Alicia Glen Launches Her Own Real Estate Development Company
Former Deputy Mayor Alicia Glen, who oversaw housing and economic development under Mayor Bill de Blasio, has launched her own real estate firm called MSquared.
Much like Goldman Sachs (GS)’ Urban Investment Group, which Glen ran for years before joining the mayor’s office, MSquared aims to operate “at the intersection of real estate and social impact investing,” according to a press release the company put out today. It hopes to focus on “mixed-use, mixed-income” projects in major cities across America, with an eye toward building rent-regulated units for middle-class earners like teachers, nurses, police and retail workers.
The company is already working on developments in Boston, Dallas and Charlotte, according to Bloomberg News, which first reported on MSquared this morning.
“Cities across the country have grappled with the unintended consequences of rapid, high-wage job growth fueled by our robust innovation economy,” said Glen, whose titles at MSquared will be founder and managing principal. “MSquared addresses the growing need for cost-effective and quality housing for our essential workers, as well as the need to create affordable spaces for the small businesses, creative companies, manufacturers, artists and non-profits that make cities vibrant and successful.”
Glen also hired three of her former City Hall staffers to run the company. Besides affordable housing, the firm will focus on transit-oriented development, green building practices and contextual architecture, according to the release.