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 The Next American City, has served on several planning committees for ICSC, and serves as a Commissioner for the City of Albany, California’s Sustainability Commission.
David L. R. Shiver, M.B.A., M.C.P., 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 specializes in strategic business planning, sustainable development, TOD, and public-private projects. His experience spans affordable housing, recreational facilities, conference centers, office and retail projects, urban parks, and non-profit facilities. Ron leads projects for both the Bay Area and New York offices of BAE.
One of Ron’s unique specializations is business planning for community facilities with an enterprise component. For the Port of Oakland, he prepared a business plan for a waterfront park and meeting/education facility adjacent to a multicultural neighborhood, including formulating program and operating partnerships, financing, and new management structures for implementation. For NASA Ames, he conducted a feasibility study and led a private developer solicitation for a major conference facility serving the Silicon Valley scientific and education/research community.
Ron has also worked on numerous urban park assignments, helping to fund and develop world-class destinations. He managed BAE’s operating study work for the New York City Economic Development Corporation on the East River Waterfront Esplanade and High Line Park, as well as analysis of developer proposals for Governors Island.
Ron has deep expertise in transit-oriented development, including work on the Baltimore State Center (MD), the downtown San Leandro BRT TOD Plan (CA), the West Hyattsville station (MD), the New Carrollton station (MD), the Southeast Seattle light rail corridor (WA), the Interstate MAX (OR), and major TOD studies for Caltrans and the National Transportation Research Board. He has interviewed numerous lenders and developers on TOD issues, and conducted feasibility analysis on mixed-use projects throughout the U.S. Ron has also led several key affordable housing projects, including the controversial analysis of workforce inclusionary housing requirements for the Fort Ord Reuse Authority. He managed a HOPE VI revitalization strategy and application process, and led several BAE engagements with KB Home, one of the nation’s largest home builders.
Prior to joining BAE, Ron served as Real Estate Specialist at the Presidio for the National Park Service, where he negotiated agreements generating over $18 million in new revenues. He also formulated the business plan for reuse of Fort Baker as a unique public-private conference center, including creating a new non-profit organization to leverage private investment and fund programs for public education. Ron has also served as Asset Manager for private real estate companies, managing the renovation and leasing of two million square feet of commercial space.
Ron holds two degrees from University of California, Berkeley: an M.C.P. with a specialization in Project Development and a B.A. in Economics. He is a member of the Urban Land Institute (ULI) and the American Planning Association, and has served as a ULI Advisory Panel Member for projects involving large mixed-use redevelopment and transportation corridor improvements.
Lawrence C. Barone, Ph. D., Director, Technology Partnership
Dr. Larry Barone brings his academic and research interests in science-based, technological innovation and regional economic development to BAE engagements. Larry has worked on the development of the NASA Research Park, a highly collaborative, government-university-industrial center in Mountain View, Ca. and conducted economic impact analyses for several redevelopment projects for the City of Vallejo, Ca. He is currently evaluating the economic benefits of the NASA Research Park for communications to federal agency officials and U.S. Congress on behalf of NASA.
Larry’s doctoral studies in City and Regional Planning at UC Berkeley focused on corporate, government, and university R&D activities. He provided research and analysis to the Berkley Roundtable on the International Economy (BRIE) during this period, including the role of university research and its interaction with industry to build collaborative science/technology partnerships. At BRIE, Larry reviewed industrial partnership programs for both Los Alamos and the Lawrence Livermore National Laboratories; assisted UC campus programs to establish closer ties with industry; and researched corporate laboratories. Prior to pursuing his graduate studies, Larry worked as a real estate facilities professional for Intel and Sun Microsystems, where he directed departments responsible for planning, site selection, and acquisition/leasing of four million square feet of space throughout the U.S. Larry earned a Master and Ph.D in City and Regional Planning from the University of California, Berkeley.
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, M.C.P., Senior Associate
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.
Sherry Rudnak, M.A., LEED AP, Senior Associate
Sherry Rudnak specializes in economic impacts analysis, market analysis, public finance, and sustainable practices. She has a strong focus on quantitative methods, including the IMPLAN economic impacts model, which uses county-specific industry data to estimate the economic multiplier effects of proposed projects.
Sherry’s economic studies include analysis of the economic impacts of Port of San Francisco operations and the cruise industry on the local and regional economies. She also analyzed the economic benefits contributed by University of California at Santa Cruz to its regional economy. She has also utilized SPSS and statistical inference methods to estimate the impacts of rail stations and transit corridors on residential values and appreciation rates in Sacramento, California.
