Staff

Janet Smith-Heimer, M.B.A., Managing Principal

Janet manages the Emeryville, CA, headquarters office and directs most of its projects.  She has specialized in real estate economics and development for more than 25 years, and is a nationally recognized expert in affordable housing, economic development, and public/private partnerships.

Since founding BAE in 1986, Janet has managed assignments for some of the largest public-private projects in the U.S.  Her work includes transaction structuring and city agency support for numerous urban projects in San Francisco including Piers 27-31, a mixed-use waterfront recreation and urban entertainment complex; the Old Mint, a historic reuse project; Hotel Vitale, a boutique hotel on publicly-owned land; and the Presidio of San Francisco, one of the world’s largest sustainable development projects.  She has also provided strategic planning, market and financial analysis, and negotiation support to major reuse projects such as the conversion of Mare Island Naval Shipyard to a mixed-use community, and the reuse of Pier 40 on the New York waterfront.

Janet has directed many economic development strategic planning processes for cities ranging from a suburban edge city to a distressed waterfront industrial community.  She has also directed numerous downtown and business district revitalization strategies, including work in Phoenix, Seattle, Portland, Oakland, San Jose, Chico, Sacramento, and Stockton.  Many of these assignments included resident shopper surveys, detailed leakage analyses, identification of new stores, and detailed action plans for implementation.  She has also managed job attraction strategies, incubator feasibility studies, and policy studies of economic initiatives. 

Janet also has strong expertise in housing, including affordable and market-rate product types.  She has managed feasibility studies for downtown housing, transit-oriented housing, luxury subdivisions, condominium conversions, and employee housing programs.  She has developed in-depth knowledge of elderly housing products, and has worked on the development of affordable housing, including for-sale units for low-income households, SROs, HOPE VI, and rental projects.  She wrote The California Affordable Housing Cost Study (1993) as well as numerous policy analyses of affordable and special needs housing programs for state, regional, and local agencies and business groups.

Janet has served as a lead instructor for the Urban Land Institute (ULI) Real Estate School, and speaks regularly at UC Berkeley and at many professional conferences.  Her articles have been published by ULI and the California Debt Advisory Commission.  Janet received an M.B.A. with a specialization in Real Estate Development from Golden Gate University, and a B.U.P. from the University of Cincinnati.  She is a member of ULI, APA, IEDC, and CNU.  She serves as Board Chair of Sustainable Agricultural Education (SAGE), a non-profit devoted to the urban-rural edge.  She is a member of the Advisory Board for the publication Next American City, has served on several event committees for ICSC, and serves as Co-Chair of the Sustainability Commission in Albany, CA.

David L. R. Shiver, M.C.P., M.B.A., Principal

David Shiver has over 25 years of experience in feasibility analysis, transaction structuring, negotiations, and marketing aspects of publicly owned real estate development projects.  His experience in land acquisition, due diligence, project entitlements, marketing, leasing, negotiations support, and property disposition all enhance BAE's hands-on approach to development advisory services. 

Since 1998, David has led BAE's work in economic development and real estate advisory services for NASA Ames, the national advanced research facility on 2,000 acres undertaking development of a collaborative R&D park for Silicon Valley firms and major universities.  His work has involved strategic planning, developer solicitations, major long-term and short-term lease negotiations, and financing for infrastructure.  With David's assistance, NASA Ames has pioneered public-private R&D facilities, engaging leading researchers through both synergistic co-location and joint research projects.  He was the lead real estate negotiator for a landmark lease of 42 acres of land to Google Inc. valued at $146 million and has supported over 55 other transactions that comprise over 600,000 square feet and generate revenues of $13 million annually to NASA. 

