Chris Smith- DC’s Amazing Community Builder (#51)

Bio Chris Smith, CEO of W.C. Smith Company, has led the company to become a DC industry leader in the development of multi-family housing. Initially specializing in the rehabilitation and revitalization of challenged neighborhoods, he has expanded the company’s portfolio to include innovative market rate housing as well as commercial and office developments. With a lifelong commitment to community service, he has fostered a culture within WC Smith of improving the quality of life for residents of the District. Chris joined the company in 1974 which was founded and led by his father, W.C. (Bill) Smith in 1968. Chris attended Villanova University. Show Notes Current Role Guy who deals with everything that falls through the cracks (3:00)Looks at day to day things as well as strategy for the company (3:30) Origins Describes his Dad’s (Bill Smith) career- Started at the Frank S. Phillips Co. as a property manager and became leader of the property management practice there. (5:00)His Dad was on call 24/7 for all portfolio issues that came up for Phillips (6:00)He went to St. Johns HS and then Villanova University (7:20)Played ball at McDonough Gym as a kid and wanted to attend Georgetown and heard about Villanova and applied and was accepted and attended (7:40)Every summer he worked at company during college (9:20)Dad bought his first building, Richman Apartments, in the 1950s and they still own it near a current project called Archer Park that they built (9:45)His Dad bought properties all over the city (10:45) Used “Purchase Money Mortgages” to acquire many properties or assume mortgages (11:00) Company Origins Founded In 1968 prior to the DC riots after MLK’s assassination. His Dad formed the company to manage third party and a few of his own properties (12:30)Bought Hilltop House ($97,000 for a 92 unit building) in foreclosure (14:30)NS&T was trustee for a family that owned 9 properties that had over 1,000 units that they took over management for families (15:10)His Dad was known as the “Apartment Doctor” and families decided to hire him to help them managed (16:00)Pride about properties’ condition and appearance (16:50)Dad proved that one can make a living in property management (17:20)Acquire properties that need repositioning and create value (17:30)Tenant Opportunity to Purchase Assistance (TOPA) law affected their business plan (18:15)Triggered their decision to start building projects (19:30)Most of their contractors were renovation type and not “ground up” general contracting (20:00)1989 was first major redevelopment (Twin Oaks) that transitioned the company toward development (21:25)1990-1993 they were one of the most active developers and acquirers of properties, particularly affordable housing (23:00)Parklands a...