Icons of DC Area Real Estate

Jamie Weinbaum: Beyond the Transaction (#138)

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Bio

Jamie Weinbaum is President & CEO of Horning, overseeing operations, development, and strategic planning. Previously Executive VP at MidCity (4M sf pipeline), COO at Ditto Residential, development executive at JBG Smith, Director of DC Office of Zoning, and Deputy Mayor for Planning and Economic Development. Former ULI Washington chair. JD from GW Law, BA from Wake Forest.

Key Discussion Points

Career Pivot from Law [00:00-13:17]

  • Childhood passion for built environment - sketching houses, playing with Legos
  • 2006 revelation with wife: "what you do 9am-7pm doesn't really do it for me"
  • Marrying passions with profession leads to happier life and more successful career
  • Started Atlanta home renovations as side hustle while practicing law

    • Real Estate Entry via AJ Jackson [13:17-25:42]

    • AJ Jackson instrumental in first development job at EYA in 2007
    • Developer as "conductor of the orchestra" - coordinating subject matter experts
    • Ownership side vs. consultant preference: "you're part of the story for years"
    • 2008 downturn layoff after 9 months confirmed industry passion

      • DC Government Leadership [25:42-37:33]

      • Became Director of Office of Zoning under Mayor Fenty administration
      • Crash course in leadership: humility, listening, bringing people along
      • Technology focus: converting paper zoning maps to online GIS resources
      • "Level the playing field" philosophy for residents

        • JBG Development Experience [37:33-51:30]

        • 2011-2014: Twin Brook metro projects, Fort Totten Square (Walmart mixed-use)
        • Risk mitigation and preserving optionality as core JBG principles
        • Investment committee meetings: "nobody held back" - heated debates
        • Real estate development requires communication, analytics, design

          • Family Business Philosophy [51:30-1:05:15]

          • Hired business coach specializing in family companies at MidCity
          • Role as fiduciary working on behalf of family to accomplish their aims
          • Alignment between personal values and family mission critically important
          • Multi-generational companies face unique succession challenges

            • Horning Strategy & Amazon Partnership [1:05:15-1:20:45]

            • "Mission-driven for profit" organization focused on affordable housing
            • Plaza Towers acquisition: Amazon Housing Equity Fund + 99-year affordability covenant
            • Creative financing: Freddie primary debt + Amazon below-market mezzanine
            • Locks in affordability for 288 units at 80% AMI in gentrifying Hyattsville

              • Development Challenges [1:20:45-1:35:20]

              • 901 Monroe/Ravenna: 25-year timeline for 230-unit project due to appeals
              • Ground-up development "really, really tough environment" in DC region
              • Acquisition at below replacement cost preferred over new construction
              • Advocates sometimes oppose affordable housing projects intended to help residents

                • Personal Integration Philosophy [1:35:20-1:48:30]

                • "Integration" not "balance" - career, family, community as separate cups
                • Each cup must be tended individually - one full cup can't fill others
                • Striving for peace and wholeness across all life dimensions

                  • Market Outlook [1:48:30-2:05:00]

                  • Federal surplus property disposal could create "next wharf" opportunity
                  • Independence Avenue to Wharf corridor: extraordinary development potential
                  • Need bipartisan political consensus for multi-year development projects

                    •  

                    Resources:

                    https://www.horningdc.com/

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