Rising Farpoint Executive Morgan Malone Continues to Elevate Equitable Developments and Impact Ecosystems in New Role as Managing Director of Strategic Initiatives

Youngest Managing Director in Chicago Real Estate Instrumental in $8.5 Billion Bronzeville Lakefront Megadevelopment

CHICAGO, May 12, 2022 /PRNewswire/ -- Everyone is familiar with that classic saying, "age is just a number." At 28 years old, Morgan Malone perfectly embodies the idiom. Recently named Farpoint Development's managing director of strategic initiatives and operations, Malone has become one of the youngest managing directors in Chicago real estate. The promotion further expands her thought leadership at the company, where Malone was previously director of development and external affairs.

In her new role, Malone will continue to steward the $8.5 billionBronzeville Lakefront megadevelopment, on the former Michael Reese Hospital site, while also contributing to Farpoint's social impact, strategic partnerships and operations at large.

"Morgan is an economic development maven, with a deep understanding of social impact and how to skillfully navigate complex systems and processes," said Regina Stilp, a founding principal of Farpoint Development, one of the six firms that comprise GRIT, the joint venture behind Bronzeville Lakefront. "At 100 acres and worth billions of dollars, Bronzeville Lakefront is massive, and the stakes are high. As developers, we are responsible for building a community that honors and elevates the experience of current and future residents. This project is a behemoth, and in a sense, Morgan is the glue that holds it all together."

The chance to help grow opportunities and build generational wealth in the Bronzeville neighborhood specifically—and on Chicago's South Side broadly—drives Malone's work. Bronzeville Lakefront is expected to create 75,000 jobs and $8.2 billion in direct and indirect economic impact.

"I am committed to equitable and inclusive development and holistic thinking," Malone said. "That's what drew me to Farpoint and Bronzeville Lakefront—the opportunity to build impact ecosystems and infrastructure at scale. Some people distrust developers, but I see development as a pathway to build with purpose and create deep, transformational and generational change that positively affects those most impacted."

Civic duty and mission-driven work are a part of Malone's DNA. Her parents are both career Marines. She began working on political campaigns as early as age 12, and frequently engaged in community service. After college, Malone's journey took her from organizing work with labor unions to managing the Englewood Quality of Life Plan, which involved hundreds of residents, five task forces and intricate public-private partnerships.

Professional accolades came early and often. In 2020, Malone was named one of Crain's Chicago Business's "20 in Their 20s" for her work with the Chicago Department of Aviation,  where she led administrative operations for the $8.5 billion terminal expansion at O'Hare International Airport.

Since 2015, Malone has been a member of the Cook County Commission on Social Innovation, which focuses on job creation, community revitalization and entrepreneurship, among other aims. She is also on the board of the Greater Englewood Chamber of Commerce Foundation and the Chicago Coalition for the Homeless. Additionally, she serves on the advisory board for Chicago Cityscape, which makes property, neighborhood and construction development data accessible to all.

"It's never too early to make an impact. You don't have to wait your turn. You can be a doer, add value and have agency while unapologetically adhering to the principles you are passionate about," Malone said. "I have always been people-centered, service-oriented and civic-minded. For years, I worked inside the community advocating for equity and economic development. Now, I'm in private industry, but my objective is and always will be the same: positive social impact. I'm here to strengthen communities, to advocate for and voice the concerns of people who are typically underrepresented."

It's no secret that the commercial real estate industry has a long way to go when it comes to diversity, equity and inclusion. A 2021 global real estate survey found that nearly 85 percent of senior-level real estate executives in North America are white. Malone's commitment to equity translates to a desire to open doors for more people of color.

Every quarter, Malone co-hosts a happy hour for Black women in architecture, engineering, construction, design and development. Her goal is to foster connection and promote pipeline development for marginalized people in commercial real estate and related industries. The other co-host is Michelle McClendon, a senior project executive at Gilbane Building Company, a construction firm.

"We launched these happy hours last year and they have been immensely popular," Malone said. "There aren't many Black women in the industry, which is precisely why we need spaces like this—to help establish and strengthen pipelines and accelerate diversity. I always say we're eliminating a culture of 'can't' and amplifying a culture of 'do.' If you want to change the landscape, you must take steps to spark a shift."

GRIT is a joint venture comprising Farpoint Development, Bronzeville Community Development Partnership, Chicago Neighborhood Initiatives, Draper & Kramer, Loop Capital and McLaurin Development to redevelop the former Michael Reese Hospital site in Chicago's Bronzeville community. The 100-acre, multibillion-dollar development is master planned as a vibrant, mixed-use, walkable, live-work-learn-play community with more than nine acres of sustainability-oriented green space. It will be anchored by the Bronzeville Innovation Center, which will encompass innovative life sciences, medical and bioscience offices, wet lab space and university partnership sites and be powered by the Chicago ARC, a life sciences accelerator developed in partnership with Israel's Sheba Medical Center and Kaleidoscope Health Ventures. Bronzeville Lakefront's offerings will include affordable, senior and workforce homes, retail options, restaurants and office space that will be home to major companies and organizations.

Media Contact:
Beshanda Owusu
bowusu@purposebrand.com
773-398-9194

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SOURCE GRIT