The Real Estate Developer Index (REDI) is a values-based approach for investors, community organizations, government agencies, and concerned citizens to evaluate real estate developers and develop future projects. REDI gives all stakeholders a standard yardstick by which to measure a developer’s commitment to the communities they serve.
How Does the REDI Rating Work?
With the help of graduate urban planning fellows from Cornell University and Massachusetts Institute of Technology, REDI will investigate and compile a complete profile on the individual developer being rated. That profile will be provided to a jury of raters from various backgrounds including, but not limited to individuals from the following sectors: Real Estate Development, Real Estate Finance, Academia, Government Agency, Community Organizing, Private Equity, Not-for- Profit and Law. Each of these raters will score the developer’s profile. A composite of all the scores will be the final rating given to the developer. The investigation will consist of a review of the developer’s financial statements, a criminal background check, a review of court records related to development activity, and a review of the buildings built by the developer. REDI will limit its inquiry to completed projects in the last five years from the date the investigation is initiated, as well as five projects of the developer’s choice.
The REDI rating metrics examine the performance of past projects and weigh the merits of proposed projects. The REDI Rating is primarily a tool to rate urban developers. But REDI is not just a rating; it is an ecosystem. It aims to hold all parties accountable, by offering a set of tools for feedback and education of communities and developers to create successful developments that address social and economic issues in urban areas while leveraging more opportunities for good developers.
Who are REDI Developers?
REDI developers have demonstrated integrity and a track record of accountability to communities. They go beyond a quantitative and market force approach to revitalize neglected neighborhoods and cities.