She has managed numerous fiscal impact analyses for local governments, including studies supporting General Plan Updates. Her experience spans rural and urban Northern California communities, including Butte County and the City of Pleasanton, as well as out-of-state communities such as Atlanta, GA. In addition, she has worked as an embedded consultant, generating static pro-forma analyses and dynamic cash flow models to assist the U.S. Coast Guard in planning and real estate investment decisions.
Sherry has also conducted numerous affordable housing studies and needs assessments, including serving as project manager for the City of Sacramento Inclusionary Housing Ordinance Update. Currently, Sherry is using economic impact analysis and market analysis to estimate the potential market for and economic benefits of a local carbon-offset program, which uses offset purchases to fund local greenhouse gas reduction projects.
Prior to joining BAE, Sherry held positions in economic research with the Federal Reserve Bank of Atlanta and the Georgia State University Economic Forecasting Center, where she organized quarterly economic indicator data in order to generate economic forecasts, and created consumer surveys for use in predictive modeling. She received an M.A. in Economics from California State University, Sacramento, and a B.A. in Economics from Georgia State University. She earned her designation as a U.S. Green Building Council LEED Accredited Professional in 2007. Sherry and her husband reside in San Francisco, where she loves to walk her dog through the urban kaleidoscope.
Serena Unger, M.C.P, Associate
Serena Unger provides financial, market, and economic development strategic planning support for many BAE engagements. An example of her recent work includes the development of a budget model for the Stewardship Council to estimate up-front and ongoing costs of land and natural resource preservation for 140,000 acres of watershed land throughout California. She also contributed to the creation of a business plan for a sustainable food systems enterprise as a component of a new eco-village development project in Napa County. Additionally, Serena has conducted retail and residential market analysis for various cities in California.
Prior to joining BAE, Serena worked for the National Economic Development and Law Center where she supported state and local workforce development policy initiatives. Serena also served as a consultant to the City of San Francisco’s economic development plan, with a specific focus on the City’s film cluster development strategy. In 2006, she co-authored the Oakland Food System Assessment: Toward a Sustainable Food Plan, for the City of Oakland’s Mayor’s Office of Sustainability. Serena also worked on economic development initiatives in Russia where she coordinated small business development and education reform programs. Serena earned a B.A. in Russian Studies from Wheaton College, and an M.C.P. with specializations in Urban and Regional Economic Development and Land Use from the University of California, Berkeley. She is fluent in Russian.
Tessa Munekiyo, M.C.P., Associate
Tessa Munekiyo conducts research and analysis for a variety of BAE projects. She is currently assessing affordable and workforce housing needs for the City of Tracy, including a range of policy options to implement increased production. She is also supporting the City of Cupertino’s Housing Element Update, which includes substantial outreach and public input. Tessa is also analyzing the fiscal impacts of a major mixed-use development proposal for the City of Menlo Park.
Prior to joining BAE, Tessa interned at East Bay Asian Local Development Corporation (EBLDC), providing project management assistance for various affordable housing developments. She also served as a research fellow with UC Berkeley’s Center of Community Innovation, conducting quantitative and qualitative research on commercial corridors and mixed-income neighborhoods. Tessa received a B.A. in Political Economy from Georgetown University and an M.C.P. with a concentration in Housing and Community Development from the University of California, Berkeley.
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.
Wendy provides marketing services, proposal coordination, and communications expertise to support BAE's business development activities. In addition to coordinating marketing materials, Wendy assists in proposal writing, represents the company at industry events, and oversees the firm's promotion.
Prior to joining BAE, Wendy served as an associate in a public relations firm, where she worked with the automotive industry, professional service firms, and non-profit organizations. Wendy earned a B.A.A. in Integrative Public Relations from Central Michigan University. She is an active member of the Society for Marketing Professional Services.
Matt manages BAE’s Sacramento area office, and has worked in the field for over 15 years. He specializes in public finance, fiscal impact, affordable housing, redevelopment, and strategic economic development. Throughout his career, Matt has pioneered innovative techniques in economic analysis to meet the challenges of contemporary urban development.
Matt has managed numerous economic studies for projects located throughout the Sacramento region, including the public facilities financing plan for The Villages of Zinfandel, an 820-acre mixed-use project in Rancho Cordova; a revitalization strategy for the Florin Road corridor shopping district; comprehensive economic development strategies for the Cities of Citrus Heights and Woodland; and the economic analysis for the Sacramento Waterfront Master Plan Update. Under his leadership, BAE has been at the forefront of economic analysis for transit-oriented development in the Sacramento region, including the economic analysis for Sacramento Regional Transit’s landmark Transit for Livable Communities study of transit-oriented development potential throughout its light rail system, and the Downtown-Natomas-Airport Light Rail Alternatives Analysis study.
