Ora Reynolds is the new President for Hunt Midwest Real Estate Development. Her responsibilities include overall management of Hunt Midwest’s residential, industrial and commercial properties — including SubTropolis, Hunt Midwest Business Center, and 12 master-planned residential communities. In addition, she focuses on expansion opportunities and strategic planning. Ora took over as President of the company when Lee Derrough retired on Dec. 31.
How did you get into real estate development at Hunt Midwest?
My degree is in finance, so I started my career in corporate lending to middle market companies in Central Florida. When I joined Hunt Midwest in 1991 as manager of new business development, my mission was to find ways for the company to grow and expand. A related entity owned raw land in the Northland so we began our initial foray into residential development in a big way by entitling 300 acres for 900+ homes as our first project. At that point, our president, Lee Derrough said to me, “You can turn this project over to our commercial folks or you can try to grow the residential side of the business yourself.” I chose the latter, and 18 years later, I’m so glad I did! Since 1993, I have been responsible for the acquisition and entitlement of over 3,300 acres for 20 projects and the actual development of 5,000 residential lots in the metro area. Over 4,000 families live in a Hunt Midwest community. In 2007, I took on the additional responsibility of overseeing the commercial /industrial division as vice president and general manager of the overall Hunt Midwest real estate operation.
How have SubTropolis and your surface business park been impacted by the current economy?
Traditionally, when the economy struggles, we see more businesses interested in leasing space in the underground so they can operate their companies more cost effectively. SubTropolis can save businesses up to 70 percent in total occupancy costs compared to surface properties. Both large and small businesses benefit from low lease rates, on-site property management and 24/7 security. Constant temperatures of 65 to 72 degrees year-round reduce heating and cooling costs and underground parking is a big benefit – especially during this time of the year. For those who cannot be accommodated in SubTropolis, our surface business park, Hunt Midwest Business Center at I-435 and Parvin Road, offers another option. Despite the current economy, Alexander Mechanical, Inland Truck Parts, and Murphy Tractor & Equipment chose our industrial park for their new operations in 2009. In anticipation of more activity in 2010, we are in process of completing an 80-acre expansion to Hunt Midwest Business Center.
You work in a predominantly male industry and are the highest ranking woman at Hunt Midwest. As a woman, how did you navigate through?
I think I was able to make my way because I didn’t really overthink it. Instead of focusing on whether I was the only woman in a room, I worked to understand the business, find opportunities, build relationships, put the right team in place, and give them the tools to be successful. I also spent a lot of time networking with others in the industry and have greatly benefited from many mentors both inside and outside of Hunt Midwest. Bottom line, I think hard work pays off, whether you are a woman or a man.
You’ve spent many years with the Hunt family, and everyone in town knows about SubTropolis and the Chiefs (and now your residential and surface industrial). But what other things in the community does Hunt Midwest get involved in?
Hunt Midwest encourages our employees to be involved in the community. We are active in several of the Chambers of Commerce, economic development organizations, arts organizations and groups that support our local schools. Another example of the Hunt’s generosity is the Groundhog Run, which is the only known sanctioned 5K and 10Krace run entirely underground in SubTropolis. Hunt Midwest donates the facility and staff. This January will be the 28th running of the race, which has raised $3.4 million to help children at Children’s TLC (Therapeutic Learning Center).
You have a lot on your plate right now. What do you do in your spare time?
I love to play tennis (competitively sometimes!) and try to work that into my schedule as often as possible. I am a “foodie” and love our great local restaurants. I read, attend the theatre, and love to travel. Vacation spots in 2009 included Santa Barbara; St. John USVI; Vancouver, BC; New York City; and Chicago. It is important to work hard, but it is also important to play!