Revitalizing Waco, TX

With Texas Team in Place, Propertize Ventures Proposes Sports-Anchored MXU Development in Waco, TX

When Steven Mann, General Partner of Propertize Ventures, first visited Waco, he understood right away why many call it the best-kept secret in Texas.

“Here was this thriving mid-sized city with everything you could need or want in a big city, but with all of the charm and friendliness of a small town,” Mann recalled. “It’s centrally located between Dallas and Austin, has some of the best weather in the country and a strong job market yet the cost of living is reasonable, and there’s so much to do and explore. I loved it.”

In fact, Mann loved it so much he decided to relocate to Waco for part of the year, and began pulling together a top-notch team to bring a major mixed-use development project to the city. As it happened, the City of Waco was already considering options for redeveloping its downtown core. Propertize Ventures quickly got involved and is now among the four finalists being considered as the master developer for the city’s ambitious downtown revitalization project.

At the center of Propertize Ventures’ “Activate Waco” proposal is a waterfront, sports-anchored MXU development offering year-round, day-and-night events and a vibrant mix of retail, office, and residential uses. Key to the success of its master plan for downtown Waco is its partnership with MHS Architecture, an award-winning architectural firm with a strong focus on urban planning and design. The firm is known for its transit-oriented and high-rise developments that have transformed Jersey City and its vibrant waterfront overlooking Manhattan.Together with MHS Architecture, Propertize Ventures envisions a new downtown core for Waco that takes better advantage of its proximity to the Brazos River, creating a vibrant pedestrian-only corridor that includes a wharf, baseball stadium, arts and entertainment center, and municipal buildings.

“With our Texas-based team, we are ready to start planning and executing this exciting vision for Waco on day one if selected to be the master developer for the Downtown Redevelopment Project,” said Pete Dordick, President and Director of Development for Propertize Ventures. “Like so many Waco residents, we believe there’s so much potential to unlock in this city and we can’t wait to help make it happen.”

Along with MHS Architecture, Propertize Ventures team also includes other significant partnerships in Texas, including:

Garfield Public Private, a national leader in P3 developments (private-public partnerships) based in Dallas. Garfield’s portfolio includes some of the most exciting projects to come to Texas—the Buddy Holly Hall of Performing Arts & Sciences in Lubbock, the Rothko Chapel in Houston, and the Westin Irving Convention Center in Irving, part of the $300 million major convention and entertainment district in the heart of the Las Colinas Urban Center. 

Outside of Texas, Garfield developed the George S. and Dolores Dore Eccles Theater in Salt Lake City and the Durham Performing Arts Center in Durham, NC—two projects with an expected combined economic impact of half a billion dollars.

Legends Hospitality, a global firm specializing in premium entertainment experiences with offices in Dallas. Legends has partnered with many of the world’s most iconic sports, entertainment, and attractions brands, including the Dallas Cowboys, the New York Yankees, Real Madrid, and the PGA. Legends played a key role in the development of the Ford Center at the Star, a multipurpose, 12,000-seat indoor stadium connected to the Cowboys’ world headquarters. In November, Legends announced it would acquire ASM Global, which manages a portfolio of live event entertainment venues worldwide serving 164 million guests annually.

With Legends as one of its key partners, Propertize Ventures is extremely well positioned to attract a major baseball franchise—and large corporate sponsors—to Waco. Similar development projects centered around minor league stadiums have led to the successful resurgence of urban areas in Sugar Land, TX; Fayetteville, NC; and Summerlin, NV, to name a few.

Redefining Urban Dwelling & Development

How Propertize Ventures is Reshaping Urban Living

In recent years, the concept of mixed-use development has gained significant traction as a transformative approach to urban planning and design, reshaping how people live in city centers and suburban locations alike.

Propertize Ventures stands at the forefront of this urban transformation. We’re redefining urban living by focusing on traditionally underserved cities with prime development locations. Our approach goes beyond mere construction—we are committed to creating elevated modern spaces that are sustainable, innovative, inclusive and highly livable. We understand that investors today are looking for opportunities that not only promise financial returns but also contribute positively to the social good and consciously reduce environmental impact.

Our projects will be anchored by multi-purpose sports and entertainment venues designed to serve as year-round outdoor destinations. Complementing these facilities will be a thoughtful array of amenities, including restaurants, retail shops, office spaces, medical facilities, and multi-family housing. 

“The magic is in how all of these components come together in a single destination that really elevates the traditional residential experience and makes you almost never want to leave,” said Steven Mann, General Partner of Propertize Ventures. “It’s about giving you easy access to essentials like the gym, the office, and the doctor’s office, but combined with top-notch entertainment options like bars, restaurants and sports arenas. These social districts are the communities of the future, and we intend to be one of the leading real estate firms creating them.” 