Other studies conducted for a diverse range of project types located throughout northern California include real estate market analysis and development feasibility analysis; economic studies in support of general plans, specific plans, and other long-range planning efforts; fiscal impact analysis; affordable housing needs studies and strategies; incorporation advisory services for the establishment of new cities; and numerous other specialized economic analyses tailored to the unique needs of BAE’s clients.
Matt has also managed projects in locations ranging from the San Francisco Bay Area to Reno/Tahoe, Oregon, Washington State, and Colorado. His experience spans the full continuum of the development process, from long range planning and pre-development through redevelopment and revitalization. He has provided expert witness and litigation support services to public agency and private sector clients, including sworn testimony on behalf of property owners for cases involving First Amendment access to private property for expressive purposes. He has also supported ongoing litigation over revenue sharing arrangements for a newly incorporated community.
Matt earned a B.A. in Geography from UCLA and a Master's of City and Regional Planning from University of California, Berkeley. He has lectured at UC Berkeley, and has been a featured speaker at University of California, Davis, the California Downtown Association, the California Local Agency Formation Commission, and the ULI Real Estate School. He is a member of professional organizations including the Urban Land Institute, American Planning Association, International Economic Development Council, and California Association for Local Economic Development. He currently serves on the Board of Directors for the Davis Downtown Business Association, a California Main Street Community.
Keren Costanzo, M.R.P.,
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.
Aaron
Nousaine, Analyst
Aaron Nousaine is an Analyst in BAE’s Sacramento Region office, where
he conducts research and analysis in support of BAE’s consulting
assignments. Aaron has recently conducted market research and GIS analysis
for projects including Special Planning Area updates along the Sacramento
Regional Transit’s Folsom light rail line, the City of Stockton Affordable
Housing Strategy, a housing element needs assessment for the City of Davis,
and General Plan updates for St. Helena and Yolo County. He has also
supported preparation of revitalization strategies on Auburn Boulevard,
Greenback Lane, and Florin Road in Sacramento County. Prior to joining BAE,
he worked as administrative assistant with the CSU Monterey Bay, Service
Learning Institute, to initiate a community based revitalization effort in
the Chinatown district of Salinas, California. Aaron earned a B.S. in
Political Economy from California State University Monterey Bay.
Paul Peninger, M.C.P., Principal
Paul Peninger leads BAE’s New York Office with a deep background in affordable and workforce housing, mixed-use development, strategic policy planning and real estate finance. Since joining BAE in 1996, Paul has managed a diverse array of projects throughout the U.S.
Paul is currently managing BAE’s work on a market feasibility study of retail and food facilities to be incorporated into the Liberty/Ellis Island passenger ferry terminal at Pier A in Lower Manhattan. He is also supporting ongoing BAE work for the Hudson River Park Trust on reuse of Pier 40.
Paul is expert in economic development strategic planning and project implementation, including preparing economic development studies for the cities of Walnut Creek and Santa Cruz, CA. For these studies, Paul incorporated innovative economic development initiatives including integrating university/city linkages and emphasizing start-up businesses appropriate for city-sponsored incubation. He has also supported community and economic development planning initiatives in Oklahoma City, New Haven, CT, and Seattle, WA.
Most recently, Paul has specialized in financial analysis and debt/equity deal structuring for complex urban development projects, including work with New Markets Tax Credits. For example, he arranged for refinancing of an innovative cluster of non-profit space in historic buildings in downtown Oakland. Paul also has deep expertise in housing and TOD projects. For BAE, he has managed affordable and workforce housing policy studies and strategic plans, prepared market studies for downtown market rate housing across the U.S., and analyzed the feasibility of TOD for station areas. He managed a portion of BAE’s work on the Bay Area Smart Growth Strategy, including developing a menu of physical commercial and housing prototypes, supporting public outreach, and formulating community development strategies for several key distressed communities for the regional plan. Paul also recently participated in a study conducted by the Furman Center for Real Estate and Urban Policy (NYU) to analyze the impacts of inclusionary housing ordinances on local housing markets.