Since 1993, David has also provided real estate and business advisory services to the National Park Service and the Presidio Trust for the conversion of the Presidio of San Francisco from a military base to a national urban park and mixed-use development.  The Presidio is one of the largest sustainable development projects in the history of the U.S. David's work has included formulating a $25 million detailed operating budget, creating an operating cost-recovery program which has generated more than$16 million since its implementation, and supporting more than 25 lease transactions.  For the Trust, David has also completed studies of commercial leasing, property management, maintenance, telecommunications, and utility business issues.  He also managed a project team that formulated a comprehensive financial model for the Presidio Trust Implementation Plan as well as a housing leasing and management plan for the Presidio's 1,100 housing units.  He continues with work for the Park Service and Trust focusing on business operational issues.

David's other experience includes providing financial analysis, leasing and property disposition expertise to BAE military base conversion assignments ranging from historic Fort Monroe in Hampton, Virginia to the Mare Island Naval Shipyard in Vallejo, California.  He served as senior staff for Recommended Practices for California Redevelopment Agencies (CDAC, 1995).

David has completed development feasibility studies for transit-oriented development projects, university housing projects, and led major work for the California Parks Foundation on revenue-generation strategies for California's state parks.

David received a B.A. in Public Affairs from the University of Chicago, and an M.C.P. and M.B.A. from the University of California, Berkeley.  He is a member of the Urban Land Institute, Congress for the New Urbanism, Society of Campus and University Planners, and International Economic Development Council.

Ron Golem, M.C.P., Principal

Ron Golem specializes in project management for complex assignments, including real estate transaction support, transit-oriented development, strategic business planning, and program development for public purposes.  His experience spans a broad range of product types, including office and retail projects, market-rate and affordable housing, hotels and conference centers, recreational facilities, historic preservation, and non-profit public facilities.

At BAE, Ron has been involved in a number of large-scale master planning and Transit Oriented Development strategic plans throughout the U.S.  He assisted the State of Maryland in its negotiations with a Master Developer for mixed-use redevelopment of State Center, a 30-acre state office complex near downtown Baltimore.  The developer selection through a Request for Proposals was based on Ron’s feasibility analysis and recommendations for maximizing value to the State through conversion of a single-use office campus to a dynamic mixed use environment. Ron also recently worked on the team developing the Downtown San Leandro Transit Oriented Development Strategy that seeks to leverage the BART station and proposed the East 14th Street Bus Rapid Transit line that brackets the Downtown area to catalyze Downtown redevelopment and a range of infill projects.  The Strategy has won multiple smart growth awards.

Ron has managed a number of key planning and implementation engagements.  As part of a multidisciplinary team working to revitalize a tired commercial corridor in Castro Valley, CA, Ron prepared detailed market assessments, financial feasibility analysis, organized developer and retailer outreach, and formulated phased implementation recommendations for catalysts sites to attract new development interest and the retail uses sought by the community.  The resulting plan was honored by the Northern California Chapter of the American Planning Association.

Prior to joining BAE, Ron served as Real Estate Specialist for the National Park Service, formulating strategies for public/private partnerships and negotiating numerous agreements in the Golden Gate National Recreation Area.  Ron formulated the business plan for the reuse of Fort Baker, a 350-acre historic complex at the base of the Golden Gate Bridge that resulted in the development of the newly opened Lodge at Cavallo Point, and a companion new non-profit organization to leverage private investment and fund public education programs. 

Ron has worked for private real estate development companies as an Asset Manager, completing successful negotiations for over 150 commercial leases, and management of the design and construction phases of the renovation of multiple office buildings.  He has managed diverse portfolios of all types of commercial properties totaling in excess of two million square feet.

Ron holds two degrees from U.C. Berkeley: an M.C.P. with a specialization in Project Development; and a B.A. in Economics.  He is a member of CNU and ULI.

Frank J. Rockwood, M.B.A., Director of Development Services

Frank has extensive housing experience and has been involved in developing innovative housing models.  He has directly been involved in financing approximately $1 billion in affordable housing projects and has personally overseen the development of dozens of major housing-related projects throughout the U.S. and Canada.

