Ep43 Transforming Land into Communities: Tim Portzen on Place-Making and Development

[00:00:00] What keeps me up at night is how do we develop out, how do we sell, how do we create something that people want to buy so that we don't have thousands of acres that we're holding in our portfolio. And that's become more apparent.

[00:00:12] From cornfields to high rises, office to industrial, houses to hotels, and every other asset class in real estate, we cover the people, the projects, and the profit. Welcome to the Investing in Iowa Show.

[00:00:25] This show is for go-doers, action takers, and business owners. It's for people like you who are sick of Uncle Sam taking a huge bite of your apple.

[00:00:34] If you're looking to get ahead of what's taking place in Iowa, learn who is doing what and how you can get in on the action. You're in the right place.

[00:00:43] Hosted by Neil Timmins, an Iowa native who has been involved in over $300 million in real estate right here in Iowa.

[00:00:52] Recording in studio from West Des Moines. Here's your host, Neil Timmins.

[00:00:57] I've got Tim Portson on here on the show. Tim, welcome.

[00:01:00] Thank you. Thanks for having me.

[00:01:01] I'm excited you're here. See, for the audience to say, who are you? Where are you from? What do you do?

[00:01:04] Tim Portson. I run Diligent Development. Originally from Dubuque area. Currently live in Adel.

[00:01:10] Yeah, I think that covered the bases.

[00:01:12] Where growing up in Dubuque, what was your world like there?

[00:01:15] Yeah, it was interesting. Dubuque is a lot different today than it was when I was growing up there.

[00:01:21] It changed over the years.

[00:01:22] Yeah, yeah. Downtown was not near as vibrant. So, growing up in Dubuque, I loved Dubuque. Wanted to get out of Dubuque.

[00:01:29] And now I find myself being like, oh, where should we go for a weekend getaway? It's Dubuque. So, it's funny how that all works out.

[00:01:36] Yeah, things have changed a lot there. And it's a tribute to the city and all the developers that have gone into place there. Where'd you end up going to school?

[00:01:44] I went to University of Northern Iowa. I was a finance and real estate major there. Following you and I went up to the Twin Cities to work for a little while.

[00:01:53] And then, yeah, ultimately made my way back to Iowa and settled in the Des Moines metro.

[00:01:57] You landed at Diligent at some point. Tell us a little about Diligent, what you guys focus on.

[00:02:03] Yeah, Diligent is a, I like to call, kind of a boutique development company. So, we're very focused in our backyard, very focused on building community.

[00:02:13] So, we're primarily focused in Warren County where the two partners of Diligent live. One grew up there.

[00:02:21] We are very focused on community building and placemaking, I'd say.

[00:02:25] Okay. So, since I've joined Diligent in the last three years, a lot of my focus has been in larger scale developments that are mixed use, master plan, 100 acre plus.

[00:02:36] Historically, Diligent was born out of the recession a little bit and was really focused on small, single family subdivisions.

[00:02:44] So, we've definitely evolved over the years, but it started off as a company doing, picking up distressed assets.

[00:02:51] One of the partners in Diligent is Steve Brewer with People's Company.

[00:02:54] Okay.

[00:02:54] So, he had a pulse on farm management land.

[00:02:58] So, he was approached by banks during the recession to take some of this transitional ground that was slated for single family development and bring it back to being managed as a farm.

[00:03:10] Sure.

[00:03:11] And then through that process, as things clawed itself out of the recession, he was positioned as the receiver manager of this land, these assets that were taken back.

[00:03:20] He was in a great position to then make an offer and develop out of them.

[00:03:25] And that's how it started.

[00:03:26] And then they just continued to accumulate land and accumulate land, much a land broker sure does, and then got to the point where it was no longer onesie twosie stuff.

[00:03:36] It was, we've got enough ground assembled that we've basically got a town.

[00:03:41] We've got to build towns now, which is single family, but it's also commercial and it's streets and it's infrastructure and it's parks and it's a little bit of everything.