In our developments, Propertize Ventures will prioritize flexible live-work-and-play arrangements so residents can choose how they want to engage with the spaces available to them. For example, some residents will be remote workers who need comfortable places to work and relax at the same time—perhaps a cafe-like setting with good food, reliable wifi and plenty of space to work on laptops. Mixed-use developments within a walkable setting creates efficiency in itself, allowing residents to get more done with greater ease.

The allure of mixed-use developments lies in their direct response to a growing demand for flexible live-work spaces, sustainability, walkability, and convenience. These projects are increasingly sought after by both residents and investors for their ability to blend residential, commercial, and recreational spaces into cohesive, vibrant communities.

This shift is driven by a desire for a more integrated lifestyle, where amenities and workspaces are just a short walk (or elevator ride) away. These developments also cater to a heightened awareness of sustainability, offering living options with smaller carbon footprints while incorporating amenities like more green space and EV charging stations. 

Mixed-use developments also foster a sense of community and belonging, creating spaces where social interaction and convenience coexist. By offering a diverse range of facilities and amenities, these developments are not just living spaces but thriving ecosystems that cater to a wide array of resident needs and lifestyles.

The Key Partnerships at the Heart of Our Enterprise

Public private partnerships (P3) are the cornerstone of our collaborative approach. Bridging the gap between public needs and private expertise, P3 projects involve partnership between government entities and private sector companies to fund, design, implement, and maintain urban development projects. The key tenets of P3 development include transparency, risk-sharing, efficiency, innovation, and public benefit. 

These partnerships enable the pooling of resources and expertise to tackle large-scale projects that might be beyond the scope of individual entities. We believe P3 developments often lead to more innovative solutions, as private companies such as Propertive Ventures bring creativity and efficiency to public projects. We look forward to working closely with various municipalities and governmental agencies to identify, plan, and produce projects that benefit the greater good.

At Propertize Ventures, we are guided conceptually and practically by partnerships with organizations that share our values and interests. By collaborating with real estate leaders such as MHS Architecture and Garfield Public / Private, we are able to forge a more innovative, effective approach to mixed-use developments and P3 initiatives.

In Dean Marchetto, for instance, we have found a partner who shares our commitment to creating communities—not just buildings. Under Dean’s leadership, MHS has built a reputation for its “placemaking” philosophy to architecture, focusing on creating vibrant, sustainable communities that blend modern architecture with the existing urban fabric. It emphasizes the creation of walkable neighborhoods and cultural hubs, while adhering to smart growth and new urbanism principles.

In Garfield Public Private, we have found an excellent like-minded partner who understands Propertize Ventures' innovative vision for urban revitalization. Garfield's expertise is in strategic planning, development, financing, and asset management for P3 projects. The firm’s ability to navigate financial, legal and political P3 challenges ensures efficient and reliable project delivery, while driving significant economic and social benefits. Our partnership with Garfield is a testament to our commitment to collaborative and transformative urban development.

Setting Our Sights on the Most Promising Underserved Markets

Propertive Ventures is specifically targeting mid-sized markets around the country with prime locations for development—locations that may have been overlooked in the past, but have incredible potential for revitalization.

For example, Waco, Texas, is embarking on a transformative $2 billion redevelopment project to revitalize 60 acres of its downtown core. The City of Waco is considering development firms to lead this ambitious project, which could include a minor league baseball stadium, a convention center, and a new hotel near City Hall​. 

Initially, the project focused on a smaller area around City Hall, but it has expanded significantly. The architecture firm Gensler was hired to create a master plan for what was initially a 10-acre mixed-use development. This plan represents a significant investment in the future of Waco, offering a unique blend of residential, commercial, and recreational spaces.

Gensler's vision for the area is a vibrant downtown with continuous activities, diverse businesses, and public amenities, aimed at creating an inviting atmosphere for both residents and visitors. A key feature of this plan is to engage the Brazos River frontage, making it a central element of the redevelopment and relocating the Waco Convention Center and an adjoining hotel to a current parking lot on Franklin Avenue​​.

A unique aspect of the plan includes a proposed minor league baseball stadium, intended to serve as a multi-use facility for various events. The city is seeking a master developer through a Request for Qualifications (RFQ) process to oversee the entire project, including the stadium, convention center, hotel, a performing arts facility, and residential development. 

What’s happening in Waco is just the beginning. We see potential for similar revitalization projects all around the country, from Nashville to Atlanta to Orlando.

A Big, Bold Vision for the Future of Urban Living

At Propertize Ventures, we are more than just a property development company; we are visionaries dedicated to redefining the way people live, work, and play. Our innovative approach is centered around creating spaces that are adaptable, resilient, and forward-thinking. We believe our efforts to provide live-work-play at a multitude of income levels sets an inclusionary example of how cities can operate. 

