We recently celebrated the launch of our San Francisco Bay Area office with a happy hour event hosted with SITELAB and BerlinRosen to kick off Urban Land Institute’s Fall Meeting. It was fantastic to connect over the opportunities and challenges shaping the future of cities across the Bay Area and beyond. Thank you to all our clients, collaborators, and friends who joined us for the celebration, and we look forward to a bright future in the Bay!

We caught up with CEO Jeff Hébert and Managing Partner Kate Collignon to talk about HR&A’s new Bay Area office, what makes the region special, and how the firm’s work is shaping what’s next for cities across Northern California and beyond.

Why did HR&A open an office in the Bay Area?

Jeff: As we approach our 50th anniversary in 2026, we’re expanding our presence in California with a new office in San Francisco. Though we’re currently headquartered in New York, our company was founded in California with a decades-long presence in Los Angeles, and this new location builds on years of work across the Bay Area and the country.

Having a physical presence in the cities where we work, with employees who live in the communities they serve, is essential to how we do business.

California has the largest economy in the country and the fourth largest in the world. To serve its communities and clients well, we need to be close to the work. We have strong relationships here, a talented team, and a shared belief in the strength of the Bay Area — a 21-county mega-region.

Kate: This moment is especially meaningful for me since I was born in the East Bay, so I’ve always seen the relationship between Northern California and the national economy. We’ve had the pleasure of working with leaders from every sector in the Bay Area, and their collaboration is what drives progress. Our new office on Market Street in San Francisco puts us at the center of that energy and reflects our commitment to Downtown’s revitalization and the region’s future.

A big part of the equation is also that the Bay Area has long attracted our team members — before and after their time with HR&A. This office expands our ability even further to provide the caliber of talent that our clients expect from us.

You have both worked in cities across the country. What are some of the unique challenges and opportunities in the Bay Area compared to other metro regions?

Jeff: One of my projects early on in my career was in Emeryville, and I spent about a year living and working in the Bay Area, getting to know how cities here really function. I quickly learned that the Bay Area is really a network of places, each with its own history and priorities. That mix creates both complexity and opportunity. It’s a region where collaboration isn’t optional. From county governments and city agencies to nonprofits, community leaders, and Fortune 100 companies, and especially SPUR, progress here depends on bringing people together across boundaries. That’s one of the things I’ve always admired most about this region.

Kate: One of the things that makes working in the Bay Area particularly exciting right now is that it’s driving innovation around a lot of the policy issues we’re grappling with across the country. This region is often the first place to feel the pressures shaping cities everywhere, whether its housing affordability, the impact of tech and AI, climate change, and questions of equity and inclusive growth. It offers incredible livability and economic opportunity, but it also highlights the same challenges that we’re helping cities tackle across the country.

What value can HR&A bring to the Bay Area?

Kate: There are three things I keep hearing from clients about what differentiates HR&A.

1. We can draw on lessons learned from our work in other cities. Beyond our work in the Bay Area and the West Coast, we’ve been working in cities nationwide to find new solutions to some of the most critical topics of our time like economic development, climate change, and housing and homelessness. While there are a lot of innovative strategies in the Bay Area, there are also important best practices to draw on from places across the country.

2. We bring strong capacity across real estate advisory and economic development, but also core competencies beyond that like inclusive governance, the innovation economy, housing policy, digital opportunity, and resilient infrastructure — all incredibly relevant to what’s going on in the region.

3. We can serve as an extension of our clients’ teams at the negotiating table. We’re great at generating market analysis and providing the data that property owners, investors, economists, and cities need to understand how to shape their future. However, we also bring expertise and capacity for helping clients move forward with partners to make that future a reality.

What are your aspirations for the future of this region?

Kate: We’ve had the opportunity to work on some incredible projects in the Bay Area — from work supporting the creation of Diridon Station in San Jose; procuring a facility manager and programming partner for the Transbay Terminal and Salesforce Park; advising on opportunities for office conversion and downtown revitalization in San Francisco; working with the cities of South San Francisco and Hayward to mitigate displacement risks for current residents and businesses as they pursue growth; supporting both UC Davis and UC Santa Cruz in their individual efforts to fuel innovation near their campuses. I want to keep doing even more of this work.