[00:03:50] So, over the last few years, we've transitioned and still do a lot of single family development, but we're doing more multifamily.

[00:03:57] We're doing vertical kind of income producing development.

[00:04:01] So, it takes a tremendous vision.

[00:04:04] To do one plot of land to go put up whatever, 40 or 50 or 80 or 100 single family lots and slice and dice these things and send them out.

[00:04:12] That's one thing.

[00:04:13] But to go develop whole town takes tremendous vision because you're not just doing one thing, you're doing all the things.

[00:04:21] Yeah, absolutely.

[00:04:22] And that's what we're attempting to do in coming with Middlebrook.

[00:04:25] Yeah.

[00:04:25] Tell us about that.

[00:04:26] Yeah.

[00:04:27] Middlebrook Agri-Hood, it's Iowa's first Agri-Hood.

[00:04:30] It is, we've accumulated 800 acres.

[00:04:34] So, we've got an 800 acre master plan community along Cumming Ave G14 right off of I-35.

[00:04:41] We've, the east side of I-35, we basically control Cumming.

[00:04:45] Annexed in probably 600 acres in the last few years there.

[00:04:49] Worked with the design workshop who is behind Daybreak in Salt Lake City, big master plan community.

[00:04:55] They're involved in the market district here locally in Des Moines.

[00:04:59] So, they helped us out in creating this master plan vision of an agri-hood, which people ask what's an agri-hood.

[00:05:05] And it's a little bit different for everybody, but essentially a community built around kind of agricultural amenities.

[00:05:11] In the 80s and 90s, developers were building golf courses so that they could sell lots around the golf course.

[00:05:17] Right.

[00:05:17] And some people were into golf and some people just wanted the space.

[00:05:21] Today, what we're doing is creating that space as an agricultural amenity.

[00:05:26] So, we've got about a two acre garden, produce garden.

[00:05:30] We've got a full-time farmer, garden stand, free range chickens for people to come out and enjoy.

[00:05:35] We teamed up with Wilson's Orchard.

[00:05:37] They've got 70 acres of fruit produce, mainly apple trees, but strawberries, raspberries, honkins, you name it.

[00:05:44] We've got about 50 acres of kind of meadow slash pasture that's like a conservation area, but also a place to graze livestock.

[00:05:52] And then we've got quite a bit of kind of urban pocket parks and greenways and trailways and stuff like that.

[00:05:59] And essentially of the 800 acres, about 30% of that set aside for outdoor recreation, trails, agricultural ties.

[00:06:09] So, that's the agricultural part of the agri-hood.

[00:06:13] But what I really focus on as a developer is I see it as a way to recreate these small town Iowa.

[00:06:21] Yeah.

[00:06:21] So, I grew up spending time in Decorah.

[00:06:25] I love Decorah and in Grinnell.

[00:06:27] And even Dubuque's a big small town.

[00:06:29] Right.

[00:06:29] That's got that small kind of turn of the century, county seat.

[00:06:33] You've got your main street or your town square.

[00:06:35] Yeah.

[00:06:35] My wife and I live in Adel now, which is a small town Iowa.

[00:06:39] It's growing a lot and it's getting consumed by the metro, but we still...

[00:06:43] I walk to my eye doctor, my dentist to go get coffee, to go grab ice cream.

[00:06:48] Yeah.

[00:06:49] So, trying to recreate that outside of food and livestock and chickens, just this agricultural,

[00:06:57] like small rural town feel of knowing your neighbor, being able to walk to all these local places.

[00:07:04] So, yeah.

[00:07:04] Yeah.

[00:07:05] The benefit of that small town feel, the nostalgia, the charm, and certainly you'll have what's

[00:07:11] going in there ultimately.

[00:07:12] It retails all the things you would have in this corner square.

[00:07:15] But at the same time, the big city, I use that slightly in quotes, right?

[00:07:19] The benefits of you're in Norwalk.

