Real Estate Executive Council
875 North Michigan Avenue, Suite 3430
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July 16, 2007
REAL ESTATE associate program captures "DEAL OR NO DEAL" COMPETITION AT 2007 GLOBAL DIVERSITY SUMMIT IN COMMERCIAL REAL ESTATE
Winners Awarded Cash Prize By Real Estate Executive Council in Development Case Competition
Chicago, IL ¨CThe Real Estate Associate Program (REAP) captured the first-ever ¡°Deal or No Deal¡± Development Case Competition at the 2007 Global Diversity Summit (GDS) in Commercial Real Estate July 17, 2007 at the Georgia World Congress Center in Atlanta. The Real Estate Executive Council (REEC), the leading professional trade association formed to promote the interests of minority executives doing business in the commercial real estate industry, sponsored the competition.
The finals came after three months of extensive work, and featured a team of students from Georgia State University (GSU) squaring-off with the Real Estate Associate Program. It culminated with live presentations to an all-star panel of executives from REEC, that scrutinized the REAP and GSU proposals using guidelines such as financial feasibility, knowledge of neighborhood demographics and the social value for the surrounding community.
The REEC judging panel included Herman Bulls, President and CEO of Bulls Advisory Group, LLC; Victor MacFarlane, Managing Principal of MacFarlane Partners; Richmond McCoy, Founding Partner of Urban America, LP, President & CEO/CIO; Quintin E. Primo III, Chairman and CEO of Capri Capital Partners, LLC; Lynn Tolliver, Director of the Equity Portfolio Unit, MetLife and Michael Tabb, Managing Principal of Red Rock Global, LLC.
The ¡°Deal or No Deal¡± program was designed to replicate the highly competitive nature of the real estate development industry. GSU and the REAP emerged as the finalists beating out teams of graduate and undergraduate students from Clark Atlanta University and Georgia Institute of Technology. The Real Estate Associates Program team is made-up of real estate trainees, who are part of REAP¡¯s national, industry-backed training program for minorities seeking professional careers in commercial real estate.
¡°There were no losers in this competition,¡± said Quintin E. Primo III, Founder of REEC and Chairman and CEO of Capri Capital Partners. ¡°This innovative contest has given students and junior professionals practical, hands-on industry experience that will be priceless down the road. The opportunity for these extremely talented and diverse individuals to showcase their knowledge and network with high level executives seeking new talent, puts them front and center when it comes to making changes in our industry.¡±
The contest, which kicked off in March, focused on creating a plan for redeveloping the English Avenue Elementary School in the City of Atlanta.
With consulting support from local developers, analysts and architectural firms, the participating teams created mock proposals for the redevelopment of the school located on a 3.4 acre tract of land at 627 English Avenue. The school building is in poor condition; however the all-brick structure has maintained the interest of developers for the last decade in Atlanta. The site, which could require rezoning, could be proposed as a combination of mixed-uses, including retail, office, residential or community.
¡°Our partnership with Atlanta Public Schools afforded the team a chance to study an actual redevelopment opportunity while meeting a need to create innovative, high-quality redevelopment ideas for the property,¡± said Michael Tabb, Managing Principal of Red Rock Global and REEC judge.
The winning team received a $1,500 cash prize from REEC.
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