Jeff: I’m excited about the culture of innovation in the Bay Area — a culture that really matches HR&A’s energy. What makes HR&A special is how we combine national expertise, local understanding, and deep knowledge about how the public, private, and philanthropic worlds intersect to shape the future of cities. While we bring that experience to the Bay Area, there are lots of things that happen here that don’t happen anywhere else in the country. I think there’s an opportunity for a really wonderful exchange of ideas.

HR&A Advisors and our partner Needs Map Global organized a tour in Madrid, Spain, on behalf of the European Bank for Reconstruction and Development (EBRD) for a delegation from the Ankara Metropolitan Municipality (AMM). The visit is part of HR&A’s ongoing Land Value Capture (LVC) Opportunities Study for EBRD and AMM, as AMM plans to expand its metro network over the next decade with EBRD’s financial and technical support. 

At HR&A, we believe that cities thrive when public investment and private development work in concert to deliver lasting public benefit. Our work on land value capture brings this principle to life—helping local governments design financing and policy tools that make major infrastructure investments both financially viable and socially equitable.

It was fantastic to see how this is taking shape in Madrid. Our tour focused on how Madrid integrates transit investment, urban regeneration, and land value capture through flagship initiatives such as:

• • • • Madrid Calle 30 & Madrid Río Park: A transformative project that buried a 10 km section of the M-30 ring road to create a linear park and unlock adjacent redevelopment opportunities.
      • Madrid Nuevo Norte: A long-term rail yard redevelopment anchored by a regional mobility hub, demonstrating how public leadership and private delivery can generate district-scale value creation.
      • MetroSur (Line 12): A circumferential metro line connecting multiple southern municipalities, catalyzing station-area development and expanding access to jobs and services.

     

    Through these visits, the delegation observed how well-designed public investments can unlock surrounding land value and how fit-for-purpose delivery models—such as Spain’s Junta de Compensación, a legal corporate entity charged with executing urban planning intitiatives—align public and private incentives by organizing landowners to finance and deliver infrastructure in exchange for development rights.
    

    These insights now inform the next phase of our work: identifying the most effective LVC tools and projecting potential revenues to support urban regeneration in three AMM-selected pilot areas along planned metro corridors. 

     

    We extend our sincere thanks to our hosts and colleagues in Madrid for their time and generosity: Ayuntamiento de Madrid, Comunidad de Madrid, Crea Madrid Nuevo Norte, Metro de Madrid, and TYPSA. We look forward to translating these lessons into action in Ankara. 

     

As US cities grapple with the effects of climate change, they’re also facing growing housing affordability challenges. Decarbonizing existing buildings lies at the heart of these dual crises, but in large cities like New York, there are significant barriers we need to address to make decarbonization possible.  

The only practical way to decarbonize existing building stock is through significant investments, which are expensive and risk increasing occupancy costs. To add an additional layer of complexity, funding for these investments is limited.  

One of our favorite things to do at HR&A is to roll up our sleeves alongside the smartest people working to address issues facing cities and turn our good ideas into workable solutions. We recently hosted a salon-style conversation in our New York Office about this topic and developed a few solutions to move the needle: 

1. Partner for Regulatory Innovation: Although local and regional resources are limited, we cannot wait for new policy directions from Washington. Removing local regulatory barriers is the most robust, plausible, short-term response. We still need to consider the actual risks that decarbonization technologies present, especially in the context of other risks routinely accepted or “grandfathered” by regulators. Simultaneously, we must lay the foundation for a longer-term strategy at the state and federal levels. 
2. Frame Investments around Improving Quality of Life: There is a strong need for explicit connections between investments in decarbonization and investments in housing quality. For example, investing in heat pumps improves the quality of life for tenants by increasing their control over heating and cooling while also lowering carbon emissions. This type of investment creates opportunities for pooling funds and batching work for greater impact. The pitch to policy makers, funders, and residents is focused on comfort, health, and equity, not climate mitigation. 
3. Focus on Technology: There are opportunities to focus on technology as a way to speed deployment, reduce construction costs, and expand impact. For example, there are products coming to market that enable faster installations and minimize costs since they don’t require specialized equipment or labor. Technology shifts will continue making products better (in terms of greater efficiency and lower cost) and are also creating new opportunities to make this industry more accessible to a wider range of workers.

