Gerald McDowell, Executive Director, ATL Airport

Gerald McDowell
Executive Director 
ATL Airport
In an interview with Focus, Gerald McDowell, executive director of ATL Airport Community Improvement Districts, discussed groundbreaking mobility innovations transforming Atlanta’s transportation landscape. “Innovation is the key. We’ve been exploring new mobility solutions for seven years,” he said, highlighting two major projects: on-demand micromobility and Personal Rapid Transit (PRT). 

What have been the most impactful milestones and key accomplishments for the organization over the past 12 to 18 months?

We have had two significant milestones, and both have to do with mobility. Innovation is the key. We have been exploring new mobility solutions for the past seven years. This year, we will be launching both of those services. These are huge milestones we’ve reached in the last eight to 12 months.

The Atlanta Region Transit Link Authority oversees transportation systems in Metro Atlanta, covering about 3 million people. They awarded us a $2.6 million grant to demonstrate micro mobility as a service. We selected a partner through an RFP process. We will be under contract with that partner by the end of this month, launching the micro mobility service by the end of summer. It will be a two-year service in a 15-square-mile area around the airport. It is an on-demand public transportation service. Users can download an app to request a ride, similar to Uber, but with public transportation vehicles picking up and dropping off within the service area. The service will be free during the demonstration, running from the end of summer 2025 until the end of summer 2027. My organization is responsible for 30% of the $2.6 million, a $2 million project with a 30% match, with the other 70% from the grant.

The second project is personal rapid transit (PRT). These are pod cars operating on a dedicated guideway, not in traffic, like a metro train but carrying two to four people. Users download an app to request a ride at a station, indicating their destination. The system deploys a pod car to the user’s station, traveling nonstop to the requested station. This public transportation solution is an $18 million project. We received $10 million from MARTA, with our partner providing $8 million. Construction starts in the fourth quarter of 2025, with operations beginning in the fourth quarter of 2026, running as a free demonstration until 2028. The PRT company, based in San Francisco, was selected through an RFP process.

Since the pandemic, public transportation ridership has not recovered to pre-pandemic levels. People are not choosing public transportation. During the pandemic, many discovered rideshare, which picks you up and takes you to your destination, almost nonstop. With technology and advancements in autonomous vehicles, it is possible to operate a public transportation system similar to Uber and micromobility. Traditional solutions like metro trains and buses do not provide the flexibility or on-demand component. The on-demand component allows you to travel on your schedule. With public transportation, you must follow the system’s schedule, identify the stop, and know the time to catch the ride. Missing a stop means waiting 20 to 40 minutes for the next ride. With micromobility and PRT, you schedule a ride using an app, and the system picks you up and takes you to your destination based on your schedule. This flexibility, allowing use based on your schedule and desired locations, is the future of public transportation. Over the next two years, we will investigate this with micromobility. No city in the world is using PRT as a public transportation system as proposed in Atlanta, making Atlanta potentially the first to implement PRT as a public transportation solution.

What trends or changes have you seen in the commercial property landscape around the international airport over the past 12 to 18 months?

In the Atlanta airport area, we are experiencing an increase in truck traffic due to the number of warehouses, like Amazon and FedEx. Demand for delivery has significantly increased over the last year, benefiting business owners and operators. The Atlanta airport remains the world’s busiest, exceeding 100 million passengers last year and on track to be the first airport with over 100 million passengers for consecutive years in 2025 and beyond. Our location near the airport positions us uniquely, as we observe changing consumer behaviour, shifting from physical shopping and dining to increased reliance on delivery, leading to heightened activity in freight, logistics, and warehouses around the airport.

Has the economic climate impacted development or investment activity in the airport area?

Increased consumer demand for delivery has highlighted public transportation as the main obstacle to additional investment and development around the Atlanta airport. Employers, including warehouse companies with over 100 or 200 job openings, report that many workers rely on public transportation, which is a challenge in the greater airport area. Public transportation services go offline for maintenance, creating gaps for workers who rely on it, as services may not be available when they start or end shifts. In the airport area, jobs operate 24/7, unlike the 9-to-5 schedules in most of the metro area, but public transportation is not available 24/7. This drives our exploration of innovative mobility solutions like micromobility and PRT, where on-demand operation and 24/7 availability are critical. Deploying a public transportation solution that supports the airport area could lead to an explosion in economic development around the Atlanta airport.

How are partnerships with municipalities, developers, or civic groups helping drive your projects and long-term vision?

The Atlanta Region Transit Link Authority and MARTA are regional organizations we work closely with, along with the Georgia Department of Transportation. Achieving these projects requires partnership. We signed an agreement with MARTA, Fulton County, Clayton County, and the city of College Park, located next to the Atlanta airport, where the PRT solution will be demonstrated at their convention center. For the PRT project, we also signed an agreement with two CIDs, MARTA, Fulton County, Clayton County, and the city of College Park. For microtransit, we work with six cities around the Atlanta airport: Atlanta, College Park, Hapeville, East Point, South Fulton, and Forest Park, plus two counties, totaling eight jurisdictions. We also collaborate with agencies like MARTA, the ATL, GDOT, and the Atlanta Regional Commission. These partnerships with municipalities and jurisdictions are necessary for our work’s success.

Eloisa Klementich, President & CEO, Invest Atlanta

Eloisa Klementich, President & CEO, Invest AtlantaIn an interview with Focus:, Eloisa Klementich, president and CEO of Invest Atlanta, discussed key drivers shaping the city’s economic future, including innovation, housing, equitable growth, and small-business support. “Innovation is not just a trend. It is a foundation for business sustainability and job creation,” Klementich said.

What have been the most significant changes at Invest Atlanta over the past year?
Three key areas stand out. First is our continued success in attracting research centers. Most recently, Shriners Children’s chose Atlanta for its first pediatric medical research facility, bringing 470 jobs and $153 million in new investment. Duracell also expanded with a global headquarters and R&D center. Atlanta now hosts 40 corporate innovation centers. These are not academic institutions, but companies that recognize that innovation often thrives in smaller, agile environments.

Second, we’ve taken a more direct approach to combating food insecurity. With about 14% of Atlanta residents facing food insecurity, we’ve shifted from solely trying to attract large grocers to also creating our own. With city support, we’re opening grocery stores downtown and on Campbellton Road, a disinvested area. We’re also backing innovative models like Goodr, which provides affordable access to food at Goodr locations across the city. We’re also supporting a project with the Atlanta Food Bank that includes both retail and pantry space and backing a minority- and woman-owned company that developed an automated, self-service neighborhood market concept with fresh, healthy food. All of this falls under a strategy with five pillars: working with existing grocers, attracting new ones, developing city-run grocery stores, leveraging innovation, and offering technical assistance.

Third is entrepreneurship. Last year, we supported more than 1,845 small businesses with $14.8 million in grants and loans. We’re preparing local businesses for large-scale events like the upcoming 2026 FIFA World Cup, including women-owned businesses through our Women’s Entrepreneurship Initiative.

How are these investments benefiting neighborhoods and residents directly?
Neighborhood investment remains a priority for Mayor Andre Dickens and the City Council. We’re using targeted tools and working with Fulton County to expand them to improve infrastructure and amenities like walkability, storefront facades, and grocery access, so residents don’t have to travel far for basic needs. We’re also evaluating how to support neighborhood health needs. It’s about building complete, livable communities.

How are small-business support efforts translating into job growth and economic development?
We track the number of jobs created and retained. About 60% of the businesses we assist are Black-, women-, or minority-owned, which is crucial because local businesses tend to hire locally. Last year, we helped create or retain 4,433 jobs and supported 1,845 businesses. We also helped finance 2,475 affordable housing units. Under Mayor Andre Dickens and the City Council, housing continues to be a central focus by ensuring it remains both accessible and affordable.

