ULI
ULI Arizona’s ‘Shark Tank’ participants get real By MERYL FISHLER
T
he Urban Land institute’s Arizona District Council is bringing together real deals and expert money in an event tailored after popular investment reality show “Shark Tank.” Entrepreneurs present real estate development proposals to a panel of “sharks” (read: veteran real estate investors) and an audience of real estate professionals with hope of being awarded investment capital. ULI Arizona’s “Shark Tank” event features three diverse investment proposals. Candidates are chosen based on their experience, the interest value of their deal and an ability to make a concise and captivating presentation. The top proposals are then selected as the feature presentations at the annual Shark Tank program. When
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looking at applications, the council seeks proposals that appear to have a viable strategy and an applicant who has the ability to analyze a project and present it in a concise way, says Joe Blackbourn, Shark Tank moderator and president and CEO of Everest Holdings. “It is really about education more than anything else,” Blackbourn says. “The ‘Shark Tank’ is really intended for the audience and the applicants to learn how the financial markets react to real estate opportunities.” This year’s event — the third annual — took place Nov. 5, and the panel of expert ‘sharks’ are Meritage Homes Chairman and CEO Steve Hilton; founder and CEO of Pivotal Group, Francis Najafi; and Robert Sarver, chairman and CEO of Western
Alliance Bancorporation. “It allows people who have development ideas and unique propositions to see how an investor, someone in the business, would perceive their proposal and to help them improve their proposals where they are weak or not sound,” Hilton says. “It is more about the people in the audience potentially investing and the different opportunities.” Presenters gain exposure to more than 200 industry professionals, including an array of lenders, private investors, developers and architects who can provide capital and expertise to help bring applicants’ projects to fruition. As the program enters its third year, AZRE looked at where past tankinvested projects are now.