Investing in a Propertize Ventures development means being part of a vision that prioritizes the quality of life, environmental sustainability, economic growth, and community. Our projects are meticulously planned to ensure they meet the highest standards of architectural excellence while also addressing the unique cultural and social dynamics of the communities we serve. Our commitment to innovation also extends to our business practices, where we strive to redefine the norms of property development with transparency, integrity, and collaboration.

Interview with Steven Mann

(Propertize Ventures) On Five Things You Need To Create A Highly Successful Startup

 An Interview With Doug Noll

Startups have such a glamorous reputation. Companies like Facebook, Instagram, Youtube, Uber, and Airbnb also began as scrappy startups with big dreams and even bigger obstacles. Yet, we know that most startups don't end up as success stories. What does a founder or a founding team need to know to create a highly successful startup? In this series, called “Five Things You Need To Create A Highly Successful Startup” we are talking to experienced and successful founders and business leaders who can share stories from their experiences about what it takes to create a highly successful startup. As a part of this series, we had the pleasure of interviewing Steven Mann, General Partner at Propertize Ventures.

Steven Mann is a seasoned real estate developer and fund manager, dedicated to serving as the firm’s strategic leader and expanding its portfolio nationwide. With an eye for identifying market trends and leveraging technology to create new opportunities, Steven has a unique ability to develop and execute growth strategies that deliver measurable results.

Hi Steven, thanks for joining us in this interview series! Before we dive in, our readers would love to “get to know you” a bit better. Can you tell us a bit about your ‘backstory’ and how you got started? 

When I was 20, I started my career with a small residential developer in New Jersey, eager to learn and make a name for myself in the business world. It quickly became apparent that my role was not limited to one specific job. Rather, I was assigned various tasks. I quickly realized that success in this industry requires versatility, resourcefulness, and constant availability—quite contrary to the glamor you often see portrayed on TV or in the movies. You had to get your hands dirty, literally. Some days I might  be digging holes to improve footing around an apartment. Or fighting traffic to drop documents off to a title company. Hours later, I would find myself on a roof securing tarps in anticipation for a rainstorm—in the middle of the night.

 What was the “Aha Moment” that led to the idea for your current company? Can you share that story with us?

During the pandemic, in the midst of developing a condominium project, I encountered numerous investors seeking advice on where to invest their capital. They were asking me because my project was one of the few moving forward despite the surging cost of construction materials and interest rates increases. Unfortunately, I couldn't find a suitable project, either. While searching for alternatives, I explored lesser-known suburbs outside the New York metro area. I quickly discovered that even these areas were already affected by inflation, price gouging, and market greed. It was disheartening to see my colleagues and some of the most successful investors at a standstill, failing to grasp the fundamental concept of market liquidity—the market had soared beyond anything that could justify the land prices.

What inspired you to start your journey with your business? Can you share a story with us?  

The New Jersey neighborhood I grew up in sat in the shadow of the New York skyline, and wasn't the most desirable place to live despite its proximity to Manhattan. I became infatuated with the economic growth that occurred there, as well as the caliber of buildings and companies that later rose up along with the neighborhood’s fortunes. In only 20 years, Jersey City has become one of the most attractive cities for homebuyers and businesses. It has won awards for waterfront redevelopment. Many people even call it the 6th borough of Manhattan. I witnessed many families and small businesses reaping the success of the city's upward growth, and I dreamed of repeating this model in other, less fortunate places.

What do you think makes your company stand out? Can you share a story?

Propertize Ventures specializes in the development of comprehensive city ecosystems rather than singular buildings or blocks. We meticulously craft master plans that encompass all facets of urban life, focusing on economic viability and environmental sustainability. We prioritize social collaboration within communities and forge partnerships with leading global companies to address their needs. Our initiatives encompass a diverse range of offerings, from professional sports and entertainment to performing arts and educational facilities. We strategically plan for access to transit systems to ensure accessibility to quality jobs and healthcare services. Additionally, we design waterfronts to be vibrant spaces that connect people with nature. Our mission is to create inclusive downtown areas that cater to all income levels, promoting vibrant and lively communities with access to diverse amenities such as shopping, dining, living, and working, while eliminating segregated zoning practices.

How have you used your success to bring goodness to the world?  

We have given pro bono time and effort to numerous nonprofits, contributing to causes in a few respected verticals, including improving access to quality education and housing for children in impoverished parts of the world. We’re proud of our partnership with the PH8 Foundation, a global nonprofit dedicated to providing clean drinking water and health education. We believe that when we succeed,we must pass on that fuel to the future of the world—our children.

You are a successful business leader. Which three character traits do you think were most instrumental to your success?