Frank’s initial housing related professional experience started in New York City where he served as a project manager of high-rise residential developments throughout Manhattan.  His housing experience also includes the creation of Transamerica’s highly successful low-income housing tax credit (LIHTC) investment program (since inception, Transamerica/Aegon has invested over $2 billion in affordable housing equity and debt investments), Transamerica’s successful launch of a developer/operator subsidiary in senior living housing, refinement of Gables Residential location strategy through the synthesis of lifestyle segmentation data with GIS modeling tools, and refinement and implementation of a hedge-fund back nationwide apartment investment program.

Prior to joining BAE, Frank was a senior executive for the largest developer/operator of senior living communities in the U.S.  In this capacity, he was involved in innovating the company’s senior housing model, refining their location strategy, and overseeing all aspects of development/construction of about a dozen projects throughout the U.S. and Canada (including one in Jacksonville).  Frank also has extensive large-scale project experience.  Frank is presently serving as an advisor to NASA on the 3 million+ square feet development of the NASA Ames Research Park at Moffett Field in Silicon Valley. 

Other large-scale development experience includes serving as a development officer at the Walt Disney Company (Disney Development Company/Disney Imagineering) for the 10,000-acre Celebration new town development, serving as Director of Development of the Gateway-Stapleton Project, working as a member of Mayor Fredrico Peña’s administration, and supporting the St. Joe Company as a consultant in forecasting the impact of various infrastructure investments on their holdings in northwest Florida.  Frank has also worked with major retail corporations in supporting them in their location strategy.  In conjunction with Accenture, Frank developed a “software as a service” (SaaS) solution to enable retailers to more effectively locate and open new stores.  This system was employed by several major corporations and was pivotal in planning and implementing the roll-out of Apple Computer Stores. 

Frank is a graduate of Harvard University (Harvard College Scholar, Applied Mathematics, Decision Sciences) and holds a MBA degree from the Haas School of Business at the University of California at Berkeley (Hess Fellowship, Appraisal Institute Scholar).  He is active with the Haas School of Business (East Bay Alumni Board, Lester Center of Entrepreneurship & Innovation) and is a member of the Urban Land Institute (ULI) (Urban Development/Mixed-Use Development Council).  Frank has organized several panel presentations for both Haas and the ULI.  Frank has a passion for building innovative communities and businesses.

Raymond Kennedy, M.A., Vice President

Raymond Kennedy has specialized in market research, affordable housing, financial analysis, quantitative methods, and survey research since joining BAE in 1988.  He has conducted numerous revitalization strategies and economic impact studies for retail and commercial projects ranging from small-town downtowns to “big box” retail centers.  He is one of the California’s leading experts on “urban decay” impact studies, profiling the effects of developing new retail on existing retail development in a trade area. 

Ray has a strong background in affordable housing analysis.  For example, he managed the San Francisco Affordable Housing Study, including the Housing DataBook and major surveys of tenants and property owners.  He has also managed market feasibility studies for affordable housing projects and live/work units throughout the U.S. 

Ray has also completed detailed cash flow analyses for military base conversion projects including the Presidio of San Francisco, Mare Island Naval Shipyard, and NAS Alameda, as well as for housing and mixed-use projects in Oakland, San Jose, and California's Central Valley. 

Another of Ray’s specializations is in childcare and social services needs assessments, including use of detailed unpublished Census data to track specialized populations and their service needs.  He has assisted in the preparation of childcare plans through the creation of demand estimates as well as extensive surveys of residents, employers, and workers. 

Ray’s work is characterized by innovative data analysis through the use of sophisticated computer applications, including GIS, statistical software, complex spreadsheets, and relational databases.  He has developed an in-depth knowledge of specialized databases including the U.S. Census Public Use Microdata Samples (PUMS), American Housing Survey microdata, Zip Code Business Patterns, Dun & Bradstreet and Claritas business databases, and assessor’s and other real property databases. 

Ray received a B.A. in Anthropology and an M.A. in Geography from the University of Cincinnati, and has also completed specialized training in real estate financial analysis at the University of California, Berkeley. 

