Urban And Infill Revitalization

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  • 1. Urban and Infill Revitalization September 19, 2007 Moderator: Xavier Gutierrez Phoenix Realty Group
  • 2. Urban and Infill Revitalization Panelists
            • Eric Holoman
            • President, Board of Administration
            • Herman Santos
            • Board of Investments
            • Steve Juarez
            • Board of Administration
  • 3. About Phoenix Realty Group (PRG)
    • PRG is a national real estate fund manager that provides:
        • Capital and expertise to urban developers
        • Opportunistic rates of return in geographically targeted investments to institutional investors
    • Investment focus:
        • Urban and infill development
        • Rental, for-sale and affordable housing
        • Community-revitalizing commercial and mixed-use
  • 4. About Phoenix Realty Group (PRG)
    • Private Equity and Tax Credit funds:
          • $800 million in funds
          • $4.1 billion in development
          • 12,400 units
          • 500,000+ commercial square feet
  • 5. Economic Benefits and Social Impact Doing Well by Doing Good Geography Focus on urban redevelopment areas Affordability Create housing affordable to incomes of 60% to 200% of area median Tax Revenues $130 million in construction sales tax and $5 million in recurring annual taxes Job Creation Nearly 20,000 construction jobs and 1,600 permanent jobs
  • 6. Puerta del Sol Lincoln Heights, Los Angeles
  • 7. Santee Village Downtown Los Angeles
  • 8. Fifth on the Park Harlem, New York
  • 9. A Case Study On Baldwin Hills Crenshaw Plaza (BHCP) Los Angeles, CA By Herman Santos Member of The Board of Investments for LACERA September 19-20, 2007
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  • 14. 2005 Population 2005 Average Household Income Ethnic Mix: 3-Mile Radius Source: Claritas
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  • 16. 10-Year NOI and Cash Flow
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  • 20. Urban and Infill Revitalization What programs have you created to invest in urban and/or infill revitalization efforts?
  • 21. Urban and Infill Revitalization What makes these investments attractive?
  • 22. Urban and Infill Revitalization What was the process to establish these programs, and what lessons could you share with other pension boards looking to establish similar programs?
  • 23. Urban and Infill Revitalization What key criteria do you use to evaluate fund managers and investments in the urban market segment?
  • 24. Urban and Infill Revitalization What is the downside risk of these investments?
  • 25. Urban and Infill Revitalization What advice do you have for fund managers seeking to serve public pension funds in these areas?
  • 26. Urban and Infill Revitalization What do you see as the next big urban and infill opportunities on the horizon?