Atlanta has a long history as a place where Black civic and business leaders have flourished. These leaders shaped both the political and physical form of our city, from the Rev. Martin Luther King Jr. and Maynard Jackson to H.J. Russell and Egbert Perry. The city, steeped in a legacy of inclusion, stands as a shining model for underrepresented developers and minority-owned businesses across the nation. With a network of established companies, builders and service organizations committed to propelling equity and fostering opportunities within the field, the city serves as a beacon of support and advancement.
Yet even with that rich history, when looking across the commercial real estate sector, it is still predominantly white. Addressing the lack of diverse representation in commercial real estate is critical for fostering a more inclusive and thriving industry and a more prosperous city and economy.
As we think about the ways to reshape our industry, three fundamental pillars drive transformation: 1) access to capital, 2) social capital and mentorship and 3) education, complemented by industry expertise. Several impactful programs across the country — and right here in Atlanta — illustrate the commitment to fostering inclusion and creating opportunity.
Through the Community Foundation for Greater Atlanta, the Wells Fargo’s Wealth Opportunities Restored through Homeownership (WORTH) initiative involves both civic, nonprofit, and philanthropic institutions across Atlanta’s housing ecosystem. This initiative was launched to help create 40,000 new homeowners of color by the end of 2025 across eight U.S. cities.
Credit: Bruno Passigatti
Credit: Bruno Passigatti
Credit: Handout
Credit: Handout
Black Atlantans, who make up the largest BIPOC demographic in metro Atlanta, are less than half as likely to own their home as white Atlantans. It is estimated that 92% of Black household wealth is in their homes, making homeownership a critical wealth-building strategy.
ULI Atlanta, a district council of the Urban Land Institute, a nonprofit dedicated to shaping the future of the built environment, recognizes you cannot think about the future of our cities without being intentional about race and equitable development.
To help create more equitable outcomes, one of ULI’s global mission priorities is creating leadership pathways into the industry for diverse leaders, which includes students, women and professionals of color. Here in Atlanta, ULI is trying to meet that mission priority by partnering with local universities (Georgia Tech), cities and community groups in facilitating UrbanPlan and executing ULI’s Etkin Scholars program, which is being implemented in eight other U.S. cities with a goal of introducing college and university students to the resources available through ULI membership and mentorship. In 2020, ULI Atlanta also launched the ChangeMakers program — a recognition honoring women leaders who are driving change and innovation in the real estate industry through their influence and impactful contributions across the Atlanta region.
The organization understands that our membership should look more like the cities and regions we serve. We need allies and mentors that are strategic and intentional with the next generation to ensure they have the right oars in calm waters and rough seas.
The examples noted above highlight the crucial roles that the private and public sectors play in fostering the growth of minority-owned real estate companies. Atlanta’s exemplary model showcases the pivotal role played by these types of collaborations. These partnerships drive innovation and sustainability and they establish a framework for minority-owned real estate firms to flourish, benefiting industry and society.
Private entities bring invaluable expertise, resources and mentorship, offering a wealth of industry knowledge and financial support. For example, Baker Tilly, a leading advisory CPA firm, created DevelUP, a platform that brings together hundreds of diverse developers, emerging managers, allies, community leaders and industry professionals, to collaborate, network and foster meaningful connections to drive equitable economic development. In addition to an annual convention, the firm helps facilitate meaningful partnerships with stakeholders across the built environment, as well as joint-venture partnerships. They also show developers how to leverage different financial resources in their capital stack, including new-market, energy, and/or low-income housing tax credits. A crucial part of their commitment is partnering with industry stakeholders to help bridge the gap between capital and diverse sponsors in need.
Atlanta is one of the fastest-growing cities in the United States and one of the fastest-growing markets for diverse entrepreneurs, specifically in the realm of minority-led real estate companies. Adding capital to this market makes sense. There are countless ways for established stakeholders to partner with and support the next generation of developers coming up, whether that is mentoring or offering up a portion of their balance sheet to help them get deals off the ground. There is also a need for lending institutions to double down on their investment in Atlanta and on the entrepreneurs who are doing transformative work in the community.
We know that transforming our industry will take time. Diversity must be front and center in creating an ecosystem that works for all.
Daphne Bond-Godfrey is ULI Atlanta’s executive director. Matt Paschall leads DevelUP at Baker Tilly.
