Icons of DC Area Real Estate

Beyond the Building: Jason Bonnet on Collaboration, Culture, and Community (#141)


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Bio

Jason Bonnet is Chief Development Officer at Essen, a next-generation development firm. Previously led East Coast Commercial Development for Brookfield Properties ($7B pipeline) and Forest City Realty Trust. Career spans $5B+ development: 4,000+ multifamily units, 1M sf office, 500K+ sf retail. Started Bonnet Development post-UNC. USC MRed, Harvard Business School alumnus.

Key Discussion Points

[00:00:09-00:04:24] Introduction: Background with Forest City, Brookfield, founding Esen.

[00:04:59-00:09:33] Esen Overview: Team of former Forest City/Brookfield executives. Large-scale mixed-use focus, 5,000+ unit pipeline across NY metro, Southeast, Midwest. Lead project: $1.5B Jersey City waterfront (2-3% vacancy, strong demand, Manhattan views, PATH access).

[00:09:55-00:14:01] Early Life: Silver Spring upbringing on Queen Anne's Drive. Father: electrical subcontractor (construction exposure). Mother: Fortune 100 HR executive (negotiation skills). Film production aspirations (Stanley Kubrick) led to real estate. Springbrook High School, UNC.

[00:17:00-00:23:42] Bonnet Development & Pivot: Started company post-dot-com doing Shaw rowhouse conversions (sub-$2M projects). Partnership accounting dispute taught fiduciary responsibility, when to settle vs. litigate. ULI mentorship (Marcel Acosta) led to USC MRed for institutional scale jump.

[00:31:57-00:44:17] Forest City & The Yards: Joined 2011 via mentors Stan Ross, Brian Jones. Debby Ratner Salzberg valued entrepreneurial spirit. 48-acre Southeast DC mixed-use. P4 partnership (DC, GSA, Navy). Eleanor Holmes Norton championed waterfront access. Complex brownfield remediation - Forest City as government agent. Lessons: team collaboration, coalesced vision, passion. DC renaissance period - competitive but collegial, rising tide lifts all boats.

[00:48:17-00:57:26] Yards Development Strategy: Creating neighborhood not just place. Flexible entitlements framework. Retail strategy: Blue Jacket Brewery opened before Harris Teeter - people knew brewery before "The Yards" name. Chef Michael White's Osteria Morini gave legitimacy. Ice Cream Jubilee (attorney turned businesswoman) first location. Attention to detail, patience choosing tenant partners, commitment to long-term success. Retail foundation critical - most complex, detail-oriented real estate sector.

[00:59:18-01:06:43] San Francisco Projects: Led 5M (Fifth & Mission) and Pier 70 after Brookfield acquisition. Biggest difference: intense NIMBYism - sometimes no win-win possible. CEQA (California Environmental Quality Act) extends entitlements 8-10 years via traffic study challenges. 5M took 10+ years. Pier 70: fastest California entitlement approval in history via transparency, over-communication, hundreds of community meetings, port authority partnership alignment.

[01:09:18-01:13:50] Scale & Affordability Philosophy: Density builds economy of scale, feeds project economics. More eyes on the ground plane = vibrancy, security, safety. Dynamic public realm. Scale enables affordable housing financially - a difficult concept for government officials. Yards success: Due South restaurant server qualified for 50% AMI unit next door, living and working in community - very rewarding outcome.

[01:17:11-01:26:30] Esen Formation & Values: Started during down cycle - ideal timing. Small, quick, nimble vs. legacy companies. Entrepreneurial spirit, institutional pedigree. Creative solutions. Team of teams, flat organization: CEO Matt Elsesser (Forest City/Brookfield), CIO Dave Boillot (USC classmate), Jim Chang (Croesus Group). Core approach: transparency - one word for negotiations, relationships, partnerships. Quickly builds trust with private partners, cities. Want win-wins for all. Mixed-use not four-letter word - people always want dynamic environments.

[01:29:47-01:46:15] Design & Neuroarchitecture: Most rewarding: seeing vision executed - restaurant you negotiated 2 years prior, celebratory drink, half staff living in your building. Art essential (music, film, built environment). "Your Brain on Art" - awe, transcendence, soul in places. Neuroarchitecture: three key elements creating ambiance - LIGHT (daylighting brutalist structures, welcoming spaces, productivity), SOUND (live music, curated playlists not elevator music, elevate experience), SMELL (bakery bread, coffee roasting - can't go wrong with coffee). Placemaking: being true to place and community, inviting participation, value creation. Does this place have soul or is it soulless? Singularity of vision so strong it permeates entire process to end user.

[01:49:08-01:51:33] Personal Priorities: Family absolute priority. Health (personal, mental). Work-life balance critical - healthy home environment makes you productive at work. Giving back through mentorship - nowhere without mentors like John Coe. Always available for next generation navigating career decisions.

[01:56:56] Billboard Message: "Estoy aquí" (I am here) - reminder to be present in the moment with others.



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