Efforts of Program Grads Bring New Low- and Middle-income Housing to Underserved Neighborhoods
by Carol Tucker <ctucker@usc.edu>
As Los Angeles' inner-city communities struggled to recover from the devastation of the 1992 Los Angeles riots, the University of Southern California stepped forward to empower minority real estate professionals who wanted to help urban neighborhoods rebuild.
A decade later, the Minority Program in Real Estate – now called the Summer Program in Real Estate (SPIRE) – has assisted more than 225 professionals from the private sector, community-based organizations and nonprofit and public agencies to become leaders and entrepreneurs in urban renewal efforts focused on the city’s underserved communities.
This summer’s program culminates June 28, with a graduation and gala alumni reunion to celebrate its first decade. Stan Ross, chairman of the executive committee, USC Lusk Center for Real Estate, delivers the keynote address. The event takes place at 5:30 p.m., at the USC Faculty Center, 601 Exposition Blvd., on the University Park campus.
Some of the program's graduates include:
o Carlos Mesa, a 1993 alumnus who instigated several low-income, inner-city housing developments. He is now president of his own company, the Santa Fe Group.
o Jide Alade, a 1997 graduate who went on to earn a master’s degree in real estate development from USC a year later. Alade, runs joint-venture projects for WF Construction of San Dimas, including the $750,000 Blockbuster Video redevelopment project in the Crenshaw corridor. He is now engaged in another commercial development in Baldwin Hills.
o Cheryl Branch, a 1993 alumna, was director of development for a nonprofit housing agency, then started her own company after completing the program. Active in economic development policies, Branch specializes in fund development, grant proposal writing, business planning and property management.
o Rochelle Lucas, CEO of Landmark Development, gained expertise in low- and moderate-income housing and has helped families achieve home ownership.
o Michael Banner, a 1993 graduate, is president and CEO of the Los Angeles LDC Inc., a nonprofit community development financial institution. An advocate for sustainable community reinvestment, Banner is a leader in providing financing for community and economic development projects in the greater Los Angeles area.
Mesa said he benefited from SPIRE’s mix of education and professional networking opportunities. "The program opens the doors to the USC campus and all its resources, including access to faculty, industry leaders and alumni," said Mesa. "It provides a link to the real estate and development professional network."
Mesa’s Santa Fe Group recently completed its first major housing development in Panorama City. The $3.5 million, 16-unit development revitalized abandoned property and was targeted for middle-income residents. The new homes were all pre-sold and fully occupied within a week after opening.
Led by David Dale-Johnson, director of the USC Program in Real Estate, and Stuart Gabriel, director of the USC Lusk Center for Real Estate, SPIRE incorporates various teaching methods and focuses on real estate finance, market analysis and urban renewal. When not in class, participants attend speaker panels and events that address urban development topics.
Dale-Johnson and Gabriel, both real estate professors at the USC Marshall School of Business, developed the program in early 1993 in response to a need established by Los Angeles city and industry leaders for urban revitalization. They aim to give participants the necessary skills and background in basics such as financial and market analysis to help them transition into finance and development careers. Students have access to USC’s Alumni Association and other university programs that interact with industry professionals.
SPIRE, which receives support from the business community as well as public agencies such as the Los Angeles Community Redevelopment Agency, has become so popular that many qualified applicants had to be turned away this year, said Dale-Johnson.
"We continue to look for people who are already relatively successful, who have a commitment and have a good deal of potential. We want to help people who have the talent to make change," he said.
Reaching beyond Los Angeles, SPIRE has drawn participants from around the country. This summer’s 32 participants include one student from Visalia, Calif., and two from the East Coast: New York’s Harlem and Jacksonville, Fla. The class includes five project managers from the Los Angeles Community Redevelopment Agency.
Reflecting on urban renewal since the Los Angeles riots, Dale-Johnson cites several examples of new developments in Los Angeles over the past decade. He points to projects along the Crenshaw Corridor and Panorama City, led by SPIRE alumni, as examples of change.
"Students in our program identified those opportunities and saw the projects through," said Dale-Johnson. "It’s one step at a time."
Contact Carol Tucker at (213) 740-7895