Imaginative and prescient 1440 – Kelowna Capital Information
– Words by David Wylie Photography by Lia Crowe
Bob Mangat has a vision to balance density and space in his Kelowna developments.
“I want to create great communities where people live, love, laugh and continue to build memories,” Bob explains. “There’s nothing more satisfying than to help someone buy a home or to create somewhere they’re going to live and make memories. That’s what I envision when I’m building something.”
But Bob also wants to create a platform for local residents to participate in developments. And as part of this vision, Bob founded the 1440 Group, a real estate investment entity that “dreams big, sets achievable goals and provides investors with possible positive returns on investments.”
When Bob landed in Kelowna, looking to purchase an apartment building, it was a property that caught his interest and one of 1440 Group’s current projects is Dolce on Bernard. It’s made up of 32 modern townhomes located on the edge of downtown Kelowna in an established area along a tree-lined corridor. It will amalgamate several properties into a cohesive townhouse development. Bob envisions densification, but balanced with space to breathe. The two- and three-bedroom homes have rooftop patios and double garages. They start in the mid-$700,000 price range.
“It’s a beautiful project,” he notes.
Another project, a 10-unit townhome development called The Rise South Glenmore, is under construction with the first residents expected in November.
The 1440 Group was founded with the idea that there are 1,440 minutes in a day, and the choice is ours how we choose to spend it.
“Where you live, where you work is a huge part of our philosophy in creating communities that are going to allow people to live, to work and to create families in that same space,” Bob says, adding that he’s committed to doing community-focused projects in Kelowna.
“Kelowna has always had a special place in my heart,” he says.
Bob’s journey to developer grew from humble roots. He was born and raised in Surrey. His parents, from India, worked long hours and eventually opened up an ethnic grocery store. Business was challenging, however, and included a spate of robberies.
“Eventually it got the best of them and then we had to close up shop,” Bob recalls. “It was heartbreaking as a little kid to see my parents go through that.”
Bob studied at Langara College and worked three jobs to help pay for school, while also balancing his passion for soccer.
He started to flip real estate, venturing into a years-long entrepreneurial journey.
“That scenario has been my life’s story. I’ve always looked for opportunity when there is adversity,” he says.
Bob got his real estate licence and created his own real estate brokerage, which focused exclusively on dealing with real estate investors. Bob describes it as one of the largest companies of its kind, and it’s where he learned how to manage tenants and handle real estate properties—“everything from A to Z,” he says. He also taught thousands of investors—from those just starting out to those with with experience—how to invest.
However, working 80 hours a week trying to keep up with the business at 27 years old made for a stressful family life.
Bob shifted into digital media and focused on building systems, processes and effective digital marketing. He worked to grow his businesses, building a software and media company—and became a two-time bestselling author along the way. Bob is the author of two books on marketing, including The Automated Entrepreneur: How To Boost Sales, Maximize Profits, and CRUSH the Competition.
“It’s been an interesting 20-some-odd years in entrepreneurship, that’s for sure,” Bob, now 45, says. “As I was going through this I began to think about my journey as a young man, then a young family man and now a man in middle age. And I started to think about where I came from. When my wife and I married, we lived in a basement suite. Then we rented a condo, then we bought a condo, then we moved from a condo to a townhouse, then we sold that and moved to another townhouse.”
Now his life has come full circle, back to real estate.
The 1440 model allows accredited investors to invest as a limited partner. The company buys groups of properties and over time creates larger areas that can be built out. The 1440 Group takes care of the plans, vision and marketing.
Bob says it’s important to him that he remains hands-on with the marketing campaign for his project in downtown Kelowna.
“My mission in life is to impact [positively] as many people as I can,” he says. “I’ll look at a piece of dirt or a company and I’ll see where I can take that piece of property or that company and where I can get it to.”
The 1440 vision, he adds, is to create a platform for local residents to participate in developments.
“In my 20s and 30s, I would see developments go up around me and I wondered how I could be a part of that,” he said. “The 1440 Group is working on a few things to turn that into a reality. You can drive by a street in your community and potentially own a piece of the development and share in the upside. We’re going to make it easier for someone just starting out to invest in bigger projects.”
It’s just all part of the vision.
Story courtesy of Boulevard Magazine, a Black Press Media publication
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