[00:07:21] Yeah.

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[00:08:07] Yeah.

[00:08:08] We're spending a lot of time in coming, so I've timed it pretty well.

[00:08:10] Our office is in West Des Moines, right on 60th and Mill Civic.

[00:08:14] And it's about an eight-minute drive for me to get to Middlebrook from my office on 60th

[00:08:19] and Mill Civic.

[00:08:20] So yeah, less than 10 minutes to Jordan Creek, Mill Civic area.

[00:08:24] Actually, it's easier to get downtown faster to get downtown from Middlebrook than Norwalk

[00:08:30] because you can jump on the interstate versus having to drive down Fleur.

[00:08:34] Yeah, you're exactly right.

[00:08:36] Thanks for correcting me.

[00:08:36] I said Norwalk and it's coming right off the exit there.

[00:08:40] Yeah.

[00:08:41] Just on the way to Norwalk.

[00:08:42] Yeah.

[00:08:43] Yeah.

[00:08:43] Norwalk schools.

[00:08:45] That's largely where I was going.

[00:08:47] Thank you.

[00:08:47] Yes.

[00:08:48] Incredible.

[00:08:49] How long do you think it's going to take?

[00:08:50] I'm curious.

[00:08:51] You've been at this for a little while and 800 acres is no small feat.

[00:08:56] A decade, two decades.

[00:08:57] Yeah.

[00:08:58] Yeah.

[00:08:58] As you said, it's a place-making development and it takes a period of time to make it.

[00:09:05] Yeah.

[00:09:05] Yeah.

[00:09:06] Yeah.

[00:09:06] I'd say definitely over a decade or two decades would be great, but we might have some hiccups

[00:09:12] along the way.

[00:09:13] No.

[00:09:14] The development is, that's the constant development is you're going to have hiccups.

[00:09:17] What I really mean is you're going to have things to solve for.

[00:09:20] Yeah.

[00:09:21] To just don't go to plot.

[00:09:22] What keeps you up at night?

[00:09:24] Oh gosh, it doesn't.

[00:09:25] But we've got a lot of land.

[00:09:27] A lot of land.

[00:09:29] Right.

[00:09:29] And that's, you look back at what took down some of the greatest developers and it's carrying

[00:09:34] land.

[00:09:35] Correct.

[00:09:35] I talk about how we're starting to evolve and transition and do some income producing properties,

[00:09:40] which is great.

[00:09:42] Land is not income producing.

[00:09:43] Land is cash suck until you can sell it or you can put something on it that is income

[00:09:50] producing.

[00:09:51] I think what keeps me up at night is how do we develop out?

[00:09:54] How do we sell?

[00:09:55] How do we create something that people want to buy so that we don't have thousands of acres

[00:10:00] acres that we're holding in our portfolio?

[00:10:02] And that's become more apparent as interest rates have gone up.

[00:10:07] Sure.

[00:10:08] Now, it doesn't keep me up at night because we bought almost all of this ground right.

[00:10:12] So as I mentioned, born out of kind of a people's company, sister company.

[00:10:18] Much of this ground was bought a decade ago at closer to farm ground prices.

[00:10:24] And we just waited for things to come out to us.

[00:10:28] We waited for the Metro to grow to us.

[00:10:31] And then we do some placemaking to try and expedite and build some momentum.

[00:10:37] But luckily, the ground that I'm working with wasn't bought at what you would consider market prices

[00:10:43] for development.

[00:10:45] Yeah.

[00:10:45] And as you said, development ground and farm ground, income producing ground, I'll put

[00:10:50] that in farm ground.

[00:10:51] They're just not the same.

[00:10:52] Totally different.

[00:10:54] You mentioned income producing properties.

[00:10:55] Are you guys going vertical on income producing properties?

[00:10:58] Yeah.

[00:10:59] Yeah.

[00:10:59] Yeah, we're starting to.

[00:11:00] Yep.

[00:11:00] And we've got a couple of retail buildings in our Norwalk central project.

