“It’s so much about an individual’s personal brand and personal reputation.” To succeed in the property game, “you don’t have to hold a degree in finance,” said Leslie Purvis ’97 (MBA ’15), associate director of TCU’s Center for Real Estate. By traveling the southern United States in search of prime locations for chain restaurants, he saw firsthand how consumers were abandoning centralized gathering places in favor of neighborhood convenience. He was a quick study, soon moving to roles at Panda Express and then Panera Bread, where he was director of real estate. A surprise job opportunity in commercial real estate provided by another TCU Football letterman, Dale Ladner ’74, opened a door for learning the basics.īack then, Maiden said, “I didn’t know that commercial real estate was a career option.”
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Terrence Maiden didn’t expect to spend so much time in his old stomping grounds, at least not in a development role that landed him on the Power Brokers of the Year list in D CEO Magazine in 2019.Īfter graduating from TCU with a degree in psychology, he considered how to build a life in teaching or perhaps banking. At 15, both brothers worked at the Chuck E.
Terrence and twin brother Tim ’00 (MLA ’02) were standout football players at David W. Oak Cliff was once home to the Maiden family. While the residential streets look much like those in North Dallas, the thoroughfares are often dotted with dollar stores and payday-lending operations. “There is a lot of purchasing power in southern Dallas, but there’s a supply-demand imbalance for the quality amenities.” “Southern Dallas is an enormous piece of land - 208 square miles, bigger than many large American cities. Residential real estate investors are buying housing lots and betting on a boom in the area, which is about 15 minutes south of downtown Dallas.įoot Locker will anchor one side of The Shops at RedBird and indoor-outdoor restaurants on the other.
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Hispanic Americans have moved into many of the vacated homes and now make up just over a quarter of the population in the three ZIP codes surrounding the mall. The demographics of Red Bird have shifted in the last two decades as many affluent Black families have decamped for DeSoto and Duncanville, Texas, both just south of Interstate 20. Oak Cliff, the larger Dallas area that includes Red Bird, might be stereotyped by outsiders, but the neighborhoods within offer nice homes for middle-class people. “I’m trying to change that paradigm.” Coming Home “People think that this area is widely unsafe and widely poor, and that’s just not the case,” he said. “Unfortunately, there remains a huge misconception about the region. “The Red Bird area started to decline in the early ’90s largely due to some crime issues, which caused many of the grocery stores and retailers to either close or relocate farther south,” Maiden said. Part of his mission is to tell a more accurate story about the untapped opportunity surrounding the parking lots.
He said he hopes RedBird will once again serve as the social and cultural center of southern Dallas. Maiden, who grew up in the mall’s shadow, dreamed up the creative use of the space and is also overseeing the design. The rest of the mall’s redesigned 900,000 square feet will retain some retail but also offer a satellite college campus and several medical facilities. In 2019, Chime Solutions, an Atlanta-based customer service company, moved into a 50,000-square-foot space on the mall’s second floor, bringing more than 1,000 jobs to the nearby neighborhoods. The national outcry that followed George Floyd’s murder in May 2020 sparked, among other things, “an acceptance of the fact that communities of color have lacked investment, and that’s not good for anyone.”Īt RedBird, the two-story mosaic once installed by Macy’s is coming down so the façade will more accurately reflect the office space inside. “Where we invest our money is a reflection of our values,” Brodsky said. As of 2016, only 3 percent of the Small Business Administration’s most common loan type went to Black-owned businesses. Data from the National Community Reinvestment Coalition points to disparities in enabling entrepreneurship. New York native and Yale graduate Brodsky cut his teeth in Dallas finance by working for Tom Hicks, former owner of the Texas Rangers and Dallas Stars.īy partnering with an investor who has the interest and wealth to privately finance real estate acquisitions, Maiden has circumvented the large banks that tend to be unwilling to underwrite projects in underserved areas. His co-developer, lead investor Peter Brodsky, is making the financial moves by buying bits of the property, leftovers from a mall built for a bygone age of consumerism. Terrence Maiden is the CEO of Russell Glen, a Dallas-based real estate development firm.
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