On June 15, The Peak attended an online lecture hosted by Community Economic Development with speaker Steve Johnson from Community Impact Real Estate (CIRE) to discuss the steps CIRE is taking to foster and invest in local economies and create a cohesive community for residents to thrive. The lecture explained the CIRE module and how community real estate can be leveraged during difficult economic times.
CIRE was founded in 2017 by former BC Housing CEO, Shayne Ramsey, to expand the potential of commercial real estate assets in developing communities such as Vancouver’s Downtown Eastside. The goals of CIRE include curating “a commercial property portfolio that maximizes social and economic benefits,” as stated on their website. The portfolio curation combines commercial retail spaces with social housing, such as single occupancy rooms. CIRE’s current portfolio to date consists of 52 commercial units in 24 Vancouver buildings. Shops partnered with CIRE include Di Beppe Restaurant and Nelson the Seagull Cafe.
CIRE works alongside BC Housing to maximize the benefit of commercial spaces “through a community-based, non-profit, enterprise model.” CIRE tenant selection is a process that includes questions about the tenant’s business model, products and services, and the contributions they will make to impact the community they are located in. “We make sure that storefronts are vibrant and activated, but they must contribute to the quality of life here. We look at what is missing from the community, what fits the community needs,” commented Johnston.
CIRE aims to fill in the gaps of what communities need based on conversations between community-based advisors, real estate brokers, and residents with lived experiences in the area. The vision that CIRE operates under and strives to achieve is through collaboration, equity and inclusion of the community, and sustainability.
CIRE’s mission is to create a new perspective that connects the goals of fostering local economies with the city of Vancouver to create more commercial spaces that allow social and economic impact for a brighter future.
For more information about CIRE’s plans, visit its website.