Simon Alejandrino, M.C.P., Vice President

Simon Alejandrino specializes in affordable housing, economic and community development, and fiscal impact analyses.  During his tenure at BAE, he has completed inclusionary housing studies for the Cities of San José, Sunnyvale, Thousand Oaks, Livermore, and Salinas, as well as Santa Barbara County.  He also supported the establishment of the City of Bozeman’s inclusionary housing program, Montana’s first.  Simon’s housing expertise also includes an assessment of faculty housing needs for California State University campuses, and a quantitative housing impact analysis of the Presidio Trust Implementation Plan and the UC Berkeley and UC Santa Cruz Long Range Development Plans.  Other assignments include research on national “best practices” to encourage housing production for the King County Regional Housing Toolkit, an economic impact analysis of supportive housing in Florida, and feasibility studies for market rate and affordable housing projects throughout California.

Simon’s economic development work includes Economic Development Strategies for the Cities of Richmond, San Ramon, and Belmont, CA.  As part of these projects, Simon led extensive public planning processes to craft comprehensive approaches to economic development.  Simon has also conducted retail market analyses for communities throughout the region, including the Cities of Burlingame, Vallejo, Benicia, and San Ramon.  For each of these cities, he assessed the potential for new retail space based on a detailed leakage analysis and an evaluation of current store performance.  At the neighborhood scale, Simon supported the Nystrom United Revitalization Effort by examining the potential for new commercial space, housing, and community facilities in a low-income district of Richmond, CA.  He is also currently evaluating the local and regional economic benefits of the Port of San Francisco.

Simon has also cultivated a strong background in fiscal impact analyses.  For example, he has analyzed the fiscal impacts of major mixed-use developments in the City of Vallejo, Burlingame’s Bayshore district, and the City of San Mateo.  His projects also include detailed fiscal impact analyses of the NASA Research Park and the West Bench project in Salt Lake County, UT, a 200,000-unit master planned community with a 75+ year buildout, considered the largest real estate project in the U.S.

Prior to joining BAE, Simon worked as an intern for the Urban Strategies Council, developing a toolkit for community-based governance, and conducting published research on gentrification of the Mission District in San Francisco.  He holds a B.A. in Environmental Studies from Brown University, and an M.C.P. with a focus in Housing and Community Development from the University of California, Berkeley.  He is fluent in Spanish, conversant in Tagalog, and loves to ride his bike all over the Bay Area.

Steve Murphy specializes in economic development, fiscal impact analysis, financial feasibility analysis, affordable housing policy, and transit-oriented development.  Since joining BAE in 2003, he has worked on a wide variety of assignments, often pioneering innovative uses of GIS to analyze complex real estate and urban planning questions.   Examples of Steve’s work include overseeing development of a Retail Strategic Plan for the City of Pinole, CA.  For this assignment, he analyzed confidential sales tax data and performance trends for local and national retailers.  He also utilized GIS to analyze trade area demographics and competitive supply.  This work culminated in a detailed plan to improve the tenant mix at existing centers and to expand retail offerings in downtown.  For the City of Columbus, OH, Steve contributed to a citywide Economic Development Strategy, using GIS to help identify underutilized parcels and understand their development potential and to model the value of payroll taxes associated with various job creation strategies under consideration.

Steve’s other recent work includes in-depth research for a national affordable housing advocacy group to compare the costs to produce affordable and market-rate housing; an extensive affordable housing policy study for Pinellas County, in Florida’s Tampa Bay Area, including the preparation of nexus analyses to support inclusionary housing requirements and linkage fees for commercial development; and economic and fiscal impacts analyses of proposed growth management initiatives in Monterey County and Cupertino, CA.  Steve has supported various TOD station area planning efforts by evaluating the financial feasibility of developing different real estate product types near existing and proposed transit stations.  He also co-authored a report, Transit-Oriented Development in America, which provides a nationwide perspective on TOD experiences and best practices.

Prior to joining BAE, Steve worked with a land use and environmental planning consulting firm in Portland, OR.  Steve holds a B.A. in Economics from Stanford University and an M.C.P. from the University of California, Berkeley.