[00:11:05] We just broke ground on what we're calling our Middlebrook Main Street.

[00:11:10] So we've got two multi-story mixed use buildings that have 26 apartment units, about

[00:11:17] 12,000, 13,000 square feet of ground floor office retail, and then about 15,000 square

[00:11:24] feet of upper story office, which people's company will occupy.

[00:11:27] So when do you anticipate that'll be completed?

[00:11:30] Oh, I would say...

[00:11:33] Sometime in 25.

[00:11:33] August, yeah.

[00:11:34] August 25, yeah.

[00:11:36] As you look forward to 25, what are you most excited about?

[00:11:38] Oh, probably the Main Street project.

[00:11:40] Yeah.

[00:11:41] Before joining Diligent, I worked at Hubble and I spent my life building apartments and

[00:11:46] warehouse and I never did land development to be honest with you.

[00:11:49] Hubble was a large enough company that we had different divisions.

[00:11:53] We had property management division.

[00:11:55] We had development division.

[00:11:57] We had home building division, land development division.

[00:11:59] And so my focus was on investment property like apartments, senior housing, warehouse.

[00:12:05] Diligent's much different, smaller company.

[00:12:07] So I've learned land development and I've learned a little bit about managing a golf course

[00:12:13] and a coffee shop and bar and you just get pulled into 15 different directions.

[00:12:19] But yeah, so I'm excited to use the tools that I spent kind of 10 years building and get to

[00:12:25] do some apartment development and retail development and stuff like that.

[00:12:28] So I'm excited to see that come to fruition.

[00:12:30] I think Diligent hadn't really dipped their toes in that.

[00:12:34] And I think they're seeing the benefit of income producing to offset some of this carry

[00:12:39] type real estate like land.

[00:12:41] Yeah.

[00:12:42] So I'm excited to grow that and do that differently and introduce that.

[00:12:46] I'm excited beyond belief for you in that role.

[00:12:49] I think, you know, the idea of how did you guys come?

[00:12:52] Where did Diligent grow out of?

[00:12:53] If it grew out of that recession and there's an opportunity presented itself, you're into a couple

[00:12:58] of this where you've got this carry of the land and you've got to solve for that, right?

[00:13:03] It's I know Steve well enough to know that this is going to be something special, I suspect,

[00:13:07] over a period of years to go.

[00:13:09] Fast forward a handful of years, what did it ultimately grow into?

[00:13:12] How do you know how does Diligent grow up and become itself if you will?

[00:13:16] Yeah.

[00:13:16] And in everything you do gets you more and more emotionally attached.

[00:13:20] Yes.

[00:13:21] I think at first, before I joined Diligent, I think some of the coming acquisition was,

[00:13:27] hey, this is a great deal.

[00:13:29] This is right on a major thoroughfare.

[00:13:32] Steve was driving to work down coming at G14 multiple times a day, every day.

[00:13:37] It was this untouched area.

[00:13:39] So I think it started off as, hey, we just need to buy this because it's going to be worth

[00:13:44] something someday and we'll just sell it.

[00:13:45] And then it was like, okay, how do we position it so that people are excited and want to buy

[00:13:51] it?

[00:13:51] Okay, let's start looking into some planning.

[00:13:53] Okay.

[00:13:54] Aggerhood.

[00:13:55] This is unique, different.

[00:13:56] Like it's something that will catch your attention and maybe make you think of coming when you

[00:14:01] wouldn't have anyways.

[00:14:01] Right.

[00:14:02] And then you get into planning and the next thing you're renovating the one room school

[00:14:05] house into a bar, you own this wine bar.

[00:14:08] And then Groundbreaker, who's another sister company to People's and Diligent, they're starting

[00:14:14] to build houses and then you're moving your headquarters down there.

[00:14:19] And yeah, next thing you went from, hey, this is a great deal for us to flip to, hey, this

[00:14:25] is a deal that we're going to spend the next couple of decades just really sitting in and

[00:14:30] making it home.