What impact has the recent investment had on affordable housing in Atlanta?
Atlanta ranks at the top among major cities for bringing affordable housing units online, according to a recent report, in which the key takeaway is how the city is stepping in financially.

Our housing opportunity bond program helps developers fill capital gaps and positions the city as a partner. It’s a strong commitment, and while more is still needed, it shows Atlanta is moving aggressively to expand affordable housing options.

Where are the greatest opportunities for residents to access living-wage jobs and career advancement?
Atlanta’s economic diversity is one of its greatest strengths. Unlike some cities, Atlanta isn’t dependent on one or two sectors, which opens a broad range of career opportunities. Engineering and health care are growing steadily. In the broader region, transportation and logistics are creating well-paying jobs accessible to those with or without advanced degrees. The city’s range of corporate headquarters allows residents to pursue varied career paths, which continues to make Atlanta an attractive place to live and work.

What recent market changes have had an impact on Invest Atlanta’s operations?
Federal-level changes are significantly affecting cities. As programs are cut, there is an expectation that states will fill the gaps, but the funding simply is not there. In Atlanta, a large portion of the workforce is tied to federal agencies such as the CDC, HUD, and the DOT. The ripple effects are already being felt across local organizations, including ours.

Beyond funding concerns, what other challenges are shaping the business and economic landscape in Atlanta?
Like many cities, we need more venture capital to support entrepreneurs. Even more urgently, we need angel capital, which is essential for helping early-stage businesses get off the ground. To close this gap, we are actively working to increase both angel and venture capital activity in the region.

How is technology and innovation supporting economic and business development in Atlanta?
Atlanta ranks high for Fortune 500 headquarters, making innovation essential for long-term growth. Companies — like people — grow, mature, and either reinvent or decline. Innovation and R&D drive that reinvention. Atlanta’s network of corporate innovation centers helps by providing access to talent, housing, diversity, and creative energy. Institutions such as the Atlanta University Center add to a rich talent pool. Here, innovation is not only a trend, but a foundation for business sustainability and job creation.

Where are the strongest investment opportunities in Atlanta right now?
Atlanta is one of the most connected cities in the United States. About 80% of the country is reachable in under two hours by a direct flight, which attracts strong international interest.

Fintech is a particularly strong sector. Every time someone swipes a card, there is a good chance that the transaction is processed through systems based in Atlanta. This global reach, combined with our financial infrastructure, has made fintech a major area for growth and international investment.

How is population growth and demographic change affecting development opportunities in Atlanta?
I am an optimist, and I see the recent dip in population as a temporary shift related to post-COVID lifestyle and work changes. People usually choose where to live based on affordability and quality of life, and Atlanta offers both. The city has arts, entertainment, sports, the Beltline, and relatively affordable housing. With strong job opportunities, mild winters, and convenient air travel, Atlanta remains attractive to both individuals and businesses.

How is Invest Atlanta working to ensure equitable development across all neighborhoods?
This is a tough but essential issue, and we’ve approached it intentionally. As a team, we asked: If a senior on fixed income lives in a neighborhood that’s becoming more desirable, what might force them out?

We identified two major risks: rising property taxes and declining home conditions. In response, with Mayor Andre Dickens’ support, we launched two programs. The first caps seniors’ property taxes at their current rate for 20 years. If taxes go up, the difference is covered by a dedicated fund. The second is our owner-occupied rehab program. If someone has a leaking roof, lead paint, or mobility issues, we make those repairs at no cost. People should move because they want to, not because they have no choice. We are now expanding both programs.

Equity also means supporting small businesses through access to capital, technical assistance, and affordable space. Many business owners don’t realize they’re responsible for HVAC and other costs in commercial leases, so we provide education on lease terms and business operations. We’ve also negotiated below-market-rate rents for startups, much like affordable housing. In some cases, we’ve purchased commercial properties ourselves and then leased them directly to disadvantaged businesses to help them grow.

What major projects are transforming downtown Atlanta?
Six major projects are reshaping downtown: The Stitch, Underground Atlanta, 2 Peachtree, South Downtown, Centennial Yards, and the Civic Center. Combined, they represent $22 billion in economic impact, more than 4,000 jobs, and over 8,400 housing units.

These developments will change the fabric of downtown with thousands of new residents. Centennial Yards is already under construction with four cranes on site. Underground Atlanta is active. 2 Peachtree, which Invest Atlanta leads, is progressing. South Downtown is set to open before the 2026 FIFA World Cup. The Civic Center, led by Atlanta Housing, is also moving forward.

Andrei Savitski, Executive Vice President, CBRE

Invest: sat down with Andrei Savitski, executive vice president at CBRE, to discuss how commercial real estate is recalibrating after the pandemic, the widening divide between top-tier and outdated assets, and why Florida remains one of the country’s most resilient markets. “Those landlords that have adapted to the post-pandemic world are the ones capitalizing on it,” Savitski said.

How would you describe the past year for CBRE’s advisory business, and how does it reflect the broader commercial real estate landscape?

Overall, 2025 was one of the most pivotal years we have seen since before the pandemic. Coming out of COVID, the real estate market cratered, and there has been a lot of recovery taking place since then. Last year marked a meaningful return toward pre-pandemic baselines. We started seeing the office market rejuvenate, capital markets activity showing signs of pulse, and overall momentum improve across several sectors. It was the strongest year we have had since before the pandemic.

That performance also mirrors where the market stands today. In the office sector, we are seeing a clear flight to quality. Tenants are concentrating heavily on Class A buildings, and the gap between Class A and lower-quality assets continues to widen. Class A vacancies in many cases are in the single digits, while Class B and C properties are still struggling to find their footing. Those landlords that have adapted to the post-pandemic world are the ones capitalizing on it, while those that have not are seeing less and less interest from tenants.

Which sectors are showing the most strength, and where are you still seeing challenges?

Retail has been very strong since the pandemic, and industrial has remained extremely strong throughout. Capital markets activity slowed but is now showing signs of improvement, and office is performing much better than it was even a year or two ago. The sector that is still facing challenges is multifamily, largely due to interest rates and construction costs. Financing remains expensive, and that continues to create headwinds for new development. That said, most other sectors saw meaningful improvement in 2025.

What milestones or achievements stand out for your team at CBRE over the past year?

One of the biggest changes we have seen is the transformation of office space itself. Landlords that have invested in amenities and higher-quality environments are capturing demand, and that is pushing rental rates to levels we have never historically seen in Orlando. Rates approaching the $40 mark would have been unthinkable not long ago, yet we are seeing that today in top-tier assets.

From a team perspective, we had an exceptional year. We broke virtually every internal record, represented a number of large occupiers, and completed several major headquarters relocations. What has been particularly rewarding is helping clients right-size their footprints while dramatically improving the quality of their work environments. That combination has been a defining theme of the past year.

How have advisory services evolved as companies rethink office strategy and relocation decisions?

Our role has shifted significantly. Historically, the focus was on negotiating the best possible economics for clients. Today, the conversation is much more strategic. Clients are looking to us to help them understand where the office market is going, what trends are shaping demand, and how those trends affect their employees, culture, and long-term financial performance.

We have moved away from purely transactional roles toward a more consultative approach. Our job now is to help paint the right picture of what the office environment should be and how it can enhance productivity, collaboration, and overall experience. That shift accelerated during and after the pandemic.

How is CBRE leveraging technology and new service offerings to support that evolution?

Technology allows us to move further away from being transactional brokers and more toward true advisors. Clients now have access to tools and insights that were never previously available through corporate real estate firms. AI helps us optimize layouts, analyze portfolios, and improve decision-making without replacing the human expertise that remains essential in this industry.

How do you see AI shaping the future of commercial real estate and advisory work?

AI is a powerful tool, but it will not replace real estate professionals. Commercial real estate data is highly fragmented and private, which limits full automation. Where AI excels is in helping us work more efficiently and intelligently. For example, we can use AI to optimize office layouts, identify inefficiencies, and improve space utilization.

