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How can you ensure equitable development in real estate projects?

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Equitable development is a term that refers to the creation of real estate projects that benefit all stakeholders, especially those who are historically marginalized, disadvantaged, or underrepresented. It aims to foster social justice, environmental sustainability, and economic opportunity for communities and individuals. But how can you ensure that your real estate projects are equitable and inclusive? Here are some tips to help you achieve this goal.

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1 Understand the context

Before you start planning or designing your project, you need to understand the context of the site and the surrounding area. What are the history, culture, demographics, needs, and aspirations of the people who live and work there? What are the existing assets, challenges, and opportunities? How can your project respect and enhance the local identity and character? You can conduct research, surveys, interviews, focus groups, or other methods to gather this information and use it to inform your decision-making.

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Dave Kohl

I create opportunities for real estate utilizing market research and technology. CEO of FIRST IN Real Estate Marketing since 1992.
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It's all about understanding the context from every possible point of view. I know from creating feasibility studies for developers that showing the potential for a development is crucial for attracting investors and eventual buyers/tenants. Do as much of your own research as possible to make your marketing approach unique. Strategies such as looking to rent or buy a property (or idea) similar to yours and talking with brokers, tenants, owners, etc., are very helpful in planning and preparation. I even got one developer to have his sister dress the part and be in a nearby laundromat for an afternoon to gather complaints and comments about the community from other patrons. There are plenty of strategies.

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2 Engage the community

One of the most important aspects of equitable development is to engage the community in a meaningful and respectful way. You need to listen to their voices, concerns, and ideas, and involve them in the process of co-creating the vision, goals, and strategies for your project. You can use various tools and techniques, such as workshops, forums, charrettes, online platforms, or participatory budgeting, to facilitate dialogue and collaboration. You also need to be transparent, accountable, and responsive to the feedback and input you receive from the community.

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Vishal Bhatia

Founder and General Partner at London Fields Venture Capital
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Developers have a responsibility to ensure transparency, incorporate community input and emphasise the positive impacts of projects while addressing any potential concerns. It goes beyond mere construction; the goal is to cultivate spaces that genuinely benefit and reflect the community they serve. By listening to the concerns and ideas of local residents, and collaborating towards a common vision, developers can create projects that not only enhance the neighborhood but also develop a sense of belonging among its residents.

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3 Address the impacts

Your project will have impacts on the environment, the economy, and the society. You need to assess and address these impacts in a responsible and proactive way. You need to consider how your project will affect the natural resources, the climate, the biodiversity, and the health of the environment. You need to consider how your project will generate jobs, income, taxes, and services for the economy. You need to consider how your project will influence the diversity, equity, inclusion, and well-being of the society. You need to adopt best practices, standards, and policies that minimize the negative impacts and maximize the positive impacts of your project.

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4 Share the benefits

Your project will also create benefits for yourself and your partners, such as profits, returns, or recognition. You need to share these benefits with the community and other stakeholders who contributed to or are affected by your project. You need to ensure that your project provides affordable and accessible housing, transportation, education, health, and other amenities for the residents and workers. You need to ensure that your project supports local businesses, organizations, and initiatives that serve the community. You need to ensure that your project creates opportunities for ownership, participation, and empowerment for the community.

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Vishal Bhatia

Founder and General Partner at London Fields Venture Capital
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Successful projects are inclusive and this begins with active engagement of the local community, taking their input and needs into account. Affordable housing, economic opportunities, job training, local business support and transit-oriented projects are integral. Sustainable design offers lower operational costs, aiding measures like rent control aim to prevent displacement. Continuous assessment of the project's community impact and collaborative efforts with government, non-profits, and community groups drive its success. Equity training fosters a shared commitment among stakeholders, ultimately creating a socio-economic environment that benefits residents by promoting inclusivity and well-being.

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5 Evaluate the outcomes

Your project will have outcomes that reflect the impacts and benefits of your project. You need to evaluate these outcomes in a systematic and objective way. You need to measure and monitor the performance, progress, and results of your project against the indicators and targets that you set at the beginning. You need to collect and analyze data, feedback, and stories that show the effects of your project on the environment, the economy, and the society. You need to report and communicate your findings and lessons learned to the community and other stakeholders, and use them to improve your project or inform your future projects.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Vishal Bhatia

Founder and General Partner at London Fields Venture Capital
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I had the privilege of working on residential projects in The Queen Elizabeth Olympic Park and East Village in East London before the London 2020 Olympics. This place held a special place in my heart because it was where my family and I used to visit the Sunday Market during my childhood. The redevelopment combined affordable housing, green spaces, community involvement, and cultural institutions. The Queen Elizabeth Olympic Park thrived as a vibrant public space with easy access via Stratford Station. Local businesses, community facilities, and wellness options enriched the area, creating a thriving, inclusive, and vibrant community with a personal touch.

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How can you ensure equitable development in real estate projects?

1

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3

4

5

6

1 Understand the context

2 Engage the community

3 Address the impacts

4 Share the benefits

5 Evaluate the outcomes

6 Here’s what else to consider

Real Estate Development

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How can you ensure equitable development in real estate projects?

1

2

3

4

5

6

1 Understand the context

2 Engage the community

3 Address the impacts

4 Share the benefits

5 Evaluate the outcomes

6 Here’s what else to consider

Real Estate Development

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