The POWER 30: Johnny Opara

[Originally published by Finance & Commerce, written by Frank Jossi: View Source]

After spending almost two decades in corporate positions, Johnny Opara founded the real estate firm JO Companies after being laid off in 2009 during the Great Recession.

Part of his inspiration came from a desire to help his father, who had searched for years to find decent, affordable housing and who had suffered a life-altering medical condition. He decided his St. Paul-based real estate company, JO Companies, would build quality, affordable housing of the kind he eventually found for his father.

JO Companies’ first development, The Hollows, provides workforce housing at 520 Payne Ave. in St. Paul. The $18.4 million, 62-unit project taught Opara how to create a project’s capital stack and work with city officials, the city council, and other stakeholders for more than four years. “I learned all the things that make a project successful,” Opara said.

Wangstad Commons in Brooklyn Center is the firm’s second project. The $24.3 million, 54-unit multifamily development includes three-and four-bedroom units for larger families when it opens next year at 61st Avenue and Brooklyn Boulevard.

“When you look at the population in that neighborhood, it is a melting pot, with multigenerational families living together,” he said. “Our development will fit that need.”

Master developer Sherman Associates chose JO Companies as a co-developer for The Heights, a 112-acre redevelopment of the Hillcrest Golf Course on St. Paul’s East Side. Working alongside master developer Sherman Associates and co-developer Habitat for Humanity, JO Companies will deliver 199 affordable family housing units.

“It’s a legendary project and our development team is happy to be a part of this once-in-a-lifetime redevelopment opportunity,” he said.

Opara has found his purpose. “It’s not about acclaim or anything else,” he said. “It’s about ensuring that individuals and families have access to the highest quality sustainable housing that will be around for a long time,” he said.