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Real estate developers can transform the physical landscape of districts, creating attributes of complexity, density, and mixed uses and activities
The role of real estate developers
Whether government-owned or privately-led, real estate developers play a role in advancing a district’s physical and economic transformation. Yet, there are important distinctions between developers that matter to how districts advance:
Short-term view
Some developers seek short-term returns and, as a result, focus on district land as a “real estate play.” In these cases, real estate projects and development commonly counter the long-term goals of innovation districts, which is to create an innovation ecosystem that builds on local strengths.
Long-term view
Other real estate developers work with the goal of building social networks and R&D ecosystems first and subsequently shaping a real estate plan to meet those objectives. These types of developers tend to work in partnerships with investors that also possess a long-term view and more patient capital.
Our work with innovation district leaders suggests in some places, real estate developers are met with caution, if not disdain. However, the right developer can become one of the district’s most focused and action-oriented champions. The key is to assess their prior projects and goals—and their ability to strengthen ecosystems.
Who advances districts?
Ecosystem builders
A diversity of intermediaries, accelerators and incubators, and new kinds of anchors.
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Mission-driven organizations
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