While funding challenges remain a significant barrier, there are additional tools in a city’s toolkit that can help streamline the process for decarbonization efforts and make the solutions more financially feasible for building owners. We look forward to continuing the conversation and exploring other ways we can move the climate needle in New York and beyond.  

If you’re interested in exploring this topic further, we encourage you to read a new report — Decarbonizing NYC Co-ops: A Local Law 97 Compliance Roadmap — the result of a ULI Technical Assistance Panel chaired by HR&A Partner Jonathan Meyers and other industry leaders. The report was recently featured in Crain’s New York Business and Smart Cities Dive.  

By Sharon Carney 

The federal Opportunity Zones (OZ) incentive, first established in 2017 as part of the Tax Cut and Jobs Act, was extended and revised in The One Big Beautiful Bill Act in 2025. As a result, next year, governors will nominate the next round of census tracts that will be eligible to receive OZ investment, shaping where private capital can flow for the following decade. Many of these governors will seek input from local officials. As states and local government consider which census tracts to nominate as Opportunity Zones, they should keep several factors in mind.

First, understand what this tool is, and what it isn’t. 

• • It’s a by-right tax incentive, not a community development program. At its most basic, OZ is a tax incentive for investors with capital gains to invest in places with low household income or high poverty. Those investments can support qualifying real estate projects or operating businesses, but to get the tax benefit, there is no requirement that investments yield community benefits, such as new amenities or housing that existing residents can afford, or for investors to seek approval from state or local governments. In short – OZ is a tool, and the user have a lot of discretion about how to use it. While data on OZ investments made to date are limited, we can infer from recent Urban Institute research that these investments are largely producing multifamily rental housing and mixed-use real estate projects.
  • It’s competitive. The incentive gives investors tax relief on profits they have already made, as well as profits that they make via their OZ investment. Thus, profit-oriented investors will seek opportunities to maximize their earnings when choosing where to make their OZ investment. While some taxpayers with capital gains are mission-driven or socially conscious, the majority favor projects in places well positioned to appreciate in value with the least risk. In short, just because a place needs investment does not mean that an OZ designation will be powerful enough to attract those resources, as investors have options across the country to consider. 

   

  So… how should States prioritize census tract nominations?  

• Balance need and opportunity. First, review socioeconomic and market data, plans that articulate local development priorities, and zoning to determine whether there is a need for the incentive and enough opportunity to use it. For example, does the area need what this tool typically delivers (mixed-use real estate market-rate or workforce housing), and does current local zoning allow it? A  census tract zoned for single family and parks will likely provide limited potential for incentive utilization. Do projects that need equity investment in the area need help securing capital? Data review should go beyond baseline socioeconomic indicators; consider real estate absorption and what’s already in the development pipeline, underutilized parcels, share of households facing rent burdens, and availability of existing incentives at tract level. 

   

  Local stakeholder input is also key — not just local government, but community development organizations, neighborhood representatives, locally active developers and landowners, and potential project sponsors. These perspectives can inform the questions about both need and opportunities.
  This post from the District of Columbia, where I led local implementation of Opportunity Zones 1.0, provides some examples of how to approach new designations. While this approach anticipated that OZs would be more useful than  they turned out to be for operating businesses, many of the principles described still apply. (Check out the 43-minute mark of this recent webinar from Economic Innovation Group if you prefer description by video, along with other great nomination advice.)

   

  Identify opportunities to advance public economic development projects. As more state and local governments face budget pressures due to the shifting federal funding landscape, public assets like land are increasingly important resources for economic development. OZ is a tool that can help unlock their potential. If I was a governor (or mayor for that matter) I would want to know the redevelopment potential of every parcel in my portfolio, alongside that of other parcels owned by public entities. The OZ incentive is a good opportunity to advance public-private partnerships, as projects involving donated public land can provide attractive opportunities for appreciation while enabling government leaders to ensure community benefits and transparency – particularly when paired with other local, state or federal incentives. Take stock of your project pipeline, but also parcels that could be in the pipeline in the next 5-10 years, now that the OZ incentive is permanent. HR&A has helped states, local governments, transit agencies, school districts and other public landowners across the country develop comprehensive asset inventories, evaluate parcels for buildability, and develop transaction and financing strategies that yield new affordable homes, community-serving amenities and tax revenue-generating uses.