Jessica Kondrick, Analyst

Jessica Kondrick provides market analysis and demographic research at BAE's headquarters.  Her work involves assessing residential, retail, and office market trends.  Recent projects include economic development planning for the City of Sunnyvale, a market study for an affordable housing project in Oakland, and a retail market analysis in Novato. 

Prior to joining BAE, Jessica worked on affordable housing and sustainable development initiatives for a New Urbanist developer in Providence, RI.  She also managed a non-profit summer program for Providence public high school students interested in architecture and urban planning, which won an award from the Rhode Island Chapter of the American Planning Association.  Jessica earned a B.A. in Urban Studies and History of Art and Architecture from Brown University. 

Keren Costanzo, M.R.P., LEED AP, Senior Associate
Keren Costanzo is a project manager in BAE’s Sacramento Region office where she utilizes skills in market and financial feasibility, economic development, affordable housing, and economic and fiscal impact analysis to assist clients needing innovative analysis to address challenging development issues.

She has conducted economic analyses for numerous challenging infill and urban revitalization projects, including four Light Rail Station TOD Plans along the Sacramento Regional Transit’s Northeast light rail line, as well as for two commercial corridor revitalization plans in Sacramento County.  Keren has also used her skills to provide economic support for a number of General Plan Update projects.  She prepared an economic background report and alternatives analysis for Yolo County’s General Plan Update; an economic background report for the City of St. Helena’s General Plan Update; and a fiscal analysis for the City of Newman’s General Plan Update process. 

In the housing arena, Keren assisted the Sacramento Area Council of Governments in the preparation of the Regional Housing Needs Allocation process; developed housing needs assessments for both the City of Davis’ and Yolo County’s Housing Element updates; and worked with the City of Stockton on creating an affordable housing strategy.  Working for a land use advocacy group, she conducted a financial analysis of a large housing development project to help forge a settlement agreement that struck a balance between a more environmentally sensitive development plan and a plan that achieved the developer’s financial objectives. 

Prior to joining BAE, Keren served as an economist for the U.S. Bureau of Economic Analysis, and as a researcher with the Kenan Institute’s Center for Competitive Economies.  Keren earned a B.A. in Economics and International relations from American University and a Masters in Regional Planning with a specialization in Economic and Community Development from the University of North Carolina, Chapel Hill.

Rebecca Schenck, M.R.P., Associate
Rebecca Schenk is an Associate in BAE’s Sacramento Region office, where she provides research and analytical support for the full range of BAE’s work.  Recent projects include conducting an affordable housing needs assessment for the City of Stockton, assisting in the preparation of an economic development strategy to accompany the Yolo County General Plan Update, and preparing pro-forma analyses to assist the Town of Truckee in implementing affordable housing requirements.  Other assignments have included preparation of an economic impact study for a redevelopment project in the Lake Tahoe region, including tax increment projections and market research to support planning for a new growth area in eastern Sacramento County, and for revitalization of a key commercial corridor in south Sacramento.

Prior to joining BAE, Rebecca worked at the University of North Carolina Office for Economic and Business Development where she helped to connect North Carolina communities and businesses to the unique economic development resources of the University.  She also completed a year of public service through the Americorps program, where she gained hands-on experience in affordable housing production with Austin Habitat for Humanity.  Rebecca earned a B.A. in Economics from Denison University, and an M.R.P specializing in Economic Development from the University of North Carolina, Chapel Hill.

Caitlin S. Drogin

Caitlin Drogin conducts research and analysis in support of BAE’s Washington, DC office.  Her work involves assessing residential, retail, and office market trends, along with interviews of community stakeholders and database analysis.  Her recent projects include research to assess the market potential for new housing products in Norfolk, VA; literature review for a detailed study of Charlotte, NC’s proposed streetcar system; oversight of a survey of transit agencies regarding streetcar routes and land development impacts; and analysis of affordable housing competitive supply for Low Income Housing Tax Credit projects throughout the eastern U.S.  Caitlin earned a B.A. in Planning and Public Policy and Criminal Justice from the Bloustein School at Rutgers University.