More broadly, AI represents another evolution, similar to the internet or earlier technological shifts. Some jobs may change, but many new roles will emerge. We are already seeing this in sectors like data centers and power infrastructure. One of our largest clients operates in the power space, and their growth has accelerated dramatically due to AI-driven demand for data centers. That growth creates new opportunities across multiple industries, including real estate.

What challenges are clients navigating most frequently today?

Labor is one of the biggest challenges. Identifying and attracting the right talent has always been critical, but it has become even more complex in today’s environment. That is where our labor analytics capabilities play a major role. We help clients understand where talent pools are located and how to align real estate decisions with workforce strategy.

Another challenge is encouraging employees to return to the office. There is still a negative perception of office space in some sectors, and companies need to rethink how they design and position their workplaces. Improving amenities, modernizing environments, and offering flexibility through hybrid schedules are all part of that equation. The goal is to optimize space while supporting productivity and employee satisfaction.

How does the hybrid work model factor into office design and strategy?

Hybrid work has fundamentally changed how companies think about space. Many organizations are now operating three to four days per week in the office rather than five. That raises important questions about desk sharing, open layouts, and overall footprint optimization.

Different companies have different needs. Creative firms may thrive in collaborative, flexible environments, while more technical organizations may require quieter, more focused spaces. Use drives need, and there is no one-size-fits-all solution. The challenge is designing spaces that support both efficiency and engagement.

How is CBRE attracting and developing talent internally while helping clients do the same?

From an internal perspective, CBRE’s global footprint and reputation give us a significant advantage. We operate in virtually every market worldwide, with more than 100,000 employees. That scale allows us to attract top talent and provide opportunities that many competitors cannot.

For clients, our labor analytics teams play a crucial role. These teams analyze regional and national workforce trends, working closely with chambers of commerce and local organizations. That data helps clients understand where talent is located and how to make informed expansion or relocation decisions. It is an unmatched dataset that supports both corporate growth and real estate strategy.

Looking ahead, what is your outlook for Florida’s commercial real estate market over the next few years?

Florida is exceptionally well-positioned. When you look at how states performed during the pandemic, Florida consistently ranks near the top. The state remained open for business, attracted significant corporate relocations, and maintained economic momentum.

Orlando alone has added roughly 50,000 new residents per year for more than two decades. That sustained population growth drives demand across housing, office, retail, industrial, and infrastructure. As the population grows, so does the need for distribution centers, data centers, and supporting services.

I remain very optimistic about Florida’s outlook through 2026, 2027, and beyond. While technology and AI will continue to reshape how we work, the overall trajectory for commercial real estate and the state’s economy remains strong. Florida’s fiscal health and pro-business environment are important indicators that this momentum will continue.

Sean Simpson, Tampa Bay Regional President, Synovus Bank/Pinnacle Financial Partners

Sean Simpson, Tampa Bay Regional President, Synovus Bank/Pinnacle Financial PartnersInvest: sat down with Sean Simpson, regional president of Synovus Bank/Pinnacle Financial Partners in Tampa Bay, to discuss the combined organization’s growth strategy in Florida, the shifting economic climate, and how banking leaders are balancing culture with capability. “It was really a true one plus one equals three combination,” Simpson said.

What are your top priorities following the Synovus and Pinnacle merger, and what should Tampa Bay clients expect?

From a client standpoint, the merger has been a non-event, and I mean that in a positive way. As of January 1, we are a merged organization as Synovus and Pinnacle, but we’re still operating as Synovus in the Florida market for now because most of Florida is legacy Synovus from a name perspective. Our priorities locally are centered on continuity for clients while quickly expanding what we can deliver.

It was really a true one plus one equals three combination, where two organizations that did things very, very well came together and created an expanded set of products, services and capabilities. There was little overlap in markets, with Pinnacle historically operating primarily from Tennessee east through the Carolinas and north to Washington, D.C., while Synovus has been concentrated from Tennessee south through Florida, including Greater Florida, Georgia, Alabama, Tennessee, and South Carolina. That geographic fit helped keep the combining of companies smooth and helped preserve momentum.

The combination also broadened specialty offerings. Pinnacle has verticals and services that we did not provide at the same level previously, including an aviation specialty, a music, sports and entertainment vertical, captive insurance, title settlement and legal services, and dealer finance. Those are areas where we could serve in a limited fashion before, but now clients have access to deeper expertise and more scale. Synovus brings strengths in areas of corporate banking and specialty capabilities such as senior housing, structured finance and asset-based lending, which the broader organization benefits from as well.

Beyond product breadth, scale matters. We now have the resources to do things we could not do before. When you’re essentially twice as large, you can invest more in technology and client experience, and you can hold larger pieces of relationships for bigger corporate and commercial clients. In many integrations, clients worry about chaos or uncertainty. Here, we have the same team we’ve always had, just with more power and capabilities behind them. It’s business as usual, but then some, and our teams are excited, engaged and focused on growth. We plan to be a growth champion in Florida, and specifically in Tampa Bay.

What external market changes over the past year have most impacted your organization in Florida, and in what ways?

Since the turn of the decade, we’ve seen significant change, from the pandemic to supply chain issues to shifts in the political environment. There were also broader policy dynamics, including immigration changes and a tariff environment that created uncertainty. But if I had to point to the biggest driver over the last year, it would be monetary policy and the ripple effects that came with it.

If you go back to the pandemic period, there were measures taken to stimulate economic growth, and that drove rates down into a near-zero short-term rate environment. As we moved through 2023 and 2024, we entered a tightening environment, and that created uncertainty for clients, for deal activity, and for the broader marketplace. In that same period, we saw liquidity issues in parts of the financial system that affected banks on the West Coast and in New York. Those were external forces, and for Florida specifically, it drove broader economic uncertainty but didn’t create a lot of localized pressure on the market. 

As we move into 2026 and beyond, we’re on the other side of that. We’re in an easing cycle, rates have been coming down, and there is more certainty. I think we’re also settling into a new normal with interest rates. There could be some additional short-term easing, but we are not expecting the five-year and 10-year Treasuries to move much this year, and that stability tends to bring business activity back into rhythm.

We saw a tremendous amount of business activity last year and we have a lot in front of us. I expect this year to be a really strong one in Florida, especially on the West Coast and in the Tampa Bay region. When you look around, there are cranes everywhere. Multifamily continues to be strong, and absorption has held up better than many markets across the Southeast and the country. That aligns with the population growth we’ve experienced.

There are still affordability challenges and some industries have tight margins, but we have not seen systemic issues across the board. On insurance, we are starting to see early signs of relief. We’ve also seen policies connected to state-driven insurance coverage moving to their lowest levels in a number of years. The legislative measures will take time to fully work through the system, but we are starting to see some easing, and that matters for households and for business confidence. Overall, the economy remains robust, and I expect it to continue in the near to midterm.

Since digital adoption continues to accelerate, how are you refining the balance between brand strategy and digital investment in Florida?

Clients want to engage with companies and financial institutions in different ways and in the places they prefer. Our responsibility is to meet them there, because if you’re not trying to meet customers where they are, somebody else will. Years ago, my team used a term that still fits: phygital. You have to be both physical and digital, and it’s really not optional anymore.

Physical presence remains important. People want to know the bank is there. They want to sit down with someone when the moment calls for it. In our case, we also differentiate ourselves by providing thoughtful insights and advice. We work with clients who are looking for guidance and perspective, not just a transaction, and that advice-driven model works best when you can connect in the way the client prefers, whether that is in person, digitally or both.

At the same time, digital expectations continue to rise. Customers compare experiences across industries, and financial services is no exception. If you cannot make the right investments, you fall behind. That is another place where the combined organization matters. Scale gives you the resource capacity to invest in technology and deliver products and services with the same quality and consistency clients expect from the largest firms in the country.

