A group of Chicago-based real estate developers have launched Decennial Group, an investment and development platform that focuses on commercial, industrial, multifamily, and energy projects located in qualified opportunity zones.
The platform is targeting investment of $1 billion in development projects and is designed to leverage the opportunity zone tax incentives created through the 2017 tax reform legislation.
The team behind Decennial has experience in real estate and energy investment, development and construction, and regulatory matters. The joint venture was launched by Scott Goodman, founding principal of Farpoint Development; Bob Clark, founder and CEO of Clayco; and Shawn Clark, president of CRG, Clayco’s real estate development and investment company.
“Few opportunity zone investment platforms have the ability to manage all aspects of the investment and development lifecycle from deploying private equity capital to underwriting strong deals to developing and managing the projects in these communities. CRG provides both development and site selection expertise as well as a full-service design-build group able to act quickly on great OZ opportunities around the country,” said Bob Clark.
Decennial’s renewable energy strategy is led by David Pavlik, co-founder and principal of 11 Million Acres, which has structured more than $2 billion in renewable energy and infrastructure projects.
Steve Glickman, founder and CEO of Develop LLC in Washington, D.C., will serve as senior advisor to the management team. Glickman is also the co-founder and former CEO of the Economic Innovation Group, the architect of the opportunity zones program.
Decennial noted that Glickman’s experience in structuring opportunity zone funds and transactions, as well as his relationships in the marketplace, will help the joint venture navigate the rules and regulations associated with the program.
Decennial’s team also includes Dan Gilman in New York, a private equity veteran who heads investments for Decennial’s funds, as well as John Krappman in Los Angeles, a real estate investor who heads underwriting and acquisitions.
Decennial said that it has also built a “best-in-class advisory board.”
CRG has developed more than 8,000 acres of land and 187 million square feet of industrial warehouse, corporate headquarters, research & development facilities, and multi-family real estate projects valued at more than $11 billion. The firm has offices in Chicago, St. Louis, Columbus, Philadelphia, Atlanta, and Newport Beach.
Clayco is a full-service real estate development, master planning, architecture, engineering and construction firm that had $2.6 billion in revenue for 2018.
Farpoint is a real estate development company with experience in managing large scale development and redevelopment projects.