New R.I. program will train aspiring local real estate developers
Local Return President
Q. What is Local Return and what is the Jumpstart Rhode Island program?
David:
Local Return's mission is to build community wealth in Rhode Island neighborhoods through community ownership and investment. We're focused on closing the opportunity and prosperity gaps in communities that have experienced decades of neglect or extraction. In 2024, we launched a fundraising offering for Rhode Island's first (and only) community investment fund.
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Local Return has launched the Jumpstart Rhode Island program "to revitalize Rhode Island and build community wealth through training, mentoring, and networking for local aspiring real estate developers."
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While we are actively raising the $3.5 million for the Local Return diversified community investment fund, we also know we need to build a strong pipeline of potential investments — which is where Jumpstart Rhode Island comes in. This program provides training, mentoring, and networking for aspiring local real estate developers. It's really intended for small-scale, neighborhood-based developers. We're starting this June with a cohort focused on Providence.
Where did you get this idea? Is something similar being done in other places?
Jumpstart was started by real estate developer Ken Weinstein from Philly Office Retail in the Germantown neighborhood of Philadelphia in 2015. Since then, the program has expanded to 15 other communities nationwide. To date, more than 2,900 people have graduated from Jumpstart programs in Philadelphia. They generously shared their curriculum and provided us with support as we adapted the program to Rhode Island.
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What are some of the skills that people will learn in the program?
The curriculum is built around seven 'Jumpsteps' that walk through the development process, from creating a strategy and team, to doing due diligence, to leasing or selling your property. We'll cover the basics of financing, zoning, and permitting. Students will learn how to develop a pro forma [projections for the potential financial return of a proposed development], find a contractor, and manage a construction process. We are also working with a few wonderful local partners to make sure our students have opportunities to learn financial literacy and construction skills.
What is the need for this program in Rhode Island?
There's a huge need! We urgently need to create more homes for Rhode Islanders. Neighborhood-based developers are an important piece of the solution. Plus, real estate ownership is how most people in this country build wealth for their families. But we need to create more pathways for everyday Rhode Islanders to learn how to develop responsibly, so they're not risking their own financial security or the safety of future occupants. Right now, unless you're connected to someone that has experience with real estate development or have the wherewithal to learn as you go, it's not an easy field to break into.
What are the main goals you are hoping to achieve?
We love this program because it aims to accomplish several things at once: create opportunities for local residents to invest in their neighborhoods, build wealth locally, and promote diversity in real estate development. Residents know their neighborhoods best, and they have the most at stake in making their community a great place to live.
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How and when can people apply?
Applications for our first cohort are due by 5 p.m. on Monday, May 19. Training sessions will take place on three Saturdays, June 7, 14, and 21. Providence residents and people who have a strong commitment and connection to the city are welcome to apply. To learn more about the program and submit an application, visit
The Boston Globe's weekly Ocean State Innovators column features a Q&A with Rhode Island innovators who are starting new businesses and nonprofits, conducting groundbreaking research, and reshaping the state's economy. Send tips and suggestions to reporter Alexa Gagosz at
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