In Florida, we already have a strong footprint, and we have not been over-branched. We’re not looking to shrink as a strategy. We’re making deliberate investments where they make sense, including physical space and digital experience. We are not remote-only. We want our people close to clients, and that means investing in spaces for team members and for clients to meet, collaborate and work through decisions together. In my mind, you have to do both well.

Where are you seeing the biggest talent gaps in banking, and how are you building the next layer of leadership in Tampa Bay?

To attract great talent you need a terrific culture. Culture comes first, and we work on that every day. We are a relationship-based organization, not a transactional one, and that requires people who can engage, communicate and represent the bank well in the marketplace.

As organizations get larger, they can become siloed, with more bureaucracy and less partnering. We’re doing the opposite. We’re doubling down on local decision-making, and we’re ensuring we invest in team members and in the experience of coming to work. We want people to enjoy where they work, enjoy who they work with, and feel proud to put themselves in front of clients and community leaders.

We also try to make it easier to do business by keeping decisions close to the market. We’re not making decisions in another state. We’re making them right here in Tampa, and that empowerment matters for leadership development. It creates ownership, accountability and a clearer path for people to grow into bigger roles.

Community involvement is another pillar. We encourage our team members to be part of the community. Many sit on boards and are leaders across nonprofits, the arts, and sports organizations. We take giving back seriously, and it’s also a reflection of how similar the cultures are between the two organizations. Last year, Synovus invested more than 26,000 hours in the community and Pinnacle invested more than 25,000. That kind of engagement shows up locally as well, and it strengthens the culture people want to join.

We also pay attention to external measures of client experience because they can reflect whether culture is translating into service. Pinnacle has been recognized as number one in regional banking nationally through Net Promoter Score measures, and Synovus has been recognized by J.D. Power in the Southeast. Awards are not the goal, but they are indicators that when you build a strong culture and strong engagement, clients become fans, and that effect compounds. It’s also part of why we have an extended record of growth, and why we intend to double down on these priorities moving forward.

Looking at the next two to three years, what are your key goals and priorities?

We want to be the preeminent financial services firm in Tampa Bay. We’re not going to get there by exponentially increasing branch count. We’re going to get there by investing in people, bringing more resources into the market, and continuing to recruit the best bankers and financial services talent in the region.

We also have a lot to bring to market. The combined organization expands what we can offer, and you will see us venture into areas that we may not have pursued in the past, but in an intentional way. That includes bringing specialized services into Tampa Bay and making the kinds of investments that elevate what we can do for clients and for the community.

Our focus is execution. Over the next 36 months, we expect the organization to look and feel meaningfully different, and we expect our standing in the market to continue to rise as we invest, grow and deliver on what we’re committed to.

Invest: Pittsburgh leadership summit highlights talent needs, partnerships

Key points:

  • • The Invest: Pittsburgh Summit focused on workforce readiness and regional collaboration.
  • • Leaders stressed stronger employer-education alignment and experiential learning to close skills gaps.
  • • Mentorship and adaptable leadership pipelines were highlighted as key to long-term competitiveness.

Invest PittsburghFebruary 2026 — Business and civic leaders from across Southwestern Pennsylvania gathered for the Invest: Pittsburgh Leadership Summit, where discussions centered on workforce readiness, leadership development, and the partnerships shaping the region’s economic future.


Join us at caa’s upcoming leadership summits! These premier events bring together hundreds of public and private sector leaders to discuss the challenges and opportunities for businesses and investors. Find the next summit in a city near you!


Abby Lindenberg, founder and CEO of caa, opened the program by reflecting on Pittsburgh’s identity — a city defined less by flash than by durability.

“There’s a toughness here. Not flashy. Not loud. Just steady,” Lindenberg said. “You’re a city that went from steel mills to robotics labs. From industrial backbone to innovation hub. You don’t just reinvent — you rebuild. And you do it together.”

The program began with a fireside chat between Corey O’Connor, mayor of the city of Pittsburgh, and Lindenberg, focused on civic leadership, regional competitiveness, and community engagement.

“It’s being active… but also making sure everyone gets a voice,” O’Connor said.


Become a member today to access the latest edition of Invest: Pittsburgh.


Innovation at Work

The opening panel, “Innovation at Work: Which sectors are reshaping the skills landscape, and how are employers and educators collaborating to close skills gaps?”, explored how shifting industry needs are influencing Pittsburgh’s workforce and skills ecosystem.

The session was presented by David Adair, senior vice president of health system business development at CarepathRX and UPMC Chartwell, and moderated by Martin Kimmel, president of Kimmel Architecture. Panelists included Guy Amatangelo, president of Mariani & Richards Inc; Christina Clark, president of La Roche University; Prasad Vemala, dean of the Haverlack College of Business at Slippery Rock University; and Sally Schufreider, market leader and general manager at Cigna Healthcare.

Panelists pointed to rapid technological change, demographic shifts, and evolving workplace expectations as forces reshaping hiring and training strategies. Employers and educators, they said, are working more closely to align curriculum with real-time industry needs, expand experiential learning, and support continuous upskilling.

“The reality is there are five generations in the workforce today that work very differently,” said Schufreider.

Speakers emphasized that sustained collaboration between business and academia remains one of Pittsburgh’s competitive advantages.

Next-gen leaders

The second panel, “Next-Gen Leaders: How will the ‘leaders of the future’ differ from today’s leaders, and what can employers do now to train the next-gen pipeline?”, turned to succession planning and leadership development.

Presented by Regis Etzel, president of Etzel Engineer and Build, Inc., and moderated by Karen Wolk Feinstein, president and CEO of the Jewish Healthcare Foundation, the panel featured Bethany Bryant, regional director at Glenmede; Joseph Thompson, senior vice president and branch manager at Baird Pittsburgh Riverfront & Wexford; Ken Scaggs, market president at AON Pittsburgh; and Stephen Girard, vice president, C&I Sales – East Region at NRG.

Speakers argued that future leaders must be comfortable navigating ambiguity, leading hybrid teams, and fostering cultures that prioritize both performance and purpose. Mentorship, structured development programs, and clearer leadership pipelines were cited as essential tools for retention and resilience.

“When people come into the office… I think leadership has to make sure they are available and willing to see people,” Girard said. “They should understand why they are there and what they are doing. I think that’s what makes the difference and can bridge the gap in this hybrid world that we’re living in.”

Panelists agreed that partnerships can accelerate leadership readiness and reinforce the region’s long-term competitiveness.

From campus to company

The final panel, “From Campus to Company: What new paradigms are emerging on the path from student to employee, and how are educators and companies adapting and collaborating?”, focused on the evolving transition from higher education to the workforce.

Moderated by David Ballard, vice president at One Mind at Work, and presented by Douglas Chew, commissioner of Westmoreland County, the discussion included Elizabeth MacLeod Walls, president of Washington & Jefferson College; Roger Davis, president of Community College of Beaver County; and Adam Smith, partner at Forvis Mazars.

Discussion centered on experiential learning, employer-embedded curricula, internships, and other models designed to shorten the distance between classroom and career.

“We cultivate skilled, adaptive minds… What I’ve been hearing all morning from the employers in the room is that technical skills are really important but we also need those next-level leaders to step into our organization to be able to adapt and problem solve,” MacLeod Walls said.

Panelists concluded that modernizing education-to-employment pathways is critical to attracting talent, strengthening workforce alignment, and sustaining long-term economic growth across the Pittsburgh region.

To watch the panel discussions from our Invest: Pittsburgh Leadership Summit, stay tuned to our Youtube Channel.

About caa & Invest: Pittsburgh

caa is an integrated media platform that produces in-depth business intelligence through its annual print and digital economic reviews, high-impact conferences and events, and top-level interviews via its video platform, Invest:Insights.