   

  Create a policy environment that supports investment without displacement. One of the most important things states can do in anticipation of the OZ nomination process is cultivate a policy environment in which development is informed by and benefits local communities — regardless of whether OZ capital is involved. Many policy experts and practitioners [fairly] criticize the OZ policy for its lack of community benefit requirements and transparency, and its potential to spur displacement. Many of these concerns can be applicable to private development more generally, and state/local governments have tools to mitigate such risks. For example: 

  • • • Inclusionary zoning policies can ensure that homes for people earning lower incomes are included in private developments;
      • Right-of-first-refusal and opportunity to purchase policies can give mission-driven entities opportunities to purchase before properties become available to the wider market; 
      • Property tax relief can protect income-restricted homeowners, tenants or commercial tenants from increasing property taxes; 
      • Updates to comprehensive/master plans — which guide all development — should require community engagement and happen at least every 10 years in most cases; 
      • Development approval processes can incorporate publicized opportunities for local resident input; 
      • Local government can build a culture of data-driven and regular outreach and communication to raise awareness of available resources to residents who may be most vulnerable to changes resulting from investment.  

  Every community is unique and will need to weigh what is legally feasible and what the market will sustain. But every governor should be asking municipalities how development in their jurisdiction is informed by community priorities and consider State action to require it — including making such a strategy a requirement for Census tract nominations. 

   

  Don’t Miss the Opportunity 
  While OZ may not achieve every policy objective, it is the federal government’s most significant effort to direct capital to distressed areas, and state and local leaders shouldn’t skip the chance to think strategically about census tract nominations. Don’t miss the chance to refine this economic development tool for maximum local benefit..  

   

  
  This post describes ideas Sharon originally shared in Urban Institute’s Opportunity Zones webinar in October 2025. For the full panel discussion, please visit the site to learn more. 

Congratulations to the City of Austin, LifeWorks Austin, Travis County, and the many partners behind today’s release of Dismantling the Foster Care to Homelessness Pipeline in Austin, Texas—a landmark 10-point plan to create 2,000 new housing opportunities for young people in response to a significant increase in youth homelessness in Austin over the past five years.

Earlier this year, the City of Austin and LifeWorks – with support from HR&A Advisors and Good River Partners – launched a task force that brought together partners from the City, Travis County, the State of Texas, community, philanthropy, affordable housing development, public housing authorities, advocacy organizations, and academia to create new momentum, unlock new investment, and sustain regional coordination to end the foster care to homelessness pipeline in Austin.

“I am impressed with the clear-eyed commitment and creativity driving this plan, and believe Austin can be a national model in its work to make sure no dollar is left on the table that could be used to address the housing needs of young people impacted by the child welfare system,” said Sarah Solon, Senior Principal at HR&A Advisors.

Read the full report here.

Thank you to the Taks Force members for your partnership: Austin Mayor Kirk Watson, David Gray, Liz Schoenfeld, Ph.D., Daniel Heimpel, Commissioner Ann Howard, Cortney Jones, MSW, and Jordan Scott.

Related articles: 

Austin’s youth homelessness has quadrupled since 2020; how the city plans to reduce it — Yahoo News

We recently celebrated 10 years since opening our Texas office, so we sat down with Managing Partner Aaron Abelson to reflect on HR&A’s impact across the Lone Star State.

Can you share a bit about HR&A’s history in Texas?

I joined HR&A in 2013 in New York, right when the firm’s work in Texas was starting to take off. In those days in the early 2010s, we were working on a few large-scale planning and advisory projects. We helped lay the groundwork for Harold Simmons Park in Dallas to become a reality, developed the Strategic Framework Plan for the Center City in San Antonio that helped launch the “Decade of Downtown” and catalyzed a downtown housing renaissance, supported the Menil Foundation in developing a strategy for its campus in Houston, and worked with the City of Austin to prepare a Downtown Plan to guide growth and development.

With this growing body of work in Texas, we hit an inflection point where we needed a physical presence here to provide our clients with even better service and build a local team that could offer a blend of national expertise with deep Texas roots. So, in 2015, we officially set up our Dallas office.

