This is a great in-depth article about Chicago and the challenges for people living in under-served neighborhoods. Client Leon Walker, DL3 Realty, was interviewed regarding his work on the Whole-Foods anchored Englewood Square development.
New Discussion Paper on Venture Development Released by DL3 Capital
CHICAGO (Nov. 2, 2017) – Leon I. Walker, managing partner, DL3 Capital, has released a discussion paper designed to share his experiences in an emerging field of real estate development that he calls “Venture Development.” The document, titled, “Venture Development: an Opportunity for Private Investors to Drive Concordant Change in the American Inner City,” is available for review at http://www.dl3realty.com/venturedevelopment.
Venture Development is a modern, sustainable economic development strategy through which equity investors can pursue positive holistic change in urban neighborhoods, while earning competitive risk-adjusted financial returns.
DL3 has successfully implemented this practice by developing real estate projects that have helped revitalize Chicago’s urban communities. Its projects are more than just bricks and mortar. They are designed to provide an economic stimulus that ultimately lifts economic prospects and quality-of-life for local residents.
“Nationally, we are seeing an increasing number of projects driven by Venture Development principles, and we believe this points to a growing opportunity for municipalities, institutions and philanthropic stakeholders to join together with private developers and investors to equitably transform and speed the recovery of rising urban neighborhoods,” says Walker.
Through the discussion paper, Walker shares his investment philosophy and approach with others who recognize that investing in urban neighborhoods can be financially rewarding in the long run, while providing attractive social impact returns in the short run.
Based on his own experiences in the field, the paper explores the conditions that signal when a community in a state of economic stagnation could pivot toward a future with greater local economic opportunity. The paper describes DL3’s perspective on five phases of neighborhood economic development, the best entry point for investors, and the concept of a “risk premium” that often saddles disinvested communities. Supporting case studies are provided including lessons learned from DL3’s Englewood Square project, which in partnership with the City of Chicago, brought Whole Foods, Chipotle and Starbucks to the Englewood community of Chicago’s South Side.
“My community development work has been concentrated in neighborhoods that rarely attract unsubsidized private equity capital – but where others see poverty, blight and risk, I recognize that under the right circumstances, great opportunity exists for meaningful and rewarding investments,” Walker adds.
Walker, who was raised on Chicago’s South Side, is an experienced corporate real estate professional who is passionate about revitalizing Chicago’s underserved communities. In his community development work, Walker has been involved in structuring over $100 million in New Markets Tax Credit transactions. He is involved in many community initiatives including the Greater Chicago Food Depository, and he serves on the advisory board of the Marshall Bennett Institute of Real Estate at Roosevelt University and the government relations committee of the International Council of Shopping Centers (ICSC).
DL3 Capital is a general partner of DL3 Realty, a commercial real estate company known for its commitment to Chicago’s urban neighborhoods. Among its many projects are Roseland Medical Center, Monterey Professional Center and Englewood Square. Current projects include a Jewel/Osco grocery store in Chicago’s Woodlawn neighborhood and the University of Illinois Mile Square Health Center in South Shore. DL3 developments have won numerous awards including the LISC-Chicago Most Outstanding Development Award in 2009 and 2017. For more information, visit www.dl3realty.com.
Travelers Prefer to Pick and Choose Hotel Services according to GO Group Survey
CHICAGO (Feb . 02, 2018) – Sixty-six percent of GO Group survey respondents said they would prefer to pick and choose hotel services and pay accordingly rather than have one bundled price with charges for services not used.
The GO Group LLC, an international ground transportation provider, conducted the survey and more than 150 people responded.
Of the 34% of participants who said they preferred one price, several commented they chose this option only if all rates and fees were provided at booking and not at check out.
“Hotels are getting creative with finding ways to increase profits, for example, adding mandatory resort fees even when traditional “resort” amenities such as pools, spas and fitness centers don’t exist and offering reduced rates if guests opt out of services such as housekeeping,” notes John McCarthy, president, GO Group. “Our survey shows that guests are fine with these pricing concepts as long as they are detailed up front instead of at check out.”