Invest: Pittsburgh is an in-depth economic review of the key issues facing the Southwestern Pennsylvania economy, featuring the exclusive insights of prominent regional leaders. Invest: Pittsburgh is produced with two goals in mind: 1) to provide comprehensive investment knowledge on the region for local, national, and international investors, and 2) to promote the region as a place to invest and do business.

The report conducts a deep dive into the top economic sectors in the region, including technology, real estate and construction, infrastructure, banking and finance, healthcare, education, and tourism. The publication is compiled from insights collected from more than 200 economic leaders, sector insiders, political leaders, and heads of important institutions. It analyzes the leading challenges facing the market and uncovers emerging opportunities for investors, entrepreneurs, and innovators.

For more information, please contact:

Danielle Karlinsky

Executive Director

(305) 340-2730

Invest Pittsburgh

Invest Pittsburgh

Invest Pittsburgh

Invest Pittsburgh

Invest Pittsburgh

Invest Pittsburgh

Invest Pittsburgh

Invest Pittsburgh

Invest Pittsburgh

Invest Pittsburgh

Become a member today to access the latest edition of Invest: Pittsburgh.

 

No Playbook: Leadership in the Face of Uncertainty

Key points:

  • • Rare diseases expose families to profound uncertainty, with most lacking approved treatments.
  • • Leadership is forged in moments without clear answers, requiring action despite incomplete information.
  • • Progress depends on resilience, preparation, and contributing where control is possible.

UncertaintyFebruary 2026 — Every Feb. 28, Rare Disease Day comes and goes. For most people, it’s a date on a calendar. For some of us, it’s a lived reality. When you’re a parent sitting in a doctor’s office hearing, “We don’t know what this is,” uncertainty stops being theoretical. It becomes your life.


Join us at caa’s upcoming leadership summits! These premier events bring together hundreds of public and private sector leaders to discuss the challenges and opportunities for businesses and investors. Find the next summit in a city near you!


The fact is that 1 in 10 Americans is affected by a rare disease. There are more than 7,000 identified rare diseases worldwide. But nearly 95% have no approved treatment. No cure. No clear roadmap.

How’s that for uncertainty? And how on earth do you push through?

What I’ve come to understand — as a mother, as a founder and CEO, and now as vice president of ISMRD — is that leadership is forged in exactly these moments.

Not when the path is obvious, but when it isn’t.

The Diagnosis That Didn’t Come

When my daughter Layla began showing signs that something wasn’t right, I did what any parent would do: I went to doctors. Lots of them.

One.
Two.
Five.
Thirteen.

More than 13 doctors, in America and abroad, and not one could definitively tell me what was happening. It took me close to three years to finally get the diagnosis. Many families go to far more. Some spend years searching for answers.

There is a particular kind of exhaustion that comes from sitting across from experts who don’t have one. You leave with more questions than you arrived with. I grew more unsettled and more frustrated.

Eventually, you realize something every leader recognizes at some point: No one is coming to hand you the solution. If progress is going to happen, you are going to have to help create it.

Leadership Is Not Certainty

What I’ve experienced in my years running my company, caa, is that people often assume leadership means confidence, clarity, decisiveness. But those qualities are often the result, not the starting point.

Real leadership is about what you do when there is incomplete information. When the path to success hasn’t been paved yet.

When I started caa, I didn’t have outside capital. I didn’t have investors guiding the strategy. I didn’t have someone mapping the expansion playbook for me.

I had to figure out what I didn’t know. I then needed the discipline to ask better questions.

When I prepare to interview a CEO, I do deep research. I study the industry. I look for patterns. I push past surface answers. When the stakes are high, preparation matters.

After I finally received Layla’s diagnosis and knew her health was on the line, that same muscle activated, but at a whole different level. I spoke to every parent who would talk to me. I spoke to every association, specialist, and every center with even limited experience in her condition.

The decision to take her to Minneapolis came after relentless research and difficult conversations. It wasn’t convenient. It wasn’t certain. It absolutely wasn’t easy. I was having these discussions fighting back tears. I still have mountains of notebooks documenting each and every conversation, water marks smudging the ink. But I knew all these conversations were essential to make the decision I knew I would have to make: how to give her the best chance at a future.

That is what leadership looks like in uncertainty. You move with the best information available, even when it’s incomplete, because waiting for perfect clarity is a luxury leaders rarely have.

Something Borrowed: Strength in Its Purest Form

For a parent — and for anyone, I imagine — there is nothing worse than watching a child suffer. During Layla’s treatment, which was a bone marrow transplant, there were days when her hair was falling out from chemo. She was so thin because she couldn’t eat. There were wires coming out of her chest to make bloodwork and transfusions easier. A G-tube supported nutrition. Machines and monitors dinging all the time, surrounding a child who should have only known playgrounds and birthday parties.

It was devastating to watch.

And yet, every single day, she got out of bed. Every single day, she ate something; not much, but something. Every single day, she played with therapists and volunteers. Every single day, she put on her princess dresses.

The doctors were shocked at how strong she was. And she gave me strength. When I felt emotionally paralyzed by fear, she modeled resilience in its simplest form: show up anyway.

Leadership isn’t always loud. Sometimes it is quiet endurance.

Taking Control Where You Can

Today, as vice president of ISMRD, I see uncertainty at scale. Families navigating diagnoses without treatments. Researchers racing against time and limited funding. Diseases most people have never heard of.

With rare diseases, we cannot control timelines. We cannot promise outcomes. We cannot will cures into existence. But we can control contribution.

This means funding research, advocating and building infrastructure. It also means bringing the right experts into the room and moving science forward incrementally.

Leadership, at its core, is about taking ownership of what is within your control, and acting there relentlessly. That applies in healthcare, business, and in life.

You may not control market shifts. You may not control economic cycles. You may not control every outcome. But you control preparation. You control effort. You control the questions you ask. And you control the contribution you choose to make.

The CEO Parallel

As CEOs, we operate in uncertainty every day: markets shift, technology evolves, talent moves, and industries disrupt themselves overnight.

The instinct can be to wait — for more data, more assurance, more stability — but the leaders who move organizations forward are those who make informed decisions with imperfect information, rather than waiting for perfect clarity.

Strong leaders do the homework, build strong networks, and ask sharper questions. Then, they take the next step. When doubt creeps in, they borrow strength from mentors and peers. And sometimes even from the unexpected resilience of a child in a hospital bed.

A World of Uncertainty

Rare Disease Day is a reminder of how much uncertainty exists in the world. But it is also a reminder of something else: Progress does not require certainty. It requires commitment.

When there is no playbook, leaders write one.

When there is no guarantee, leaders contribute anyway.

And when the outcome is unclear, leaders focus on what they can control — and move. That is true in both the boardroom and the hospital room.

In both places, I’ve learned the same lesson: You don’t wait for certainty. You lead through it.

Want more? Read the Invest: reports.

How the K-Shaped divide is reshaping US housing

Key points:

  • • First-time buyers are at historic lows as affordability pressures favor equity-rich and investor buyers.
  • • Housing costs now far exceed traditional income thresholds, widening generational wealth gaps.
  • • Supply constraints and investor competition are deepening regional and economic divides.

HousingFebruary 2026 — In America’s K-shaped housing economy, first-time buyers are getting squeezed out of the market, while high-net worth investors continue to capture a greater portion of transactions and exert more sway over pricing. This divergence is repositioning where capital flows and who accumulates wealth through real estate.


Join us at caa’s upcoming leadership summits! These premier events bring together hundreds of public and private sector leaders to discuss the challenges and opportunities for businesses and investors. Find the next summit in a city near you!


“Unfolding in the housing market is a tale of two cities,” Jessica Lautz, deputy chief economist at the National Association of Realtors (NAR), said in a recent analysis. “We’re seeing buyers with significant housing equity making larger down payments and all-cash offers, while first-time buyers continue to struggle to enter the market.”

According to Lautz, homeownership is becoming increasingly concentrated at the top of the K-shape, particularly among higher-income households and older generations.

