Renovare Development Company Profile

Background

Renovare Development is a woman-owned social impact commercial real estate development company dedicated to creating affordable housing and community-centric commercial spaces that cater to the needs of working families and foster community building. The company focuses on transformational projects in urban neighborhoods and rural main streets, emphasizing sustainability by prioritizing brownfield sites and integrating environmental, social, and governance (ESG) components into each project through significant community input.

Key Strategic Focus

Renovare Development's strategic focus includes:

• Transformational Projects: Developing mixed-use projects in urban areas and rural main streets that address deep community needs.

• Social Impact: Creating affordable housing and community-centric commercial spaces to support working families.

• Sustainability: Prioritizing brownfield redevelopment and incorporating ESG components into each project.

• Community Collaboration: Engaging in close collaboration with municipal partners on site selection and assembling qualified teams to produce high-quality products on time and within budget.

Financials and Funding

Renovare Development has pursued various funding avenues to support its projects:

• Regulation Crowdfunding (Reg CF) Offering: In 2022, the company conducted a Reg CF capital raise through the Small Change platform, aiming to raise a maximum of $250,000, with a minimum target of $100,000. The funds were intended for operations and pre-development expenses on upcoming projects.

• Equity Investment: The company began operations with $420,000 in equity funding provided by Civitas, LLC, Partum, LLC, and Veritas, LLC. This initial funding facilitated the identification of projects, securing team members, and developing conceptual site plans.

Pipeline Development

Renovare Development has a robust pipeline of projects, including:

• City of Ypsilanti Single-Family Homes: A $10.5 million project comprising 46 for-sale single-family homes, with 50% designated as workforce housing for individuals and families at 80% to 120% Area Median Income.

• Munising Marketplace: An $18.7 million mixed-use development in downtown Munising, Michigan, featuring mixed-income residential units and ground-floor commercial/retail space. The project includes a Workforce Development Initiative managed by MichiganWorks!

• Pictured Rocks Event Center: A $4 million redevelopment of a former fire station in downtown Munising into an event center with private event space, casual dining, local artisan retail, and outdoor seating.

• Bellaire Marketplace: A $7 million mixed-use building in partnership with Short’s Brewing Company in downtown Bellaire, Michigan, providing workforce housing and commercial space.

• Project T - Benton Harbor: A multi-phase project on a five-acre city-owned property, including a $14 million Phase I Low Income Housing Tax Credit deal targeting youth aging out of foster care, and an $18.7 million Phase II mixed-use project with community-centric commercial space.

Technological Platform and Innovation

Renovare Development integrates innovative approaches into its projects:

• Sustainable Design: Incorporating resilient and sustainable design features into developments.

• Community Engagement: Utilizing data-driven methodologies to engage communities in project design and ensure developments meet local needs.

Leadership Team

• Shannon Morgan - Co-Founder & Managing Partner: A housing expert with a diverse real estate background specializing in residential real estate, rehabilitation, land acquisition, and development.

• Jill Ferrari - Co-Founder & Managing Partner: An advocate for women in commercial real estate, with experience in private real estate acquisition and development, community development, legal practice, and consulting.

• Lori Drumm - Chief Financial Officer: An experienced financial leader with over 20 years in the industry, responsible for all aspects of accounting and human resources.

• Amy Wess - VP of Operations: With more than 25 years of accounting experience, Amy has extensive experience in land development and residential construction operations.

• Deborah Anderson - Director of Sales: A seasoned real estate agent with over 15 years of experience in helping clients buy, sell, and invest in real estate properties.

• Dan Jankowski - Project Manager: Responsible for developing house budgets, tracking expenses, and maintaining information systems related to processes.

Competitor Profile

Market Insights and Dynamics

The U.S. residential remodeling market was estimated at $527.36 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 4.6% from 2024 to 2030. Factors driving this growth include:

• Aesthetic Preferences: Increasing demand for aesthetically pleasing housing interiors and exteriors.

• Home Automation: Upgradation of home automation technology and continuous innovation in appliances.

• Disposable Income: Rising disposable income leading to increased construction expenditure.

Competitor Analysis

Key competitors in the U.S. residential remodeling market include:

• BELFOR: A disaster restoration company with over 350 offices worldwide, involved in restoring around 35,000 projects each year.

• Window World, Inc.: Offers exterior remodeling services, including doors, windows, shutters, and sliders for residential and commercial applications.

• GREAT DAY IMPROVEMENTS, LLC: Provides residential foundation and water management services, including foundation repair and waterproofing of basements.

• A Groundworks Company: Offers residential foundation and water management services, including foundation repair and waterproofing of basements.

• Renuity: Provides bathroom, windows, kitchen, closet, garage, and floor renovation services to 29 states around the U.S.

Strategic Collaborations and Partnerships

Renovare Development has established significant collaborations to strengthen its market position:

• Short’s Brewing Company: Partnering on the Bellaire Marketplace project to provide workforce housing and commercial space in downtown Bellaire, Michigan.

• Habitat for Humanity: Collaborating on Project T in Benton Harbor to develop affordable housing solutions.

• Whirlpool Corporation: Providing predevelopment funds and corporate sponsorship for Project T in Benton Harbor.

Operational Insights

Renovare Development's strategic considerations include:

• Market Position: Focusing on transformational projects in urban and rural areas to address community needs.

• Competitive Advantages: Emphasizing sustainability, community collaboration, and social impact to differentiate from competitors.

Strategic Opportunities and Future Directions

Renovare Development's strategic roadmap includes:

• Expansion: Pursuing additional projects in Opportunity Zones to leverage tax incentives and promote economic development.

• Innovation: Integrating smart home technologies and sustainable design features into future developments.

• Community Engagement: Enhancing community collaboration to ensure projects meet local needs and foster community building.

Contact Information

For more information, visit Renovare Development's official website.