OZ MAGAZINE 2022 Top 25 Influencers issue 2.2 - Page 60

60 OPPORTUNITY ZONE MAGAZINE | ISSUE 2 • VOLUME 2

CLARK SPENCER

GRUBB PROPERTIES

Clark Spencer is a managing director , investments at Grubb Properties , where he leads the company ’ s Qualified Opportunity Fund program and private wealth capital raising platform . Since its inception , the QOF program at Grubb Properties has raised over $ 350 million across four funds . Prior to joining Grubb Properties , Spencer worked as a capital markets attorney in New York and North Carolina , where he focused on capital raising transactions , public company reporting , and corporate oversight . He received his J . D . and B . A . s in history and Germanic languages from the University of North Carolina at Chapel Hill .

WHAT KIND OF TRENDS AND NEW INVESTMENT AREAS DO YOU THINK QOFS WILL FOCUS ON IN 2022 ?
I think that QOFs will continue to grow in 2022 now that the program ’ s roots have been established in communities nationwide , and its early investments will start to deliver and bear fruit . Given the significant housing need in many of these communities , multifamily development , particularly in the essential housing segment , will continue to gain traction . Community engagement will become even more important to ensure that QOFs and developers are enhancing the communities in which they are investing . As the program enters its second phase , I hope to see utilization of new and existing commercial space by operating QOZ Businesses .

AVY STEIN

CRESSET CAPITAL MANAGEMENT

Avy Stein is co-founder and co-chairman of Cresset Capital . Before launching Cresset , he was CEO and co-founder of Willis Stein & Partners , and co-founder of Lincoln Clean Energy ( acquired by I Squared Capital .) Preceding that , Stein held leadership roles at Continental Illinois Venture , Cook Energy , and Cook International . He began his career at Kirkland & Ellis .

WHAT KIND OF TRENDS AND NEW INVESTMENT AREAS DO YOU THINK QOFS WILL FOCUS ON IN 2022 ?
Projects that began development when QOZs first launched are now being delivered and leased , creating new opportunities as the program intended . In these neighborhoods , we expect to see continued growth in multifamily housing , with ancillary retail use , given consumer demand . Additionally , most OZs support this type of land use , making it attractive to investors and developers . We ’ re optimistic on logistics , as the market shifts to accommodate pandemic-driven changes in how we live , work , and shop . Supply chain woes demonstrate how vital warehouses , shipping hubs , etc . in the right location are . Accordingly , we ’ re funding our first logistics project in an OZ , which we anticipate will help drive long-term job growth in the region .
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