Kevin Newell, Founder and CEO of Royal Capital Group joined CARW members for the May Lunch and Learn at Two-Fifty. He discussed Triple Bottom Line development as People + Place + Profit stating that ‘collaboration is the new innovation”. Kevin attended
Whitewater and spent time working in finance before founding Royal Capital Group where he focuses on ‘doing well by doing good’. His company is involved in the ThriveOn King development on MLK Drive which centered around the former Gimbels-Schuster’s Building. The collaboration leverages tenants and investors including Medical College of Wisconsin, Greater Milwaukee Foundation and housing by Royal Capital to create a community that addresses social determinants of health and serves as a catalyst for the surrounding neighborhood. Medical College of Wisconsin will serve as the main tenant with its facility bringing 450 workers to the building. Other tenants will include a literacy center, job center, blood center and more. Approximately 90 residents are expected to live in the housing units. Kevin talked about the financing model and capital stack and how he worked creatively with Historic Tax Credits, LITEC (Low Income Tax Credits), the GMF Impact Investment Fund and others to turn this dream into a reality. He outlined the challenges to getting a project like this done, and how he worked closely with stakeholders and elected officials to see the vision. He is also planning to bring a school to the neighborhood. Triple Bottom Line development projects are not easy, Newell said, “but they are worth doing because of the enormous impact they have on the community.”
For those looking to engage in TBLD, Newell suggests looking into the GMF Impact Investment Fund, other community investment funds, and historic tax credit resources. WHEDA is also an excellent resource.