At this upper end of the market, demand remains relatively stable, despite elevated home prices and mortgage rates. However, for first-time and entry-level homebuyers struggling with low wage growth, the effect is the opposite. 

Generational imbalance

NAR data shows that first-time homebuyers are disappearing in the United States. Baby boomers now account for a larger share of home purchases than millennials, despite millennials being the nation’s largest adult cohort.

According tothe analysis, first-time buyers account for just 21% of U.S. home purchases — near historic lows. Additionally, the typical first-time buyer is now 40 years old, highlighting how the timeline to ownership has shifted compared to prior generations.

As a result, older homeowners have been able to maintain purchasing power, leveraging decades of equity accumulation to outcompete younger buyers in bidding situations.

Sellers, too, are holding on to supply for longer, further constraining inventory. According to the NAR report, existing homeowners spend a median of 11 years in a house before selling — an all-time high.  

“The historically low share of first-time buyers underscores the real-world consequences of a housing market starved for affordable inventory,” added Lautz. First-time buyers today will both accumulate less wealth and move fewer times over a lifetime as a result.  

The growing divide 

Homeownership today is more unaffordable than it was at the peak of the 2006 housing bubble, according to the Atlanta Federal Reserve’s “Home Ownership Affordability Monitor” (HOAM). In fact, as of December 2025, the income required to afford a median-priced home ($398,667) is tens of thousands of dollars higher than what the typical U.S. household earns.  

HOAM’s Affordability Index shows the average household would need to spend roughly 42% of its annual income to purchase a median-priced home — well above the traditional 30% threshold.

That gap has expanded dramatically since 2021, effectively discouraging move-up buyers from purchasing and locking in existing homeowners into sub-4% mortgages. This has limited supply, leaving the market increasingly dependent on higher-income households and equity-rich repeat buyers.

“Affordability is the biggest trend, and it touches everything,” Brian Batten, division president of Lennar Homes, told Invest: Tampa Bay. “For the first-time homebuyer, we need to get home prices and the monthly payment down to a point where it is affordable for the majority of people.”

Regional bifurcation 

In competitive markets, investors are paying significant premiums, sometimes 35% above local median prices. Meanwhile, in more affordable markets, they are targeting lower-priced inventory, placing them in direct competition with entry-level buyers.

This is because investors face fewer headwinds than many typical buyers, according to Danielle Hale, chief economist at Realtor.com.

“With affordability still stretched and inventory tight, many would-be buyers remain sidelined, giving investors a larger share of the market and, in some areas, more influence over prices,” said Hale, as cited by National Mortgage Professional. 

As Hale explained, when investors focus on already competitive price ranges, it can push prices up even further, creating broader macroeconomic stratification and geographic imbalances. 

Performance gaps

As a result of these affordability gaps, the housing market is becoming increasingly unequal in terms of regional performance.  

“(We) have a market that continues to be very bifurcated,” said Selma Hepp, chief economist of the global information services company, Cotality

As Hepp observed, U.S. regions with stronger wage growth and labor markets have seen significant home price gains. By contrast, other markets — particularly those that had relied heavily on in-migration from wealthier households — are now facing greater instability. 

“On the flip side, you have markets that are now in this very uncertain situation because demand (and) in-migration to those markets has slowed,” she added.

According to Hepp, those areas depended on migration from those higher-income households. However, slower growth has led to more lower-income households relative to prior years, raising inventory levels (particularly those skewed to higher-price assets) and leaving conditions on less stable footing.

Barriers at the bottom 

For the bottom 50% of households (nearly 67 million homes), real estate wealth is an increasingly distant target.  According to a policy brief from the Ballard Center at Brigham Young University, this is mostly because of elevated home prices, limited starter-home supply, and higher mortgage rates. 

Housing economists widely agree that homeownership remains one of the most significant drivers of wealth in the United States. Yet, younger households now hold less wealth at comparable ages than previous generations did, limiting their ability to accumulate down payments.

The economic ramifications are significant, according to Jason Tigano, CEO of non-profit community advocacy group LEVEL Communities.  

In many metropolitan areas, for instance, the lack of affordable housing units means higher transportation costs and increased economic inequality, leading to less economic mobility and a widening wealth gap between generations.

“Areas with high percentages of homeowners have higher quality of life indicators, including education, health, civic engagement, and financial stability,” Tigano told Invest: Pittsburgh. “It’s about time we addressed this issue with a lasting solution.”

Like Tigano, NAR executive vice president and chief advocacy officer, Shannon McGahn, believes there are opportunities to rebalance the K-shaped housing market. 

“We need solutions that encourage more owners to sell, revitalize underused properties, streamline local zoning and permitting barriers, and modernize construction methods to build more homes faster and more affordably,” said McGahn in the analysis.

Want more? Read the Invest: reports.

Spotlight On: Irene Wong, Director of Economic Development, City of Kannapolis

Key points:
  • Kannapolis is leveraging $115M+ in downtown investment and rising foot traffic to drive destination-based growth.
  • Industrial expansion, especially in logistics and advanced manufacturing, is accelerating across Cabarrus and Rowan counties.
  • Leaders are balancing infrastructure constraints and historic preservation while targeting quality jobs and research campus revitalization.

Irene Wong spotlight onFebruary 2026 — In an interview with Invest:, Irene Wong, director of economic and community development in Kannapolis, discussed how the city is leveraging downtown revitalization and industrial growth to shape its economic future. She noted a 20% increase in downtown foot traffic and over $115 million in investment. “For those who haven’t visited in a while, it’s a completely different place now. There’s a new energy and excitement downtown,” Wong said.


Join us at caa’s upcoming leadership summits! These premier events bring together hundreds of public and private sector leaders to discuss the challenges and opportunities for businesses and investors. Find the next summit in a city near you!


What developments have shaped Kannapolis’ economic growth strategy over the past year?

We continue to grow with a population of almost 60,000. By regional standards, that isn’t necessarily huge, but we’ve continued to see steady growth as part of the Greater Charlotte region. We are focused on quality-of-life investments like parks, greenways, and repairing aging infrastructure.

One thing we’re particularly proud of is our downtown and how much revitalization has taken place since we began working on it in 2015. We have over 50 new businesses, including a variety of restaurants, that have opened in downtown since 2020. We’ve increased downtown foot traffic by 20% in just the past year. People are now visiting Kannapolis as a destination; they ride the train from Raleigh or Greensboro and spend the day here, which is great to see.

What patterns are you seeing in the types of companies being drawn to Kannapolis?

We’re still seeing strong interest from distribution facilities, largely due to our location along I-85 and proximity to the broader regional market, including Greensboro. We’re well-positioned for that industry.

We’ve also seen growing interest from food and beverage manufacturers, as well as advanced manufacturing, particularly in sectors like batteries and electric vehicles. In addition, international companies are increasingly looking at this area, likely due to factors such as tariffs and workforce availability.

Traditionally, most of our growth has been on the Cabarrus County side of Kannapolis due to its proximity to Charlotte, but that’s starting to change. Growth in Rowan County has accelerated significantly, and we expect to see more development and announcements on that side in the coming years based on current developer interest.

How are you aligning recruitment strategies to maintain momentum in sectors like logistics, distribution, and advanced manufacturing?

We work closely with our economic development partners. Since Kannapolis spans both Cabarrus and Rowan counties, we coordinate with both county-level organizations as well as developers and brokers to keep communication flowing.

It’s important to have a variety of building sizes and types available so companies can find what they need. We’re working to maintain a broad inventory of options to stay competitive.

What makes Kannapolis a compelling location compared to other markets?

We’ve been able to maintain a small-town feel while being part of the growing Charlotte market. People choose to live and work in Kannapolis because of that character. It’s affordable, and the quality of life is high. We’re proud to have preserved that atmosphere. Our downtown truly is a gem for the region.

