May 15, 2017

The Wall Street Journal

NEW JERSEY DEVELOPER TO CREATE AFFORDABLE HOUSING TRAINING PROGRAM

PHILIP CALI JR., A REAL-ESTATE INDUSTRY VETERAN, IS WORKING WITH BUSINESS SCHOOL AT MONTCLAIR STATE UNIVERSITY

BY 

KEIKO MORRIS

 

Updated May 15, 2017 11:21 a.m. ET

A real-estate industry veteran is teaming up with business-school professors at New Jersey’s Montclair State University to create an affordable housing training program.

Philip Cali Jr., who comes from a family of builders and developers, has formed a nonprofit called Pristine Sustainable Affordable Homes Inc. to work with commercial real estate students from the Feliciano School of Business and New Jersey municipalities to develop housing for low- and moderate-income residents, according to the nonprofit’s representatives.

“Our local communities face a crisis in providing affordable housing to area residents,” said Mr. Cali in a written statement. “At the same time, too many adults in this state cannot find meaningful work, despite advanced academic credentials.”

In collaboration with Pristine Homes, the university will offer a program that includes a minimum 18-month paid internship. Students will participate in assignments such as financial analysis and project and business management. The nonprofit will serve as the developer, said Anthony Palazzo, a clinical specialist at the business school.

The goal: Develop 1,000 units for low- and moderate-income residents by 2020, committing 10% of the units to veterans and people with special needs.

“These students are going to be in the office on the phone, in meetings, in the field on projects and at government zoning board meetings,”

— Mr. Palazzo said.

“They will have more experience than most two-year associates at most development firms.”

Mr. Cali grew up in the real-estate industry. Decades ago, he joined his late uncle's, Angelo Cali and John J. Cali, and his cousins in building the family business into a national real-estate company that eventually became Mack-Cali Realty Corp.

Article as published in The Wall Street Journal on Monday, May 15, 2017.