Commercial Investment Real Estate March/April 2019 | Page 15

CIRE: How can other CCIMs participate in community economic development efforts in their cities? Williams: Fellow CCIMs should seek out responsible for-profit and nonprofit development partners and community-level entities to tap into efforts in their cities. You need a connection with the boots on the ground in order to foster community improvements. Get to know your local government officials and small business owners, community block club leaders, and business district and chamber of commerce leaders. Listen to their visions and dreams for a better community — because they are the true stakeholders, living and working in the community every day. CIRE: Will the new opportunity zone program make your efforts easier? Williams: The opportunity zone program will offer a source of equity for community development projects that was not readily available before. With this new tax legislation, high net-worth individuals and institutions can gain what I call a triple win — a win for themselves in profit and tax savings; a win for the low-to- moderate income zone spurring new development; and a win for the community in the form of social impacts, including new jobs and defined paths for potential wealth creation. Also, it always feels better to do well and do good. CIRE: You’ve successfully closed some deals in opportunity zones. What are the challenges, considerations, or advice for others looking to do so? Williams: Any complex deal will take longer to complete because more people must be involved to close, so my key advice is to be patient. Also, my rule of thumb on time and effort is that any deal should comprise 40 percent planning and pre-development; 40 percent financing and development; and 20 percent construc- tion and disposition. CIRE: Why did you become a CCIM? How has that education and the connections aided your efforts and your career? Williams: I became a CCIM to raise my expertise in commercial real estate to the highest levels. I compare my CCIM experience to gaining a Ph.D. in commercial real estate because even with 30 years of prior real estate experience, it has taken my work to new heights, providing domestic and international relationships, con- tacts, and insights. I enjoy the deals, but relish the opportunity and responsibility to raise up even more communities along the way. Catherine Simpson Olson is senior editor of Commercial Investment Real Estate. Contact her at [email protected]. Join CCIM Institute and STDB at RECon May 20−22, 2019 Members can use the CCIM booth to meet with clients at the world’s largest retail real estate convention. LOCATION Las Vegas Convention Center Las Vegas Booth #C2020 For more information, visit www.ccim.com/recon CIREMAGAZINE.COM March | April 2019 13