Paul earned a B.A. in Politics from the University of California, Santa Cruz, and an M.C.P. with a concentration in Housing and Community Development from the University of California, Berkeley. He served from 1996 through 1999 as an Associate at BAE. After earning his graduate degree in 2001, he served as a BAE Senior Associate through 2004. From 2004 through early 2008, Paul served as a Program Officer for LISC, and as Research Director for the Non Profit Housing Association of Northern California (NPH). Paul rejoined BAE in 2008 as manager of the NYC Office. He is a lecturer in urban economics for the UC Berkeley Masters of Urban Design program, and has served as an Advisory Panel member for the Urban Land Institute in Pittsburgh, PA. Paul is a member of ULI, APA, and CNU.
Kei Hayashi, M.P.A., Vice President
Kei Hayashi brings a strong grounding in public finance and economic development to the New York City office of BAE.
She is currently working on a BAE review of a complex real estate partnership transaction, using several state financing mechanisms, for a series of group homes for the developmentally-disabled throughout Northern California.
Kei formerly served in various executive positions with New York City Economic Development Corporation NYCEDC), including most recently as Executive Director of its subsidiary, the New York City Industrial Development Agency (NYCIDA)/ Throughout her 13 year tenure at NYCEDC, Kei led a team of finance professionals in the creation and implementation of tax-exempt bond and tax incentive programs promoting economic development throughout New York City. Her work included implementation the Mayor’s vision for economic development, oversight of innovative financing mechanisms such as synthetic TIF, analysis of incentives and subsidies for capital projects, support to non-profits and community development projects, and negotiation/transaction support for major lease transactions on behalf of NYC. Key projects which Kei supported through her work at NYCEDC include the USTA Tennis Center; Yankees and Mets ballparks; American Airlines and Terminal One Group; Trey Whitfield School; InterAgency Council Pool; New York Presbyterian Hospital; New York University Law School; Brooklyn Navy Yard Cogen; and Noguchi Museum.
Through her prior work experience as a consultant, as Special Projects Assistant for Senator Frank Lautenberg, and as a researcher for Regional Plan Association, Kei has supported market, financial, and economic analysis projects throughout the state of New York.
Kei earned a Master of Public Affairs from the Woodrow Wilson School of Public and International Affairs at Princeton University, and a B.A. in Classics from Wesleyan University. She serves as a Board Member of the New York State Economic Development Council, and is a past Board Member of the Council of Development Finance Agencies and the Regional Economic Development Assistance Corporation. Kei also currently serves as Co-Instructor for the capstone course on economic development in the Wagner School of Public Policy at NYU.
Alison Laichter, M.S.U.P., Associate
Alison Laichter conducts research and analysis for the BAE New York office. She is currently preparing market analysis and economic development strategies for the closing Armed Forces Reserve Center in Amityville, NY, supporting a major workforce housing study, and working on the economic revitalization plan for Moore Street Market. She has prepared detailed case studies and analyses for the East River Waterfront Esplanade in New York City and researched potential revenue generation options for the High Line. She has also completed extensive surveys and interviews of shoppers and merchants for several revitalization studies including downtown Camden, NJ and the Portland Public Market.
Prior to joining BAE, she managed brownfield educational programs for the California Center for Land Recycling (CCLR). She also served as an Intern at the United Nations, Private Sector Division in NYC, supporting the Growing Inclusive Markets Initiative, an international micro-enterprise development program. Alison prepared case studies from around the world detailing how a locally-managed, locally-sustained approach achieved demonstrated success for participants.
Alison earned a B.S. in Civil Engineering from The Cooper Union for the Advancement of Science and Art, and a Master of Science in Urban Planning from Columbia University, with a concentration in Sustainable Economic Development. A unique feature of her graduate work at Columbia was her thesis, which focused on an innovative green collar job program. Alison’s thesis was honored by the 2008 Charles Abram Best Thesis award from Columbia University’s Graduate School of Architecture, Planning & Preservation. She is currently completing her LEED AP credential.
Nancy Fox, M.U.P., Vice President
Nancy Fox specializes in public-private partnerships, redevelopment planning, affordable housing, public financing strategies, and fiscal/economic impacts analysis. She manages projects for BAE’s Washington D.C. office, contributing her extensive background in economic analysis, economic and community development, and project management.
For example, Nancy managed a detailed market and financial analysis of a TOD mixed-use project concept for a site located in downtown Atlantic City, NJ. The client, the Casino Reinvestment Development Corporation (CRDA), is charged with reinvesting proceeds into revitalization projects throughout New Jersey, including mixed income housing and retail. The project site, originally slated for a parking garage, had stimulated several unsolicited developer proposals for other uses. BAE was commissioned to analyze additional uses for the garage site, including market rate and workforce housing units, retail at street level, and office space, in order to maximize the site’s economic development objectives and minimize public investment in the project. The preferred alternative created by the BAE team is currently undergoing further detailed design drawings for implementation.