[00:14:32] So.

[00:14:32] A lot of real estate folks I talk to talk a lot about creating a legacy and leaving a

[00:14:37] legacy.

[00:14:37] Yeah.

[00:14:37] And then ultimately leaving a legacy.

[00:14:39] When I think of this, the level, the scope of this entire project, and then ultimately

[00:14:44] how many people have to be involved.

[00:14:46] It's not one person.

[00:14:47] It's tons of people have to be involved to make this thing, to get this thing over the

[00:14:51] finish line and make it tremendous success.

[00:14:53] There's a lot of fingerprints on this and ultimately it's going to be fun to see that

[00:14:57] and it does become a legacy project.

[00:14:59] Yeah.

[00:14:59] Here in the city.

[00:15:00] Yeah.

[00:15:00] Yeah.

[00:15:00] We hope so.

[00:15:01] Tim, are you ready for the final three questions?

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[00:15:37] Sure.

[00:15:37] If you had one piece of advice for your 20 year old self, what would it be?

[00:15:42] Oh gosh.

[00:15:43] Probably take more chances.

[00:15:46] Be a little bit more optimistic.

[00:15:48] Plan for the worst, hope for the best.

[00:15:50] And that's served me well.

[00:15:52] And I think I'm happy with where I'm at because I took calculated chances.

[00:15:56] I took chances, but I calculate them.

[00:15:57] But I think as I get a little bit further along in my career, more chances present themselves.

[00:16:04] And you look back at what didn't even seem like a chance or an opportunity when you were younger.

[00:16:10] And now looking back, you're like, gosh, that was.

[00:16:12] So yeah, I think take more chances.

[00:16:15] Can't think of a time where I took a chance and it didn't pay out, but I can think of multiple times where it was like, oh gosh, I knew that house was a good deal.

[00:16:23] I could have flipped in on this.

[00:16:25] And so I think just, yeah, take the chance and learn a little bit.

[00:16:28] So.

[00:16:29] Two books that changed your life.

[00:16:30] Oh gosh, I'm not proud.

[00:16:32] I should be more of a book reader.

[00:16:34] I would say so currently, I don't know if I'd say life changing, but right now with all this placemaking, having to create a PUD for Middlebrook and again, create a town and a town that doesn't have a lot of tools needed to create the town the way you want to.

[00:16:50] Daniel Paralek, Missing Middle has been like a great resource.

[00:16:55] I'd say that's probably less of a book and more of a toolbox of like different types of housing that go back hundreds of years.

[00:17:02] And it's a great resource for me on not how to reinvent the wheel, but retool it and reimagine that to today's standards.

[00:17:11] So professionally, I've spent a lot of time fingering through the pages of that recently.

[00:17:16] Personally, oh gosh, life changing.

[00:17:19] Bible comes to mind.

[00:17:20] But that's probably a common one.

[00:17:22] There's a book for that I had to read in college as a capstone.

[00:17:25] I can't remember the author.

[00:17:26] Ishmael is early nineties book and it's, it goes into, it's like a philosophical book goes into sustainability and the takers and the givers.

[00:17:37] And it's this philosophical book that focuses on Ishmael, this gorilla.

[00:17:42] And this sounds weird, but you should really read it.

[00:17:44] Coming from Dubuque, going to a Catholic school and then having to read this as a capstone.

[00:17:48] And it challenges everything you think about with like sustainability in the world.

[00:17:53] It makes you question religion.

[00:17:54] It makes you question this.

[00:17:55] And it was a great.

[00:17:57] Sounds thought provoking.

[00:17:58] Thought.

[00:17:59] Thank you very much.

[00:18:00] So very thought provoking.

[00:18:02] And I think that's, yeah, I find myself thinking back to that book and it challenges.

[00:18:06] It makes you question things, which I think is a really good thing to have as something that's always making you question.

[00:18:12] We should always have our beliefs challenged is my opinion.