How do you balance preserving Kannapolis’ historic identity with the modernization needed for growth?

It’s always a challenge to address growth while maintaining that small-town character. As we make quality-of-life investments, we try to keep the city’s history in mind. Kannapolis has deep roots in textile manufacturing, and we want to retain the elements that make it unique.

At the same time, we’re managing more traditional growth — industrial and residential — and working to ensure it doesn’t come at the expense of our identity. Fortunately, our elected leadership shares that priority. We have been able to preserve and restore two historic theaters, and we are looking at ways to bring new life into some older commercial corridors. 

What impact has the downtown revitalization made so far, and how is that momentum shaping future planning?

In 2015, the city bought essentially the entire downtown with the goal of revitalization. Since then, we’ve invested over $115 million. We’ve built a new baseball stadium, added residential development, and increased downtown property values by more than $100 million — about six times what they were before.

We’ve added around 500 residential units, with another 80 expected by spring and more planned. For those who haven’t visited in a while, it’s a completely different place now. There’s a new energy and excitement downtown. We have the Kannapolis Cannon Ballers minor league baseball team, the Bank Food Hall, some unique entertainment options like Game Show Arena and the Slot Car Track, and for music and racing fans, the North Carolina Music Hall of Fame and the Curb Museum of Music and Motorsports. 

With the city’s growth, what are the biggest infrastructure needs?

Cabarrus County is currently facing a significant challenge with limited sewer treatment capacity. That’s a relatively recent issue, forcing municipalities to make difficult decisions about the pace and type of development they can support.

We’re focused on finding cost-effective ways to expand sewer capacity and managing the type of growth we allow as a result. It’s probably our most pressing infrastructure concern right now.

What role do Kannapolis’ cultural and entertainment assets play in placemaking and economic development?

Our downtown has become primarily an entertainment district. We don’t have a lot of office development like a traditional downtown, so it’s evolved into a destination for those seeking entertainment.

We’ve restored the historic Gem Theatre and made it a place the community can enjoy for years to come. We also took over operations of the Swanee Theatre, now a live music and entertainment venue. The ballpark hosts not only Cannon Baller baseball games but also festivals and community events year-round. We are selling out concerts, movies, and events on a regular basis. With nearby free or affordable public parking and a walkable, safe downtown, Kannapolis is a premier visitor location.

All three venues are major drivers of downtown traffic and help connect people to what makes Kannapolis special.

What are you hearing from employers about the local workforce, and how are you working with education providers to strengthen the talent pipeline?

Workforce is top of mind for many companies. We work closely with Rowan-Cabarrus Community College, our main workforce development partner. They’re responsive to industry needs. For example, they’ve built an aseptic lab to train workers for Eli Lilly, which is a major project for the county. That facility will also support future life sciences manufacturing. The college also offers basic training programs, like truck driving and construction, where we still see workforce shortages. Having that training capacity is incredibly important.

What are your top economic development priorities for Kannapolis over the next two to three years?

First, continuing to grow and develop downtown to build on the investments we’ve already made.

Second, we need to chart a new direction for the North Carolina Research Campus. That development is underutilized right now, and we need to rethink how it can better serve the region.

Lastly, on the industrial side, we’ve added about 2.5 million square feet of space in the last five years, with another 5 million planned or underway. Recruiting quality companies with good-paying jobs to fill those buildings is a major focus for Kannapolis.

Want more? Read the Invest: Charlotte report.

 

Spotlight On: Jeff Burns, Owner & CEO, Affiliated Development

Key points:

  • • Rising costs and constrained equity have made public incentives essential to delivering workforce housing in South Florida.
  • • The Live Local Act and faster entitlements are accelerating approvals and reshaping affordable housing feasibility.
  • • Strong demand persists, but public-private partnerships remain critical to closing the financial gap and scaling supply.

Jeff Burns spotlight onFebruary 2026 — Invest: sat down with Jeff Burns, owner and CEO of Affiliated Development, to discuss how rising costs, constrained capital, and Florida’s affordability crisis are reshaping housing development across the region. “Every project we do is a public-private partnership,” Burns said. He shared why incentives, faster entitlements, and sustained government involvement are now essential to delivering workforce and affordable housing at scale in South Florida.


Join us at caa’s upcoming leadership summits! These premier events bring together hundreds of public and private sector leaders to discuss the challenges and opportunities for businesses and investors. Find the next summit in a city near you!


What changes have you seen in the industry over the past year, and how have they impacted Affiliated Development’s approach?

One of the biggest changes we’ve seen is the growing role of artificial intelligence. Over the past year, at least as far as Affiliated Development is concerned, we’ve started incorporating more AI into various aspects of what we do, and that has had a meaningful impact operationally.

Another major shift has been in deal flow. We’ve seen significantly more opportunities on the land-buying side than in previous years. There are a lot of landowners who are eager to sell, and that’s allowed us to negotiate much more favorable acquisition terms. That has been a challenge in past years, so seeing more flexibility on land pricing has been an important change for us.

How are current market conditions, including capital constraints and housing pressures, influencing how and where you’re choosing to invest?

From a capital standpoint, equity markets are still fairly challenging, but the debt markets have loosened up considerably. Banks and other construction lenders are much more eager to put money out right now, and that has been a positive development for us.

There are still headwinds, particularly when it comes to costs. Development costs remain a challenge. That said, over the past year we’ve seen some relief on the operational side. Salaries haven’t increased at the same pace they did in prior years, and the insurance environment has become much more favorable. Those changes have helped offset some of the pressure.

On the rental side, there has been a significant amount of new product delivered across various markets. As a result, rents have not increased as aggressively as they did in previous cycles. That creates underwriting challenges when expenses continue to rise but income does not increase at the same pace. When that imbalance persists, projects get shelved and stop moving forward.

There’s a statistic we’ve seen showing that there hasn’t been a bigger discrepancy between new housing starts and housing finishes since 1971. That tells us that not much new product has been started over the last year to year and a half. Eventually, that inventory will be absorbed, landlords will regain leverage, and rents will start to increase again. That shift should help more projects begin to pencil out and move forward.

How are rising material and capital costs influencing your project pipeline?

Our business model is different from traditional market-rate development because we rely heavily on public incentives to fund a portion of the capital stack. As costs have increased, we’ve had to secure more incentives to help offset those increases.

Because of that structure, we’ve been less impacted than many market-rate housing developers, who are feeling these pressures much more acutely. The use of public incentives has allowed our deals to continue making sense.

We recently delivered a high-rise project in Hollywood. We’re delivering another project in West Palm Beach in January. Earlier this year, we started a 400-unit project in Fort Lauderdale, and we’re preparing to start a 336-unit project in Boynton Beach. We are still moving projects forward, but it has become significantly more challenging to get them started than it was in prior years.

How has your team’s thinking around affordability or mixed-income development evolved in response to today’s pressures?

South Florida is experiencing an affordability crisis unlike anything we’ve seen before. Demand for workforce housing is extremely strong. Fortunately, our product type is well aligned with that demand. Once our projects are completed, they lease up very quickly.

The most difficult part is simply getting projects built. Making sure they pencil out requires a tremendous amount of coordination and effort. We’re fortunate to have a strong team that has worked very hard to make these developments feasible despite the challenges.

What kind of momentum are you seeing around public-private collaboration, and how is it evolving compared to earlier cycles?

Public-private collaboration is more important now than ever. Workforce and affordable housing is incredibly difficult to deliver under current conditions, and the government has a critical role to play. Without public support, many of these projects simply would not get built.

Every project we do is a public-private partnership. That has always been the case, but today we’re seeing cities, counties, and the state become much more proactive about incentivizing the workforce and affordable housing.

As affordability challenges have expanded beyond South Florida into nearly every major market in Florida, the role of government has grown. One of the most impactful developments has been the passage of the Live Local Act, which has been a major policy win. It’s already having a significant effect and will result in a substantial increase in workforce and affordable housing units across the state.

