president of Wayzata-based Steiner Development Inc.
David Kordonowy, president of Wayzata-based Steiner Development Inc., is incoming president of the Minnesota chapter of NAIOP, the Commercial Real Estate Development Association for 2013. NAIOP has 725 local members.
Steiner is a development/investment company founded in the late 1970s as a family owned business. Today it has about 120 tenant clients and is a strong representative of the Twin Cities' smaller developer-owners. Kordonowy plans to bring that perspective as he leads NAIOP.
Since joining Steiner in 1981, Kordonowy has acquired more than 2.1 million square feet of investment property and developed more than 1 million square feet of industrial and retail projects. He and his partners also launched Steiner Construction Services in 2003 and Steiner Commercial Realty in 2011.
QWhat area of your business is most active?
A What's driving our business is construction. During the recession, we ended up having a cosmetology school client that expanded around the country and we did 85 campuses for them. That took us to a national level. Now we're doing work all over the country for different retailers.
QProperty management is also a core business?
A That's our bread-and butter business. We manage 1.5 million square feet of commercial properties with about 120 tenants. We also do the leasing. ... Of the 120 tenants, it's primarily small businesses.
QHow will you represent the smaller property developer-owner as you lead NAIOP?
AIn the past, a lot of our presidents have been larger service providers or building owners. We bring a perspective of what it is for small businesses to occupy a building and what their needs are, especially in terms of property taxes. That will be a priority. It's the small businesses that are really affected by property taxes.
QWhy is it important to serve as NAIOP president?
AI've been in the business 31 years. It's been my livelihood. ... I've been able to get into the industry and benefit from the industry, and it's just time to give back
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