting distress and hardship but often fail to report on the solutions being implemented and the ongoing efforts to address these challenges. Our REDI project focused on the positive aspects of East Cleveland, showcasing opportunities and potential, rather than dwelling on the negative narratives. People committed to making a difference are essential for driving meaningful projects forward.
Why is this important to you?
This is a passion that has grown through my experience in non-profit work and real estate. Beautifying communities, supporting youth and developing programs that improve lives are deeply important to me. They represent the legacy I want to leave.
Were there any surprise lessons from the program you are walking away with?
I learned just how long and complex the development process is. Being a real estate developer is incredibly time-consuming and requires meticulous attention to detail. So many steps are involved, and due diligence is critical to avoid legal or development issues.
What did you learn about Cuyahoga Land Bank through this program?
While I had some prior familiarity with Cuyahoga Land Bank through fundraising and real estate acquisitions, this program provided a much deeper understanding of their property portfolio, operational processes and key partnerships.
Anything else you’d like to add?
I thoroughly enjoyed the REDI program. I valued my team, learning about their professions, and the wealth of knowledge I gained each week. I left the program with a much deeper understanding of real estate development and a profound appreciation for the work involved.