Will Blodgett

You once told us that you end every meeting by telling your staff “Don’t forget the mission.” What is your mission and what does it mean to you?

What makes Tredway different is our commitment to our mission. Our singular focus is on developing and preserving high-impact affordable homes that strengthen neighborhoods and create a more equitable future for the people who live there. Safe, high-quality and accessible housing is the catalyst for upward socioeconomic mobility, and, together with access to health care services and educational resources, we can foster security and opportunity within our communities. 

The stakes are high right now as the housing crisis continues to roil cities across the country, and our work is more important than ever. 

What has been Tredway’s biggest deal of the last 12 months?

It’s been a banner year for Tredway — we currently have 10,000 units under contract right now across the country — but one project that stands out in particular is a senior housing community in New Orleans. After purchasing the property earlier this year, which includes 1,600 affordable homes, we are extending affordability for another 40 years. And, while the property is diligently managed by a local company, it was built more than 50 years ago, so we’re also undertaking extensive renovations to modernize and improve accessibility in both private and shared spaces. 

This type of large-scale improvement project enables seniors to age in place with the dignity, respect and stability they deserve. 

What is your perspective on Mayor Zohran Mamdani’s affordable housing initiatives for New York City?

I applaud the mayor for hiring an excellent team that is driving a smart agenda. Rather than installing figureheads or political actors like mayors prior, we have seasoned industry experts at the helm like Leila Bozorg, Dina Levy and Lisa Bova-Hiatt, all of whom are well versed in the intricacies of affordable housing. They’ve been in the trenches and have the depth of knowledge and experience necessary to get complex affordable deals done in one of the toughest, most expensive cities in the world. 

In which markets does Tredway operate, and what makes them attractive?

First and foremost, we look for properties in places where we can make an impact. That means access to supporting infrastructure, schools, health care and good jobs. Our holistic approach to housing means we seek out opportunities where we think we can meaningfully improve the quality of life for residents while building strong, lasting communities. 

This also means coming to each and every one with an open mind and flexible approach. We’re active in 36 states now, but there is no one-size-fits-all solution. Whenever we’re new somewhere, we ask questions and listen to the residents in order to better understand their needs and wants, fears and desires, and allow that to inform our plan.

Do you think the window for opportunistic investment is still open? 

All we do is affordable housing. Our definition is different. 

What have been the biggest headwinds facing the firm over the last year, and how has Tredway overcome them? 

The spike in interest rates didn’t help anyone, but, if you can figure out how to combat that, get in touch. 

Other than that, enormous bureaucracy from public partners has always been a challenge, but we are encouraged by governments and public agencies adopting new forms of technology to streamline processes, which will ultimately ease the burden on residents. We’re constantly partnering with municipalities and government agencies to create and preserve high-quality affordable housing, so their efforts to cut red tape are instrumental to delivering on our mission. 

What is the most surprising asset in the Tredway portfolio? 

Midtown Towers in Downtown Pittsburgh is the one that comes to mind. The Art Deco skyscraper, constructed in 1908, was at one point the tallest building in the city and was originally home to The Pittsburgh Press. Now it has 95 affordable apartments for low-income families and seniors, while retaining its architectural charm. Most surprising, however, is when you go on the roof you can catch a glimpse of a Pirates game. Unparalleled views! 

Lightning Round:

Your AI platform of choice? Depends on what I’m using it for.

Who would play you in a movie? Someone with a large head.

Jalen Brunson or Aaron Judge?  Jalen Brunson.

“Oppenheimer” or “Odyssey”? “Oppenheimer.”

Tom Holland, Andrew Garfield or Tobey Maguire? I don’t know who these people are.

Have you ever eaten pizza with a knife and fork? I don’t know why we’re still making Bill de Blasio jokes. 

The most money you’ve ever spent on a hamburger? I have no idea.

Bank or non-bank? Agency.

Last book you read? The book I’m reading right now is George F. Kennan: An American Life by John Lewis Gaddis.

Borrowing costs — up or down in 2027? That is the prompt I would not ask AI.

What was your nickname when you grew up/started out? Everyone called me Blodgett. Close friends also know me as Big Dog. 

How long do we have before AI kills us all? Hours.

Where’s your secret escape compound? (Think Peter Thiel’s New Zealand Plan B.) My plan A, B and C is New York City.