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Older Persons Commission Charity Gala
The 15th annual fundraiser for Rochester’s Older Persons Commission’s Meals on Wheels program attracted 375 ($150 ticket) to the Royal Park Hotel to party in a Monte Carlo mode. Chance-takers could bid on jewelry from Aurum Designs, pick their own prize in a chance raffle of 13 packages and, after dinner while Frank Sinatra tribute singer Mark Randisi entertained, play casino games and turn their winnings into raffle tickets. WXYZ’s Dave LewAllen emceed the dinner program in which 96-year old Erv Bauer, a Meals on Wheels recipient since his wife died three years ago, admitted, “I can’t even boil water.” He called the program “a real treasure” because ....” the drivers (greet you) with a smile...and are someone to talk to every day...we really appreciate you sponsors...thank you kindly.”
oakland confidential DUMBING IT DOWN: State Rep. Mike McCready (R-Birmingham, Bloomfield Hills, Bloomfield Township, West Bloomfield) has introduced a legislative proposal to reduce the number of members of the state House of Representatives from 110 to 76, or about one-third. "We currently have three House members for every three state Senate seats," McCready said, noting there are 38 state Senate members. Each state ...more»
If business really is all about who you know, then the principal owners of Bloomfield Hills-based ROCO Real Estate didn't have to look very far to find each other and formulate a business plan.
"We grew up together going to Cranbrook Schools," said David Colman, who started the young and growing firm with his brother Michael Colman and friend Tyler Ross. "We have known Tyler throughout our own lives, and our families go way back. Our grandparents and parents were friends."
While the two families have been friendly for generations, their businesses – Acme Mills, an automotive textile supplier owned by the Colman family, and the real estate development company Edward Rose & Sons, owned by Ross' family – it wasn't until 2012 that the three men merged the two families in a joint venture.
At the time, Ross, who in 2011 earned his law degree from Fordham Law School in New York, had gone to work for his family's firm, where Michael Colman was already overseeing new acquisitions. Meanwhile David Colman was working as a product strategist for the investment firm BlackRock in New York. Then an intriguing offer came from home.
"I had an amazing experience there and learned a lot," David Colman said about his time at BlackRock. "It's an amazing firm with so many smart people, but (Michael and Tyler) decided at Ed Rose to start their own company, and they were putting a lot of pressure on me to come back and team up to do it together. After weighing the pros and cons, I moved back to where I grew up, and the three of us really started the company together."
Later, Tyler's brother, Evan, joined the firm as a silent partner. "He's actually an opera singer," Colman said.
Since forming the business in 2012, ROCO has grown its holdings to about 50 properties with a value of more than $425 million. Colman said the firm focuses on multi-family spaces, primarily apartment buildings, that don't require much rehabilitation in tertiary markets. However, the real strategy behind the firm's growth is the ability to find deals before they are heavily promoted in the marketplace. The results, he said, have been a bit of a shock in an industry that has traditionally been dominated by more established firms with older, more experienced executives.
"We are focused on being innovative and cutting edge, and doing things differently," he said of the staff, which consists of nine people, including the principals, who are all in their 20s. "Usually, it's older people that are focused on this industry. When we started, we said, 'let's do things differently.' We didn't want to build our company like those that have been doing it for 40 years and are stuck in their way. We wanted to do something differently. It feels more like a tech star-up, rather than a real estate firm."...continued on page 2
Bloomfield Hills City Commission
Rochester Hills City Council Meeting
Rochester City Council Meeting
Rochester City Planning Commission