Today we’d like to introduce you to Jassen Johnson.
Hi, Jassen. I’m so excited to have you on the platform. Before we ask about your work life, you can bring our readers up to speed on your story and how you got to where you are today.
Cliff notes: Born a farm kid, I redirected my interest into construction. My dad had a construction company created with another farmer friend that filled up their off-season. I was particularly interested in that, so I helped them grow that company to the point where I was designing and we were building custom residential homes all over the Illinois region. That journey led me to Architectural School at the University of Illinois, where I received a Bachelor of Architectural Science with a minor in Urban Planning. At the culmination of that degree, I became a faculty member for the University, working on a program in East St. Louis called the East St. Louis Action Research Project. (ESLARP), while also working on a Masters in Architectural Management. As I was changing the program (starting neighborhood organizations, etc.), I had to spend most of my time in East St. Louis. I was growing the program quicker than the budget, so I needed to find a place to stay during late-nightlight neighborhood meetings. Interstate 40/64 was under construction, so I regularly drove through Midtown St. Louis to get to an uncle’s home in the Central West End to spend the night. In that exercise, I fell in love with Midtown and was allowed to make my Master’s thesis the neighborhood plan for Midtown. Staying on an extra year to get a Master’s in Business, I was allowed to make that thesis the business plan for Renaissance Development. Those two plans were immediately used to start my development career in St. Louis in 2002.
Let’s dig deeper into the story – has it been an easy path overall, and if not, what challenges have you had to overcome?
Real Estate Development, in general, is a very stressful business. Starting, I was at a disadvantage because of my age and severe lack of capital. It took begging a family member, credit cards, and 12 bank denials to get my first project. As early success awarded some real traction, I was quickly faced with the death of a financial partner, the recession, skyrocketing building purchase costs, the need to learn the incentives world, labor shortages, giant material price increases, the pandemic, and most recently, spiraling interest rates. Raising 3 kids, capital calls, increasing costs, etc.; it’s a miracle we can continue, and only because of excellent financial partners.
We’ve been impressed with Onyx Development, Consulting, and Interiors (Formerly Renaissance Development). However, for folks who might need to be more familiar, what can you share with them about what you do and what sets you apart?
Onyx, DCI sets itself apart because of the multiple “hats” we have to wear. About 50% of our core business is investments we do internally with investors, and 50% of our business is fee development for 3rd party clients. This model was necessary at inception to gain capital to invest in internal projects. However, it has continued because of its vital importance in making more comprehensive change happen in the neighborhoods we focus on. Most people with a successful business need more time or knowledge to take on a full-blown re-development project successfully, regardless of whether it’s for expansion, start-up, or investment. Renaissance becomes the quarterback to offer a turn-key source to complete the project for our clients. This model relieves the burden of the time it takes to bring together all the parties, resources, and oversight needed to complete a project. We call our best asset the “toolbox” of knowledge we have brought together or learned over the years on tackling projects. Our team internally has all the knowledge needed to acquire the property, develop the scope/ program for the building, facilitate the architectural/interior design and financial analysis, and coordinate the financing, incentives, construction management, leasing, and final property management as needed, all internally.
Is there any advice you’d like to share with our readers who might just be starting?
This is a funny response but not a new one – if I knew when I started that I have now, I would have never jumped into the pool! All reasonable assumptions would have pushed me to another path. I was young, invincible, probably arrogant, and had nothing to lose. My determination to not fail pushed me to do whatever it took to make it work. I’ve done everything personally, from laying a foundation to putting up wallpaper on a project site, and when we needed to cut the budget or stay on track with the schedule, I’ve been forced to do just that my entire life. Given how young I was, jumping into the trenches with the crew also helped give me some credibility to be taken seriously on site. Mine is to ensure your financial partners have enough capital so that if a project goes south, they can invest and fund it if needed. Even if your arrangement removes your ownership in the project, not having a project go into default or foreclosure during the economic roller coasters constantly coming at us is enormous.
