On November 14th, ULI Philadelphia Young Leaders will host the second annual Shark Tank.  We asked John Westrum to share some insights and why he is excited to return to the panel.

ULI: What do you look forward most about this year’s Shark Tank event? 

As a repeat shark, I am interested in hearing  about the deals presented this year versus last year. There have been changes in the marketplace over the last 12 months and some of the proposed projects that are going to be discussed this year are  higher profile projects with unique complexities. I really enjoy learning how the presenters think and perceive the obstacles in the path of the development or finance prospects. Talking these aspects through really helps both the presenter and the audience understand the full picture of getting a project designed, financed, and ultimately built in a very complex industry.

ULI: What are some of the driving factors that are affecting the Philadelphia real estate market today?

New city regulations and fee structures. Changes in lender appetites for certain asset classes. The high cost of land in areas that are experiencing significant growth.

ULI: What factors matter most when you evaluate a prospective Project / Loan / Equity Investment?   

In a real estate deal, all factors must line up or be symbiotic. However, the most important aspect of any deal is the depth of the perceived market. Without end users to absorb the product, the rest really does not matter.

ULI:What are the ‘not-so-obvious’ design and/or construction hurdles (specific to Philadelphia) which may not exist in another city for a similar project?

The regulations surrounding doing work in the city of Philadelphia, and the costs associated with doing work in the City Proper for larger scale projects. While these are somewhat obvious, until someone has the experience working through these issues, no one believes you how hard they are to navigate.

John Westrum Biography

John A. Westrum is Chairman/CEO of Westrum Development Company, a privately held residential real estate development company located in Fort Washington, PA. As a second generation builder, John has grown his company into one of the largest market-rate housing real estate developers in the mid-Atlantic region. Since opening for business in 1987, Westrum Development Company has constructed over 3,500 homes, improved 10,000+ building lots, and has been involved in more than 100 communities. He credits the longstanding success of his business to a disciplined work ethic, great employees, and a passion for delivering the best product at the best price point.

John Westrum has successfully partnered with dozens of municipalities and city agencies to transform obsolete, underutilized properties into vibrant, high-quality housing options that meet the desires and demands of the marketplace. His ongoing vision and commitment to revitalization and land repurposing has been credited with driving the Philadelphia Neighborhood renaissance movement. To date, redevelopment of large-scale blighted and underperforming properties occupy the largest share of his company’s portfolio.