How four Charlotte real estate firms attract diverse applicants 2023

Three years ago, the murder of George Floyd by Minneapolis police officers prompted nationwide calls for greater diversity in the workplace. Among the industries that turned inward were construction and commercial real estate. According to the 2022 Global Real Estate DEI Survey, the business is dominated by white individuals, however more persons of color were employed in 2018 than in 2017. Tracy Chambers stated that Crescent Communities, one of the leading development businesses in Charlotte, was searching for solutions to address the absence of minorities in the majority of the real estate sector. Chambers is the executive vice president and chief human resources officer at Crescent. The global DEI study indicated that of 171 real estate businesses in North America, about 65% were predominantly white and 7% were Black. The disparity is worse when it comes to executive roles, as 82% of organizations reported white employees and 2% Black employees. Soon after Floyd’s murder, Crescent’s president of commercial development, Brendan Pierce, brought one initiative to Chambers’ notice. It is known as Project Destined. The program educates children on issues such as financial literacy, entrepreneurship, and real estate in collaboration with companies, schools, and non-profit organizations. Early in 2021, Project Destined partnered with the Charlotte chapter of the Urban Land Institute, a Washington, D.C.-based organization that promotes urban growth and development. They initiated an internship program with Beacon Partners, Faison, Asana Partners, and Crescent Communities, four local real estate businesses. The plan was to collaborate with college students from varied backgrounds on real estate transactions as they occurred. Johnson C. Smith, a historically black college or university in west Charlotte, may use the program to build a diversified pipeline of students interested in commercial real estate development, JCSU president Clarence Armbrister said at the time. Locally and globally, the program is one of a few that addresses diversity and racial fairness in commercial real estate. HOW PROJECT DESTINED WORKS Since 2021, Crescent Communities has collaborated with seventeen college students. Each program lasts up to four months, and once every three weeks, students are partnered with mentors. Last year, students from UNC Charlotte, Winston-Salem State University, Central Piedmont Community College, and Elon University collaborated with Crescent. Chambers stated that one of the participants, Isaac Allen, was hired as a summer intern by Crescent last year. Chambers stated that the initiative helps both the corporation and the students. Students gain real-world experience and networking opportunities. Crescent is able to recruit college kids while they are still in school. Normally, students collaborate with corporate leaders. They assess commercial real estate transactions. At the conclusion of each class, students pitch industry executives an investment opportunity. OTHER PROJECTS WORKING ON DIVERSITY There are similar initiatives around the nation. William Ferguson, head of the Chicago-based personnel management company Ferguson Partners, founded the Centers for Leadership Excellence. The initiative collaborates with 14 colleges and universities around the country, the majority of which are historically Black universities, to link students from varied racial and cultural backgrounds with commercial real estate programs. The Local Initiatives Support Corporation, or LISC, is another scheme. LISC offers a training program for color developers in the Twin Cities, New York City, and Detroit. The initiative intends to expand the developer’s network and, in certain situations, give funding to get ventures off the ground. According to Executive Director Ralph Caldwell, the Charlotte LISC office does not provide the program, but would want to introduce one.