The GO Group LLC is the nation’s largest airport transportation provider, offering shared rides, private vehicles, sedans, charters and tours, serving some 90 airports in North America, Mexico, the Caribbean and Europe and transporting more than 13 million passengers per year.
DL3 Realty Breaks Ground for Woodlawn’s New Jewel-Osco
Development will Eliminate a Known Food Desert
Pictured with Mayor Emanuel are (front row, from left) POAH CEO Aaron Gornstein, DL3 Realty Managing Partner Leon Walker, 25th Ward Alderman Willie Cochran(center right) and Jewel-Osco Director of Real Estate David Hene (third from right) at the groundbreaking of a Jewel Osco in Woodlawn, March 7, 2018. Photo credit: Michael Ledajaks, Xtra Mile Creative
CHICAGO (March 8, 2018) – On March 7, Leon Walker, managing partner, DL3 Realty broke ground along with Mayor Rahm Emanuel and community leaders at 61st Street and Cottage Grove where a new Jewel-Osco will be developed.
The project, a joint venture of DL3 Realty and Terraco Real Estate Development and Management, is a 48,000 square-foot development located in Woodlawn, an emerging community that is home to the University of Chicago’s South Campus and just minutes from the future Obama Presidential Center. The full-service grocery store and drive-through pharmacy will eliminate a food desert, bringing high-quality fresh food options and more than 200 jobs to the Woodlawn community. The store is expected to open in early 2019.
The Preservation of Affordable Housing Chicago, (POAH) sold the site to DL3 Realty and Terraco last year for $2M. It is the last parcel of undeveloped land from the former Grove Parc public housing projects.
DL3 Realty is a commercial real estate company known for its commitment to Chicago’s urban neighborhoods. Among its many projects are the nationally recognized Whole-Foods anchored Englewood Square; the University of Illinois Mile Square Health Center in South Shore; Roseland Medical Center, and the Monterey Professional Center. DL3 developments have won numerous awards including the LISC-Chicago Most Outstanding Development Award in 2009 and 2017. For more information, visit www.dl3realty.com.
Walker, a native of Chicago’s South Side, has released a discussion paper designed to share his experiences in an emerging field of real estate development in a Discussion Paper titled, “Venture Development: an Opportunity for Private Investors to Drive Concordant Change in the American Inner City.” It is available for review at http://www.dl3realty.com/venturedevelopment.
Big Increase in Travel Frequency Expected in 2018 According to GO Group Survey
CHICAGO (December 28, 2017) — When asked about travel plans for 2018, 27% of respondents plan on traveling more for business in 2018 compared with 2017 and 33 percent said they would be traveling more for leisure.
The results were compiled from a survey conducted by The GO Group, LLC., which provides ground transportation at more than 90 airports worldwide. More than 240 people participated in the survey.
When the same survey was conducted last year, just 15% of respondents stated they planned on traveling more frequently for business and 21% more for leisure compared with 2016.
Just six percent of this year’s survey participants said they planned on traveling less in 2018 for business and five percent less for leisure. Twenty-seven and 33 percent noted they will travel the same amount for business and leisure, respectively, while 39 percent are unsure of business travel plans and 30 percent for leisure.
According to the World Travel and Tourism Council, the total contribution of travel and tourism in 2016 was 8.1% of the U.S. GDP.
“Based on the statistics, the potential increase in business and leisure travel should have a huge impact on airlines, hotels and related industries ,” says John McCarthy, president of The GO Group. “The travel and tourism industry creates jobs and generates global prosperity so this is really positive news.”
The GO Group LLC is the nation’s largest airport transportation provider, offering shared rides, private vehicles, charters and tours, serving some 90 airports in the United States, Canada, Mexico, the Caribbean, Australia and Europe and transporting more than 13 million passengers per year. Travelers can book ground transportation to and from both departure and destination airports through GO’s website, www.goairportshuttle.com.
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