62( 2025 )SPONSOR CONTENTFirst Capital fosters future real estate leadersWhen SpenceGoodwin began asan intern at FirstCapital REIT,he was just finishing his secondyear of university. He rememberslooking up to the people workingin his role now. “I never imaginedI’d be here six years later,” saysGoodwin, now a leasing manager.A Toronto-based commercialreal estate company, First Capitalowns, operates and developsopen-air centres that are anchoredby grocery stores in neighbourhoods in key markets acrossCanada.“At First Capital, we believe ifyou put your people and yourcustomers first, manage yourproperty assets proactively, andexercise disciplined financialmanagement – these are the keyingredients for success,” says NeilDowney, executive vice-presidententerprise strategies and chieffinancial officer.Downey describes First Capitalas a friendly and collaborativeplace to work where new ideasare encouraged. He feels a uniqueaspect of the company’s culture isthe internship program.“We received nearly 6,000applications in 2024 for a programwhere we can typically take on 10to 18 interns,” says Downey. Theprogram follows a diverse group ofstudents placed in different areasof the company through theiruniversity education.Downey is one of two executiveleaders for the capstone projects– real-world assignments whereteams of interns come up witha strategy to solve a companychallenge. “My role is as a coach,mentor and subject matterexpert,” he says.Goodwin remembers a capstoneproject in which he and his teamfocused on a specific developmentproperty. “We looked at whattenants we might bring in –something new and different,such as emerging brands,technologies and services toelevate the customer experience,”he says.Each capstone project teamcomes up with a 20-minute presentation for the executive leadership team. “We tell our internsthe presentation is in a low-riskenvironment,” says Downey. Hecoaches the interns through a dryrun of the presentation. Then, thebig day is an interactive sessionwith questions coming fromexecutives and the other teams.“At First Capital, we believeif you put your people andyour customers first, manage your property assetsproactively, and exercisedisciplined financial management – these are the keyingredients for success.”— Neil DowneyExecutive Vice-PresidentEnterprise Strategies and ChiefFinancial Officer First Capital offers an internship program in which students solve a real-world company challenge as part oftheir capstone project.“One of the intangibles ofthe teamwork is the relationship-building and bonding,” saysDowney. “In Canadian business,it seems the circles are small andI still run across people I workedwith 30 years ago.”Downey says First Capital endeavours to promote from within.It starts from the beginning whenan intern transitions to permanentemployment.Goodwin joined the internshipprogram in 2018 and became anemployee in 2021. “I was broughton full-time as a coordinator inToronto,” he says. A year later,he was offered an opportunityto become a leasing manager inMontréal.Goodwin’s colleagues havebeen supportive, especially when
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