The Project Rising urban infill accelerator is like a business start-up incubator for real estate development projects. We identify the market opportunity - a cluster of underused properties that have the potential to enhance the fabric of the surrounding community. The teams who are selected to participate in the incubator are the ones who propose the most feasible project ideas for those properties.
Our incubator program is a defined three-month period of education and mentorship for project refinement, pitch development and project adoption by investors and developers. The input is a project idea cultivated within the general public and developed in collaboration with design professionals. The output is a bankable project.
“What you’re aspiring to create is exciting. A connector and facilitating entity that brings potential user, owner and creator together to craft a more sustainable and exciting city...”
- Lorenzo Perez, 2013
Principal, Venue Projects
Our mission is to create vibrant, healthy communities by activating vacant spaces in existing neighborhoods with places to live, work and play.
Our innovative approach to project development will be a hub for gathering talent and attracting investment dollars in communities. Our intent is to create a model that can be replicated in other cities in our region and beyond. Multiple stakeholders benefit from this model.
Our purpose is to turn spaces to fill into places to be. Through a process of site selection, outreach and evaluation, we bring together property owners, community members, design professionals, real estate professionals, equity partners and city staff to create viable projects for vacant lots and buildings. Working together with all of the key stakeholders upfront allows us to accelerate the urban development process and produce projects that have positive social and economic impacts.
Community Members. Community members are usually brought into the discussion of development projects in their neighborhood once the projects are in advanced stages. Our engagement programming allows for discussion about projects from the beginning. Members of the general public are also invited to submit their own ideas for a site for our incubator.
Cities. City leaders around the world are searching for sustainable development solutions to accommodate the population growth in urban centers. While many have planning initiatives to support urban development, they still need a tool for implementation. We will be able to transfer our collaborative public-private model in Phoenix to other cities facing similar challenges.
Investors. Infill projects present many challenges for financing. Throughout our programming, the financial feasibility of projects is evaluated and assessed by fund managers and officers of financial institutions. The output of our incubator is a pipeline of bankable urban development projects.
Small-scale Developers. Small-scale developers are limited in their capacity to develop multiple projects at once. Our programming includes valuable pre-development work such as due-diligence studies, community engagement, conceptual designs, market and financial analysis, and planning reviews. The alleviation of this work provides greater opportunity to engage in multiple projects.
Large-scale Developers. To a great extend, the success and value of large development projects depends upon the surrounding properties. By activating a cluster of vacant spaces in areas where large projects already exist, we will bring vitality and increased value to those projects.
Project Site Owners. Undeveloped and unoccupied sites do not produce revenue for property owners. An engagement with Project Rising connects owners with multiple real estate stakeholders and local talent, brings marketing attention to their site and produces a well-developed project and business for their site.
Real Estate Agents. Real estate agents are in the business of leasing and selling properties. The nature of our program produces qualified customers that lead to increased transactions with minimum effort on the agent’s part.
Service Providers. Service providers such as insurance and utility companies depend on occupied spaces for their customer base. Filling in vacant spaces with new businesses and residents produces more customers. More customers means more revenue.