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Some self-protection may indeed be required of the graduates. Many of the
successful inner-city developments going on across the country involve
partnerships of local minority business leaders who know their communities
and experienced hands in the real estate business who know the bottom line.
A grounding in development fundamentals makes for more savvy participation
in the process, said program director David Dale-Johnson of the Lusk
Center.
Its important for residents of these communities to be able to
take control of the future of their communities and have the talent, network
and access to capital that allows them to do that, Dale-Johnson said.
That happens very slowly because such developments are typically high
cost, take a long time and come with associated risk.
A network of contacts has always been invaluable in the clubby commercial
real estate world and the lack of such a network has been one of the most
significant barriers to participation by women and minorities, industry
observers say. Making future contacts, several of the USC students said,
was one of the key benefits of attending the session. They met some successful
developers who offered advice from the front lines and each was introduced
to an experienced mentor who will offer future guidance.
The students also look to each other to be part of a future business network
as they pursue their goals.
Vietnamese immigrant Grace Quach of Fountain Valley, for example, wants to
move beyond her accounting job to develop housing for people who have too
much income to qualify for assistance but cant afford market-rate
housing.
Starlett Quarles wants to build a dance studio in South-Central. Los Angeles
real estate agent Patricia Lankford, who became a mother at age 13, graduated
from college and works with a nonprofit womens group to create housing
in the inner city.
Each managed to raise the $3,200 tuition for the program, often by tapping
multiple sources and scholarships. Most lived in the USC dorms while participating
in classes and seminars that lasted well into the evenings. They took meals as a
group and joined forces on a case study at a site in the artist district of downtown
Los Angeles. The effort, expense and enforced togetherness hadn't dampened spirits
as the course wound to a close.
This is the best program in the country, said ex-boxer Mathis, who
plans to pursue a masters degree when he graduates from the University
of Miami this year. You know what Im saying?
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