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This episode with Don Peebles and Victor MacFarlane was legendary! Don Peebles is the founder, chairman and CEO of the Peebles Corporation, which he founded in 1983. Victor MacFarlane is the Chairman and CEO of MacFarlane Partners, which he founded in 1987. Don and Victor are the two most successful black real estate developers in the country.
Don and Victor are collaborating to build Angels Landing, a $1.6 billion development in Los Angeles. The development will include a two-tower hotel and residential community with retail shops, restaurants, and an urban park. It will be the largest property built by an African American team.
In this episode, we discuss this monumental project, how they got started in real estate, advice for aspiring developers and more.
1) Access to capital is the biggest challenge for black real estate developers. The standard for who receives capital is systemically discriminatory and needs to change. Starting as a new developer will be difficult but it's possible.
2) It takes stamina and the ability to go against institutional structure to succeed as a developer. It won't happen overnight, so you shouldn't give up.
3) As a new developer, if you have limited capital, start small to build your track record. You need to focus on your dreams and be resourceful.