It’s remarkable to think that since we made that decision, the Texas population has grown by over 3.5 million people, with the four biggest metropolitan areas driving almost 80% of that growth. Similarly, our work across the state has grown, with 75% of HR&A’s leadership having worked in Texas. Our work in this region has played an important role in shaping our overall point of view as a company. We’ve also deepened our roots here, with cultural and historic preservation becoming a really animating thread of work for our team, who grew up in Texas and are passionate about placemaking and culturally resonant planning and economic development.

After helping found our Texas office 10 years ago, are you seeing the tangible impact of our work from those early days? What is that like?

We often get involved in projects at their earliest stages, which means that seeing the physical or community impact can sometimes take years. But with a decade behind us, I am immensely proud of the positive impact HR&A has had on Texas cities and communities.

We have crafted policies that have been adopted and implemented that address crucial challenges of our time, from broadband access, to economic opportunity, and housing affordability. These include equitable economic development and historic and cultural preservation policies in Dallas, a statewide digital opportunity plan, tax increment policies for cities large and small, a Housing Action Plan for Dallas, and an equitable transit-oriented development framework for Austin.

We have guided a diverse range of organizations through strategic plans, helping leaders, including those at the Texas Trees Foundation, Downtown Dallas Inc., the Austin EDC, New Hope Housing, and the Fort Worth Park & Recreation Department, establish and operationalize their missions and priorities.

We have worked on some of the most amazing parks and public spaces in Texas, demonstrating how high-quality parks and public spaces are essential to strong and resilient communities. Our benefit assessments, funding strategies, master plans, and governance recommendations have helped move the Buffalo Bayou East vision from plan to implementation with over $300 million raised to-date, Harold Simmons Park reach its exciting recent groundbreaking, Klyde Warren Park prepare for future expansion, and more.

We have helped public and private clients unlock the economic and community value of their land through real estate projects and districts, with many projects built or under construction. Projects like the transformation of the Ion District in Midtown Houston, the revitalization of the historic Forest Theater and neighborhood in South Dallas, a new Strategic Vision for Panther Island in Fort Worth, the future Dallas Convention Center District, and various asset strategies for faith-based institutions and public agencies are helping shape a brighter future for Texans and providing access to greater economic opportunity.

Everyone I talk to across the state understands that there are significant challenges facing cities and communities right now, from rising budget pressures, to economic uncertainty, to shifting policy landscapes. HR&A has a unique history of finding opportunities and solutions to challenges that seem daunting — from helping New Orleans recover from Hurricane Katrina to helping real estate clients navigate the Great Recession to supporting communities across the state in their work tackling the housing crisis. So, our role will always evolve to meet the needs of our clients and Texan communities, and I’m excited to see where the next ten years take us!

Celebrating our 10 Year Anniversary in our new Dallas offices

In addition to marking our 10-year anniversary, we also celebrated moving to our new office in Downtown Dallas at Radiance Plaza this summer. We absolutely could not have done all of this alone. Thank you to all our clients, collaborators, and friends who joined us for an anniversary celebration and the many others who have been our close partners over the last 10 years. We are looking forward to many more decades serving Texas!

Check out the images from our celebration!

We recently celebrated our 10th anniversary since officially opening our Texas office in our new home in Downtown Dallas at Radiance Plaza. Thank you to all our clients, collaborators, and friends who joined us for the celebration and the many others who have been our close partners over the last 10 years. We are looking forward to many more decades serving Texas! 

For the fourth year in a row, HR&A Advisors was proud to partner with LISC San Antonio to offer Affordable Housing Finance 101. This year, HR&A Principal Peter Brewton led over 30 public and non-profit professionals through the intricacies of affordable housing financing—from sizing senior debt and estimating LIHTC equity proceeds to piecing together complex financing structures to close gaps and make critical deals happen.

It was inspiring to collaborate with friends and colleagues from Opportunity Home San Antonio, City of San Antonio Neighborhood and Housing Services Department, Bexar County Economic & Community Development, VIA Metropolitan Transit, San Antonio Housing Trust, Merced Housing Texas, Alamo Community Group, and LISC Houston. Together, we’re building local capacity to deliver much-needed affordable housing in San Antonio.

A special thank you to Wells Fargo for sponsoring the training and to Opportunity Home San Antonio for hosting.