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Smart
Development
Michael Russell, MBA '90
CEO
HJ
Russell & Company
 "Location, location, location" may be the mantra of real estate
development, but right now in Atlanta, the chant is more like "grow smart,
smart, smart."
"We’re seeing tough times in the real estate market, but that is only a
temporary downturn," says Michael Russell, CEO of HJ Russell
& Company. "There’s a strong real estate foundation here."
Russell believes effective management can give real estate the boost it
needs, what he calls "smart growth." That translates into offering
people living areas and services more efficiently and in closer
proximity. At the helm of one of the country’s most successful
African-American companies, he’s seen Atlanta grow more sophisticated
in such real estate offerings during the past decade.
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Diane MacDonald/Getty Images |
Russell’s own urban redevelopment company has served as a catalyst for
growth. HJ Russell has had a significant impact in the Castleberry Hill
and West End areas with projects including a hotel, event facility, the
popular restaurant Paschal’s, lofts, and mixed-use, multi-use
buildings. Among other current ventures, the company is converting the
Gartrell Courts into a new residential community, a key project
expected to help revitalize the Edgewood Corridor in the old 4th Ward
area of Atlanta.
Revitalization, however, faces some crucial challenges—all going back
to growth, says Russell. Among the challenges he lists are improving
public education in the middle and high school grades, providing water
resources in a drought-stricken era, and developing a comprehensive
transportation plan. "The transportation problem can strangle real
estate, particularly in outlying areas," says Russell. "The state needs to
provide leadership and build a consensus among the players. Right now we’ve got
too many splintered efforts with different agendas."
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