[00:18:15] Absolutely.

[00:18:16] Either you're going to, it's going to at the end of the day, confirm your beliefs, right?

[00:18:20] You'll think a little deeper about that.

[00:18:22] Or once in a while we get enough information.

[00:18:24] We don't want 80 on what it is that we buy into.

[00:18:27] If you were cast away on an island for a year, you can only get three pieces of data about your business each and every month.

[00:18:34] What three things must you know?

[00:18:38] Ooh, sales.

[00:18:39] We're still being a land developer.

[00:18:42] Primarily we're still very sales driven sales because that's driving revenue cash flow, which isn't always correlated to sales, right?

[00:18:51] Yeah.

[00:18:51] Cash flow and probably debt summary.

[00:18:57] So I'm going to package multiple together maturity dates, interest rates, whether it's amortizing or not, just knowing our.

[00:19:04] Our debt situation.

[00:19:05] Real estate is a pretty debt heavy asset and that is the, probably your number one risk.

[00:19:12] So.

[00:19:12] Getting over leverage.

[00:19:14] Yeah.

[00:19:14] Yeah.

[00:19:15] I've asked lots of questions.

[00:19:17] Tim, what's one question I did not ask that I should have asked?

[00:19:20] Oh boy.

[00:19:21] One question that you did not ask that you should have asked.

[00:19:24] What attracted me to the real estate?

[00:19:26] I think.

[00:19:26] Let's do it.

[00:19:27] Yeah.

[00:19:27] So grew up in Dubuque.

[00:19:29] My uncle owned a contracting business.

[00:19:31] So I was around construction.

[00:19:33] I've always been the architects I hire will call me a blue beam mark.

[00:19:37] I've always liked design, wanted to be an architect, but just not quite creative enough and too much number focus.

[00:19:43] So yeah, I grew up around construction, loving design.

[00:19:47] Went to UNI for real estate.

[00:19:49] Have always been on that track.

[00:19:51] Did some lending for a while, institutional lending for Agon and life insurance company.

[00:19:56] And then a bank up at the Twin Cities and realize that I didn't want to give people money to do what I wanted to do.

[00:20:04] I always wished I was on the other side of the table.

[00:20:07] Other side of the table, yeah.

[00:20:07] So yeah, that brought me to Hubble.

[00:20:09] And so yeah, I don't know.

[00:20:10] I think people that I talked to, I think that's what makes me somewhat unique.

[00:20:14] I don't know if it's good or bad, but people that I talked to in real estate typically were in construction and found themselves in real estate or were in asset management or property management and found themselves or the finance side or sales side.

[00:20:27] And I didn't really stumble upon it.

[00:20:29] I've always just known and it's been laser focused and it's been a journey and maybe I should be a little bit more broadened, but yeah, I've always loved it.

[00:20:39] And I've always had, yeah, I guess I'm grateful to sum it up.

[00:20:43] I think that's what I'm very grateful for getting into real estate development as early as I did and having a pretty focused path there and it working out.

[00:20:56] That'd be something that I love.

[00:20:57] It's an enviable position to be in to be that focused and be where you're at.

[00:21:01] Tim, for people who want to find you, they want to follow you, they want to connect with you, where can they go? What should they do?

[00:21:07] Yeah, best place would be diligentdevelopment.com.

[00:21:10] My email's there, my cell phone's there.

[00:21:13] You can contact us there.

[00:21:15] You can find me on social media as well.

[00:21:17] But yeah, the diligentdevelopment.com.

[00:21:20] Email's Tim at diligentdevelopment.com.

[00:21:23] Links below in the show notes, everybody.

[00:21:24] Tim, I sincerely appreciate being here.

[00:21:26] Thank you.

[00:21:27] Thanks for having me.

[00:21:27] Thanks for listening.

[00:21:29] If you're enjoying the show, may I ask a favor of you?

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[00:22:10] Until next time, keep investing in Iowa.