Cornell Student Entrepreneurs Take First Place at Kellogg Real Estate Venture Competition

15th Commons was proposed as the first phase of a ground-up, mixed-use development in downtown Syracuse, New York, an area in need of affordable housing to catalyze urban renewal and create a livable community.

"Mahardhika and I first explored Syracuse in Maxence Valentin's Urban Economics class and during a speech by Stuart Rosenthal. Like many Rust Belt cities, Syracuse faces post-industrial challenges, but the I-81 viaduct removal, citywide rezoning, and Micron's expansion emerged as unique, policy-backed catalysts to pursue investments," explained Yang.

"Our project aligns community-driven priorities with secular themes. We positioned Syracuse's post-industrial recovery as an opportunity to deploy mission-aligned capital — targeting workforce housing, food insecurity, and child poverty — within a broader narrative. This translated into an actionable plan, supported by a layered capital stack of public subsidies, tax credits, and a Co-GP equity structure, and local support from Housing Visions."

The team developed their project with generous support and guidance from faculty in the Paul Rubacha Department of Real Estate, a multicollege department jointly led by Cornell AAP and the SC Johnson College of Business. They offer special thanks to project mentors Ben Lockwood from Housing Visions; Paul Rubacha, Daniel Lebret, Chris De Mestre, and Daniel Moran, and Billie Faircloth from Cornell faculty; and Jose Lievano and Miguel Held from Drake Real Estate Partners.

"In the summer of 2024, recognizing clear signs of growth, a group of real estate students pitched a venture idea to me based in Syracuse. We assembled a team that brought together members from both architecture and real estate to bring the concept to life," said Kim.

"Over a year's time, we learned to balance ambitious design aspirations with financial feasibility, transforming what could have been competing priorities into a productive collaboration. This kind of synergy reflects the complexities of real-world practice. With guidance from faculty members and industry professionals, we gained valuable practical insight and developed strong interdisciplinary skills. Presenting to a panel of industry leaders was a transformative experience that enhanced my ability to communicate across disciplines and deepened my confidence as a designer."