Did I happen to mention I love Real Estate Developers? Real Estate Developers are not like my spouse, my children, or even our dog. But they’re definitely my favourite people.
It’s worth it.
Real Estate Developers are like Gods. [Well, miniature gods, at least.]Many of the worlds we live in are created by them. Our homes and condos. A grocery store and pharmacy are right down the street. We enjoy the resorts, casinos, and golf courses that we visit for our leisure. Restaurants. Centres for shopping. Buildings for offices. Cinemas. Terminals for trucks. Surgeons and medical centers. Spas. Factories. Warehouses. Auditoriums. Parking garages. Hotels.
It doesn’t matter what it is, you can name it. “man-made”Attached to dirt and usable from the inside, this was most likely the work of a Real Estate Developer.
Real Estate Developers are visionaries. Visionaries are able to identify trends and make changes. They see the need to make changes and recognize inequalities between what is available and what is required. Real Estate Developers see areas, towns, and entire regions as potential for improvement and renewal. Real Estate Developers don’t just see the opportunity; they take advantage of it. They see the potential for change, and they commit to making it happen. You then work with it, shape it, squeeze it, stir it, shake it and mix it. Finally you make it happen.
It is hard to not fall in love with that!
Visionaries who are real estate developers have a mission. Visionaries are visionaries who can turn their vision into reality. These people are optimistic. They can be dreamers as well as doers. I find them to be fun. Although they aren’t always funny, it is still fun to have around. It’s a pleasure to work alongside. Enjoy sharing your dreams.
John L. Marks, Mark IV Realty Group, walked in to my office in 1992 and stated that he would like to buy the Marina City Commercial Complex. Marina City Commercial Complex was an abandoned rathole at that time. Largely vacant. Foreclosure. Obliterated in bankruptcy Overwhelmed by nearly $10,000,000 worth of unpaid or delinquent property taxes. It is physically in disrepair and will require tens or millions of dollars to be repaired. Because of broken promises from previous owners, the residential condominium owners who were on the upper 40 floors of two iconic corn cob-shaped towers were hostile and incooperative.
John saw the opportunity in this chaos. John saw the potential for this eyesore, a disintegrating and decaying ruin to be transformed into a profitable and financially viable jewel.
The project was our main focus for the following four years. It was a remarkable transformation. It was a lot of fun.
Today, the Marina City Commercial Complex is home to the House of Blues, the House of Blues Hotel, Smith and Wollensky Steak House, Bin 36 Wine Café, Crunch Fitness, 10 Pin Bowling Lounge, Marina Management, Skipper Bud’s Marina, and numerous other thriving businesses. Each of the towers’ pie-shaped condos, which rise above the parking garages of 20 stories in the residential towers, have seen significant value increase and boast some of Chicago’s most spectacular skyline views. Marina City has been restored to its former glory as an entertainment and mixed-use hub in the middle of Chicago.
Why? John L. Marks, Chicago Real Estate Developer, had the vision to see it through and the commitment to bring it about.
Did I mention I love Real Estate Developers?
In the spring of 2005, I was contacted by Madkatstep Entertainment LLC to be a member of their development team.
Madkatstep Entertainment, which is an amalgamation of Sears, Roebuck and Co., America’s largest retailer, and Ryan Companies US, Inc., Minneapolis, Minnesota-based Real Estate Developer, Madkatstep Entertainment, is the result. [Yes, I love Ryan Companies too.]
The idea started it all.
Ryan Companies was inspired by the idea of building and owning a sports and entertainment venue for an elite community that needed unique and convenient entertainment.
In the 1990s Sears moved its corporate headquarters from Chicago to Hoffman Estates. Sears acquired an extensive tract of adjoining land, which was available and ready to be developed as part of this move.
Hoffman Estates, a community that is forward-looking in an affluent area northwest of Chicago, seeks quality life amenities for residents.
The match was made in heaven.
Sears and Ryan had already reached a Memorandum of Understanding (MOU) with Hoffman Estates, which established a framework for the Sears Centre Arena and general terms and conditions for municipal financing.
Pro hockey teams are a major tenant at the Sears Centre Arena. It was a key objective of development to get the arena, which has a 11,000-capacity and covers 240,000 square feet, ready for occupation in time for Fall 2006. The target date for opening was only 18 months away. It opened in April 2005. The minimum time it took to open a building under the fastest construction plan was 14 months. The clock was ticking.
The 100 day rush followed by the team of developers entered into a zone, working almost around the clock for the Village at Hoffman Estates.
Ryan Companies US, Inc., an estate developer, worked with Sears, Roebuck and Co. in negotiating agreements, overcame issues and overcome obstacles to receive formal development approval, completed municipal financing, formalized ownership and naming agreements, and accommodated any project dissenters that threatened to sue to delay or prevent the building of the arena.
The official groundbreaking of Sears Centre Arena was made possible by creativity, persistence, and intense focus. It took place on July 21, 2005. This unique facility will be a sports and entertainment hub that will continue to serve Hoffman Estates as well as neighboring communities for many decades. Already, it is an economic engine that supports complementary development. It will create new jobs and provide a wider tax base.
These are just two examples of innovative development from visionary Real Estate developers. These two examples and many others are just a few of the numerous scenarios that play out every day in small and large development projects.
Modernization of obsolete and declining structures such as shopping malls and warehouses into thriving businesses.
Revitalization of areas that are blighted or in decline within cities and towns to make them homes, condominiums and retail/service businesses.
Reuse of brownfields contaminated with toxic substances into productive and safe environments for business and consumers.
Greenfield development to offer new opportunities, jobs and services for families and emerging communities.
Real Estate developers see a need. They are rising to the occasion and changing the world.
My experience has allowed me to collaborate with some truly creative, dedicated Real Estate Developers.
Was that fun? Although they may not enjoy every minute of every challenge that comes their way, most Real Estate Developers find joy in what they do. Working with Real Estate Developers as a Commercial Real Estate Attorney has been incredibly rewarding.
Why do I love Real Estate Developers? Consider this question: How many times have you been able to collaborate with people who love their job? “exhilarating”? Is there anything not to like about this?
If you ever meet a developer in real estate, be sure to grab his/her hand and gaze directly into their eyes.
“Thank you! My friend Kymn Harp thinks you are the most wonderful person in the world. He loves you and thinks you are brilliant.” [Then slip him my business card and ask him to call me.]
Thank you for your attention.
R. Kymn Harp
P.S. All those who are with “normal”You may find this helpful if you are looking for names or the simplest spellings of your name.
Name: “Kymn”This is a family name, and it is pronounced “Kim”. Consider these: “Kymn” as being like a “church hymn”With a “K”An instead of “H”. For this to be remembered, please associate my last name “Harp”With “Angels”. If it helps, you can think of me like this: “Kymn Harp, the Real Estate Developer’s dirt-angel”You will need a law degree
Again, thank you
Kymn