• My passion for innovation 

• My relentless focus on execution and persistence 

• My ability to connect with people and empower them to reach their highest potential 

Can you tell us a story about the hard times that you faced when you first started your journey?   Pitch fatigue and constantly refining and evolving your pitch. Frustration in attempting to explain a new model to industry titans with antiquated business models  

Starting out in raising capital and pitching for my development projects, I faced an uphill battle selling my innovative model. Endless refining of my pitch resulted in pitch fatigue. Trying to convince industry titans with outdated business models proved frustrating. They were resistant to change, dismissing my sustainable and community-focused approach. Despite the initial setbacks, I persisted, found like-minded supporters, and eventually witnessed a shift in industry attitudes towards more progressive development practices.

Where did you get the drive to continue even though things were so hard? What strategies or techniques did you use to help overcome those challenges? 

Taking a step back and looking at the bigger picture is important. This 30,000 foot perspective allows you to identify potential shortcomings and address them effectively. Sometimes, your audience may struggle to envision the final outcome, so using visual storytelling and comparative data can help them better grasp and connect with the concept. Additionally, asking the right questions can help clarify any misunderstandings. It's important to remember that not everyone will be receptive, and some may already have their minds made up. In these cases, it's best to respect their comfort zone and allow them to come back on their own terms.

The journey of an entrepreneur is never easy and is filled with challenges, failures, setbacks, as well as joys, thrills and celebrations. Can you share a few ideas or stories from your experience about how to successfully ride the emotional highs & lows of being a founder”? 

I’m a big believer in consistency  and perseverance. Don’t lose track of your vision. Give yourself a sufficient timeline and you’ll see how many will follow in your steps. Stay humble and stay focused. No matter how high you feel, there's always room for improvement. And no matter how low things seem, remember it can get worse. Just remember you're still breathing. 

Let’s imagine that a young founder comes to you and asks for your advice about whether venture capital or bootstrapping is best for them? What would you advise them? Can you kindly share a few things a founder should look at to determine if fundraising or bootstrapping is the right choice?  

My advice would be to create as much value as you can. Do as much as you’re able with your time and inspire the team around you to invest their time for the long haul and on the big picture. To be successful in this highly competitive industry,  you need to have a road map with the destination clearly in mind. The more set up you are, the more leverage you have when negotiating with investors. If you love what you're doing, bootstrap as long as you can to be worth the most to the money players.

Ok super. Here is the main question of our interview. Many startups are not successful, and some are very successful. From your experience or perspective, what are the main factors that distinguish successful startups from unsuccessful ones? What are your “Five Things You Need To Create A Highly Successful Startup”? If you can, please share a story or an example for each.

1 . Assemble a robust team with smart leaders who are aligned, and can execute on a macro and micro level

2 . Create a culture of doers—a culture that rewards everyone's success3 . Be constantly refining your business model and perfecting your pitch

4 . Commit to delivering a solution that aligns with people's needs, and be forward thinking.

5 . Focus on creating a story and brand that resonates deeply with your investors, partners & clients 

What are the most common mistakes you have seen CEOs & founders make when they start a business? What can be done to avoid those errors? 

Many founders and execs need to be a lot more strategic with their spending. Spend money growing your brand and getting the tools your team needs to make their job more efficient and effective. Stay away from expensive watches and cars.

Startup founders often work extremely long hours and it's easy to burn the candle at both ends. What would you recommend to founders about how to best take care of their physical and mental wellness when starting a company? 

First, execution is everything—everything else comes after. But it’s important to balance hard work with time to rest and recharge.. Take a walk or a day to recollect, power down, reflect, and think. It will improve your mental health—and your business.

You are a person of great influence. If you could start a movement that would bring the most amount of good to the most amount of people, what would that be?

I believe that access to quality investments is currently skewed towards those who already possess wealth. I strongly believe that projects addressing genuine needs often lack traditional bankability within the capital markets industry. I envision a platform that facilitates access to projects capable of saving lives, promoting affordability, enhancing accessibility, or addressing fundamental issues such as clean water and energy. While the technology exists, traditional financial markets often hesitate to underwrite these ventures. My idea is to create a platform enabling mass contributions, attracting global capital and major banking conglomerates. This approach could provide the equity participation needed to support forward-thinking, socially impactful projects. 

We are blessed that some very prominent names in Business, VC funding, Sports, and Entertainment read this column. Is there a person in the world, or in the US with whom you would love to have a private breakfast or lunch, and why? He or she might just see this if we tag them.  

Elon Musk has the platform and understanding on how to scale the impossible into something very much possible. He is operating in the same arena in terms of creating deals with the public sector, while operating and executing as a private enterprise. If anyone can take it to the next level, it would be him and his incredible team. He has the reach and influence to bring a lot of attention to what we want to accomplish—transforming urban living so people can live healthier, happier lives. 

How can our readers further follow your work online? 

You can learn more about what we’re doing at Propertize Ventures, on our website, LinkedIn and Instagram.