What local policies or partnerships tend to unlock the greatest potential for meaningful development in Florida?

The Live Local Act has been the most meaningful policy we’ve seen. We have a project that received approvals in just three months.

Without the Live Local Act, that same process would likely have taken at least a year and a half. The ability to move more quickly through entitlements has been transformative. It has fundamentally changed what is possible from a development standpoint and has been a true game changer for workforce and affordable housing in Florida.

Where do you think cities or developers still need to rethink their assumptions about addressing the housing gap at scale?

At the end of the day, the biggest factor is money. Costs are costs. My cost to build a project is the same as anyone else’s cost to build a project. The challenge arises when developers are asked to rent units at prices below market rates. Without support, those deals simply do not pencil out.

That’s why funding incentives and gap financing are essential. They help offset the lost revenue associated with below-market rents. Without that support, projects do not move forward.

Policies like the Live Local Act help by accelerating timelines and improving entitlement processes, but financial incentives remain the determining factor. These deals do not happen unless the government steps in to help bridge the gap.

Another challenge is the uneven financial capacity of municipalities. Some cities have more resources dedicated to affordable and workforce housing than others. In markets with fewer resources, it becomes much harder to make projects work.

Local governments across Miami-Dade, Broward, and Palm Beach counties understand the severity of the housing crisis and the need to incentivize development. Still, developers must compete for land against market-rate projects, condominiums, and hotels that can extract more value and therefore pay more for property.

That reality makes it difficult to deliver workforce housing while absorbing market-rate land and construction costs. Managing that imbalance remains the biggest challenge we face.

Want more? Read the Invest: Greater Fort Lauderdale report.

 

Yelena Epova, Atlanta Office and International Practice Leader, and Tax Partner, Aprio

Interview with FocusIn an interview with Focus:, Yelena Epova, Atlanta Office and International Practice Leader, and Tax Partner at Aprio, discussed the firm’s growth and evolving strategies in Atlanta. “Atlanta remains our headquarters and has experienced the largest growth,” Epova said, sharing insights on talent acquisition, technology integration, and navigating economic challenges, such as tariffs.

 

Reflecting on the past year, what have been the most significant changes for the Atlanta office of Aprio?

We continue to grow across all locations, but Atlanta remains our headquarters and has experienced large growth. This growth has been primarily organic, although we have also made a few small acquisitions and brought in lateral partners in the region. At this point, we have more than 400 team members in Atlanta, and the office serves as a hub for many of our specialty practices. 

Over the past year, we have significantly expanded our middle-market and high-growth company client base. We have also brought in a substantial amount of global clients and continue to grow our international practice. Our team now speaks more than 60 languages across all offices and markets, Atlanta remaining the most international location, as the global practice originated here. The office has become a true melting pot of languages, with English sometimes feeling like the exception rather than the rule. This diversity brings me great joy, as it reflects the environment and clients we serve across the globe. 

What impact do you believe the acquisition of RSM’s Professional Services+ (“PS+”) Practice will have on your client relationships and opportunities in the Atlanta market?

The acquisition of RSM’s Professional Services+ (“PS+”) Practice involves a network of firms to which we will provide specialty services they currently do not offer. This presents a significant growth opportunity and allows us to expand our service offerings to a broader range of clients.

With lateral partners and other mergers, growth remains a primary focus, but acquiring talent is equally important. These partnerships allow us to strengthen areas where we are already successful while also bringing in new experience, technical skills, and service lines. Some of this talent is based in Atlanta, while other additions are located elsewhere in the country. However, we operate seamlessly as a team, and clients increasingly prioritize talent over physical location. That said, in-person meetings and face-to-face interactions still hold value.

How has your hiring strategy evolved, and what challenges or opportunities are you seeing in attracting and retaining top professionals?

One of the primary challenges is the declining number of individuals entering the profession. Demand for skilled professionals remains high, and competition among firms is intense. However, our position as the 24th largest business advisory and accounting firm in the United States gives us a competitive edge in attracting talent.

Our diverse service lines and global presence are major selling points. Many candidates are drawn to the opportunity to work with international clients in their native languages. In addition, our entrepreneurial culture — marked by rapid growth, expansion into new markets, and continuous innovation — appeals to young professionals seeking dynamic career paths.

The nature of the work has also evolved. When I began my career, much of the work involved data entry and low-level tasks. Today, we leverage AI to balance routine work, allowing our team members to spend more time with clients, focus on analysis, strategic planning, and higher-value tasks. This shift makes the profession more engaging and is another advantage in recruiting top talent.

How is technology, including AI and data analytics, shaping the way your firm delivers services and ensures operational efficiency for clients?

We have a dedicated technology team that continuously evaluates emerging technologies and brings new tools to the table. While there can be some resistance to change, particularly when introducing new software, these tools ultimately save time, improve efficiency, and enable us to work smarter. At Aprio, we believe AI should enhance human intelligence, not replace it. 

Staying ahead of technological advancements is a priority. Clients’ needs are becoming increasingly complex, and automation allows us to focus on strategic initiatives, such as tax planning, rather than repetitive tasks. By leveraging technology, we ensure our team spends more time on high-impact work and delivers greater value to clients.

Looking at current economic conditions, how have tariffs impacted your clients and your firm’s approach?

Tariffs have definitely come into play. About three years ago, we launched a customs and tariffs practice as part of our international group. 

Since then, we have continued building the practice, strengthening our market presence, and expanding our services to help clients mitigate tariff impacts. As a result, our customs and tariff practice has become one of the fastest-growing practices at the firm, and our customs specialists are now in high demand given current market conditions.

Because of our extensive experience in this area, clients frequently come to us when they encounter any tariff-related challenges. In many cases, we can help minimize the impact—not by changing the law, but by identifying applicable exemptions for certain products, such as pharmaceuticals. We also support clients, particularly within our manufacturing and distribution practice, in evaluating potential supply-chain challenges. That includes assessing how goods are delivered, where they originate, and even whether relocating manufacturing operations makes sense.

The goal of these policy changes may be to bring more manufacturing back to the United States, but that is not an overnight process. For clients that outsource production to unrelated companies in China, shifting to another country may be feasible. For those that own factories, the transition is far more complex and time-consuming. We work closely with clients to explore all options and help them remain profitable while adapting to these changes. It’s a dynamic environment, with developments occurring almost daily.

What are the biggest shifts you’re seeing in the consulting services sector, and how are you advising clients to prepare?

One of our key focuses is becoming even more consultative in nature. We don’t simply deliver audits and tax returns; we serve as business advisors across tax, accounting, advisory, wealth management, and legal services. Clients are searching for integrated platforms instead of working with multiple advisors in silos. Our role is to look at the big picture and support clients from multiple angles. We are working with our clients to prepare by strengthening the foundation of how they run the business while thinking more proactively about the future. This includes improving financial visibility, modernizing processes and technology, and approaching decisions with a more strategic mindset. Instead of reacting to change, we are here to set our clients up to be more resilient, scalable, and prepared for growth. 

What are your top strategic priorities for the Atlanta office as you look ahead?

Our priorities include continuing to grow organically in Atlanta, as well as through lateral partner hires and potential mergers or acquisitions, in alignment with the firm’s broader goals.

Another key focus is developing our team’s technical experience and business acumen. We emphasize this early by involving team members in client and prospect meetings, so they understand the business context of our work — not just debits and credits. My goal is for everyone to grasp the broader picture and become exceptional advisors, especially in an ever-changing economic and political climate.

Attracting top talent remains a priority, including professionals who can enhance our existing capabilities and potentially introduce new service lines. Finally, one of our major goals is to become the number one accounting employer in Atlanta — not necessarily by headcount, but by the quality of talent we attract. While the Big Four firms offer strong opportunities, what we provide goes above and beyond what is available elsewhere.