Nancy is currently working with Project for Public Spaces in New York City to analyze the economic and community benefits of restoring and enlarging a historic community marketplace known as Moore Street Market. This facility has long housed start up retail vendors selling ethnic foodstuffs to a diverse neighborhood. In conjunction with elected officials’ funding for the a business plan for the facility, Nancy is working in close collaboration with existing vendors to identify sales, estimate employment and fiscal benefits, and project future potential increased community benefits from public investment in expanding the Market.
Other work completed by Nancy includes a full operating budget and revenue study to fund operations for the East River Waterfront Esplanade, an urban park planned for construction in lower Manhattan in 2009. Nancy also provided financial feasibility analysis and development advisement to the City of New Rochelle, NY to refine a major public-private partnership for the redevelopment of 26-acre site along the City’s waterfront. She has prepared market studies for affordable and market rate housing projects in the District of Columbia metro area, and analyzed retail trends for specialty retail niches throughout the mid-Atlantic states.
Prior to joining BAE, Nancy served as Senior Project Officer for the New Jersey Schools Construction Corporation, where she managed site acquisition and pre-development of numerous urban school projects. She also served as Project Manager for the New Brunswick Development Corporation, where she managed the planning and implementation of mixed-use downtown projects. She also worked as an economic impacts consultant for a private firm. Nancy earned a Master of Urban Planning from the University of Michigan, and a B.A. in Psychology from Vassar College. She is a member of APA, ULI and is certified by the American Institute of Certified Planners (AICP). She is also a licensed Professional Planner in the State of New Jersey.
Timothy M. Thornton, M.B.A., Senior Associate
Tim recently joined BAE’s Mid-Atlantic office as a Senior Associate and contributes significantly to the research, structuring, and writing of BAE reports. Currently Tim is evaluating the market opportunities that will shape the vision for future development in downtown Portsmouth, VA. He is also analyzing the market for mixed-use development in proximity to the Aberdeen, Maryland Amtrak/MARC station resulting from an influx of relocating households and employees as nearby Aberdeen Proving Ground expands under BRAC.
Prior to his employment at BAE, Tim was a Senior Consultant at Robert Charles Lesser & Co. (RCLCO), where he specialized in market analysis as well as strategic planning and financial analysis. In this capacity Tim advised both public- and private-sector clients, giving him insight into the decision making employed by developers and landowners in connection with real estate opportunities. His experience includes strategy formulation for large redevelopment projects, in addition to focused market analyses for mixed-use projects, planned communities, retail, leisure, office and a variety of residential products.
Tim earned a Bachelor's degree in Economics and Business from Lafayette College and an MBA from the Jones Graduate School of Management at Rice University. He is a Young Leader in the Washington DC chapter of the Urban Land Institute (ULI).
Nick Colombo, Associate
Nicholas Colombo provides market research and technical mapping support for a variety of BAE projects. He has examined residential and commercial real estate conditions for transit-oriented development projects in Maryland, Virginia, and Florida. Nick recently modeled the economic and fiscal implications of a commercial development linkage fee to fund affordable housing in Washington, DC. Nick also analyzed the supply and concentration of new development within the nation’s capital and utilized GIS to identify key redevelopment parcels as part of an effort to determine the most fiscally sound areas for public tax incentives. For the City of Raleigh, NC, Nick profiled best practices in housing and community development programs in mid-sized cities. In addition, Nick’s demographic and housing market analyses supported comprehensive redevelopment efforts at three Washington, DC public housing facilities.
Prior to BAE, Nick interned with the Baltimore City Planning Department, researching historical and cultural resources, market conditions, zoning regulations, and wetland restrictions for the development of master plans for waterfront neighborhoods. He has also interned with a specialty litigation firm, assisting on tenant advocacy and fair housing cases. Nick holds a B.A. in History from The Johns Hopkins University. He is a member of the Urban Land Institute’s Young Leaders Group and the American Planning Association.
Caitlin Sugrue conducts research and analysis in support of BAE’s Washington DC office. Her work involves assessing residential, retail, and office market trends. Recent projects include market research for a TOD plan in Aberdeen, MD, assessing the market potential for new housing products in Norfolk, VA, and analyzing demographics and preparing GIS mapping for a housing market study in South Bronx, NY. Caitlin earned a B.A. in Planning and Public Policy and Criminal Justice from the Bloustein School at Rutgers University.
