Notes provided by Angela Vogel Daley, VP of Strategy and Operations at Yellow Duck Marketing.

On Monday and Tuesday, Oct. 16 and 17, 2023, ULI Charlotte welcomed Jim Heid, author of “Building Small: A Toolkit for Real Estate Entrepreneurs, Civic Leaders, and Great Communities,” to speak in Asheville and Charlotte. Through case studies and interviews, the book addresses the impact of small-scale real estate development on communities.  

Heid affirmed that for the most part, the real estate industry has focused on large projects with large capital that are developed over many years. Small and incremental projects that are more entrepreneurial and bootstrapped have been neglected. He emphasized that small development isn’t necessarily about size or dollar value but a method for building enduring, authentic spaces and doing development differently.  

He used the example of a row house in New York as what used to be small, on a few parcels, and noted that over time, those are the neighborhoods that became the most beloved. The best developments come from those who feel responsible for the public realm and are often created by developers with a design background.  

During his presentation, Heid referenced many examples of small developments that reflect the authenticity of the communities that surround them. Hayes Valley in San Francisco is an example of “big meets small.” After the Central Freeway was demolished, multiple parcels of land were available for redevelopment. Rather than approaching a single developer, the city chose for each parcel to be sold and developed individually. Some highlights of the development include Proxy, an outdoor venue that became a third space for the neighborhood; Aether, a clothing store that established its flagship store here from three stacked shipping containers; Octavia Court affordable apartments; and Avalon Hayes Valley apartments.   

While large developers are often reluctant to take a risk on small businesses as tenants, small real estate projects often embrace them, adding to the authentic vibe of the development. Heid referenced many developers who find up-and-coming chefs and provide space for them to establish their first restaurant or create an incubator kitchen for multiple chefs to get started. He also mentioned that there are emerging ways to finance small development, such as smallchange.co, an online real estate crowdfunding portal that highlights the developer and project.  

In 2012, Heid worked with ULI to create a Small-Scale Developer Forum for those in the real estate industry who felt passionately about small projects. The forum provides a space for attendees to network, share ideas, and learn from case studies in a more intimate, collaborative setting. Over the past 11 years, the forum has been held in 20 cities with 650 attendees to date.  

Periodically, Heid hosts a Small-Scale Developer Forum (recently held in Savannah).  For more information and to join the discussion, visit www.jheid.com/small/forums/.