What Separates Us from Conventional Developers
JJK PLACES, PBC
“Social Impact Real Estate”
Uncommon Kind of Company.
10 REASONS WHY JJK IS DIFFERENT
JJK Places is a different type of company from that of most conventional developers, or even from nonprofit organizations or CDC’s (nonprofit “Community Development Corporations”). Social impact objectives are baked into our DNA from the day the company was conceived. It is our ardent belief that real estate is too valuable and significate an asset to be used singularly to generate profit. Rather, with the right planning and priorities, it can be used to enhance neighborhoods, benefit and serve communities, and change lives—while still producing competitive economic returns for project investors, funders, and development partners. We pursue these objectives in unique ways, and via a unique company structure. Below are ten (10) reasons why JJK Places, PBC is an Uncommon Kind of Company:
- Hybrid Organization: We are a “hybrid company”—best described as combining the best parts of a for-profit company with the best attributes of a mission-driven nonprofit organization.
- Colorado PBC: We are legally structured as a Colorado public benefit corporation (PBC), which by state statute holds the company to higher standards of business, social, and environmental responsibility, accountability, and transparency. Company operations and policies too emphasis on both ESG Factors.
- Legal Social Benefit Purpose: state statute requires the company to have one or more publicly declared social benefit purpose(s) (i.e., set forth in its Articles of Incorporation). A PBC is required to annually issue a report evaluating how well it produced its declared social benefit(s) during that prior year, as judged against a third-party guideline, metric, or criteria.
- Intentionality: A true social impact company is about far more than just the type of product or service one produces—rather, it is a mindset infused into a company’s early formation that influences all future ongoing company policies, grow strategies, project criteria, employee and client relations, etc.
- 100% of Focus: JJK Places focus is 100 percent on socially conscious, community-oriented real estate projects.
- “Profit with a Purpose”: JJK is a for-profit company, and therefore must seek appropriate risk adjusted returns for our investors and funders (or it won’t remain sustainable and in business). As a social impact company, however, we also seek “Profit with a Purpose” rather than being a business run singularly to produce profit.
- Difficult Real Estate Projects: The type of real estate transactions and development projects which JJK Places pursues or consults on are perhaps the most difficult real estate development transactions to accomplish. They have far more of the following characteristics: logistical complexity, funding sources in the capital stack, number of stakeholders, amount and length of the community engagement process, and typically multiple public-private partnerships.
- Authentic Community Engagement: SIRE projects require a robust and authentic community engagement process (an “Equitable Development” process). A similar high-level of community involvement should continue through all stages of design, construction, and leasing/sales.
- Internal Company Policies: JJK stands apart from many companies by its internal company policies and operations, which are heavily guided by social responsibility, inclusiveness, and ESG Factors.
- Role as Promotor and Educator: JJK Places’ long-term growth plans include becoming an educational/informational source and advocate/promoter for the increased production of social impact real estate. This role is foreseen to involve the following in the future:
- Position the company to be an outspoken advocate and expert on the subject of social impact real estate and social impact investing in general.
- Work to attract more financial capital into funding social impact real estate.
- The formation of a business-to-business social impact “built-environment” network call the Social Impact Zone, as well as an associated social impact real estate (SIRE) business collaborative called the SIRE Co-Lab.
- Starting a subsidiary or separate nonprofit organization that is a social impact real estate think tank called the Impact Idea Incubator or the “Triple I Group.”
- In general, becoming a “thought leader” and “change-maker” in the evolving field of social impact investing, and more specifically in the social impact real estate realm.