Wikipedia

R. Donahue Peebles

Roy Donahue "Don" Peebles (born March 2, 1960) is an American millionaire,[2] real estate entrepreneur, author, national media commentator and political leader. Peebles is the founder, Chairman/CEO of The Peebles Corporation (TPC), a privately held real estate investment and development company he established in 1983.

Don Peebles
Born
Roy Donahue Peebles

(1960-03-02) March 2, 1960 (age 64)
Washington, D.C., U.S.
EducationRutgers University, New Brunswick (dropped out Freshman year)[1]
TitleFounder, Chairman and CEO of the Peebles Corporation
WebsiteOfficial website

According to Forbes, Peebles is one of the most successful African American CEOs,[3] whose majority projects are executed through public-private partnerships.[4]

In May 2009, Forbes listed Peebles in the top ten of the wealthiest black Americans,[5] and in January 2015 it estimated his net worth to be over $700 million.[6] In April 2015, Black Enterprise named Peebles as one of the "Business Trailblazers and Titans of Black America: 40 most powerful African Americans in business".[7]

Background edit

Peebles was born in Washington, D.C. to Ruth Yvonne Willoughby and Roy Donahue Peebles Sr.[8] Peebles and his mother, a real estate professional, relocated to Detroit, MI when he was eight years old. At the age of 13, Peebles and his mother returned to DC where he completed high school at The Congressional Page High School while serving as a congressional page in the House of Representatives on Capitol Hill. During this time, he was an intern for two members of Congress and also worked as a staff aide for another Congressional member.[9] He attended Rutgers University in Newark, New Jersey where he studied pre-medicine.[4]

His grandfather was a doorman at the Washington Marriott Wardman Park Hotel[10] in Washington D.C. Peebles has said that assisting his father as a car mechanic while still a child contributed to his strong work ethic.[11]

Career edit

On January 9, 1983, at the age of 23, Peebles opened his own residential and commercial real estate appraisal firm. Later that year, Mayor Marion Barry appointed him to Washington's real estate tax appeals board, the Board of Equalization and Review, now known as the Board of Real Property Assessments and Appeals. The following year, Mayor Barry appointed him Chairperson of the board[12] where he served until 1988. In 1986, a Peebles-led partnership acquired the site for his first commercial real estate development project.[4]

Through a Public-Private Partnership (PPP) with the District of Columbia, Peebles delivered his first-Class A building in 1989.[13]

In 1990, Peebles founded RDP Assessment Appeals Services, a Washington-based commercial tax assessment appeals firm. He continued to acquire commercial buildings and development sites, primarily throughs PPPs in Washington, DC throughout the 1990s, including 10 G Street NE, 59 M Street, and the Courtyard by Marriott Convention Center Hotel. In 1996, Peebles won the development rights to the 1930s Royal Palm Hotel in Miami Beach. This landmark deal distinguished Peebles as the nation's first African American to own and develop a major hotel. He sold The Royal Palm Hotel in December 2004 for $127.5 million.[14]

In 2010, Peebles’ company was sued by the D.C. Attorney General for alleged billing issues. Peebles maintained the charges were politically motivated due to his opposition to then Mayor Adrian Fenty’s failed re-election bid earlier that year. The court dismissed most of the claims against Peebles.[15] The suit was settled in 2012 for $120,000, a fraction of the initial claim. The court accepted the settlement, and dismissed the over-billing claims as moot.[16]

After four years of negotiations with Broward County to build a convention center hotel, Peebles was unable to come to terms with the county and filed a lawsuit against the county for costs and the project was in litigation until 2012.[17]

In 2014, Peebles, along with development partners, responded to a Request for Proposal to redevelop the LICH hospital site, but were unable to come to terms on the deal. Peebles alleged the site was environmentally uncertain and SUNY stopped negotiating with the partnership.[18]

After years of negotiations with the Washington, DC agencies to transform an abandoned parcel in the Mount Vernon Triangle[19] into a luxury hotel and condominiums, Peebles and his development partner were unable to move forward with the project. Peebles did deliver on his promise to provide an affordable housing component as a term of the initial proposal. The affordable housing development, 17 Mississippi, held its ribbon cutting ceremony on June 14th, 2023.[20]

Peebles contract at 1801 Vine Street, a proposed luxury boutique hotel in Philadelphia's historic Family Court Building, was cancelled in November 2020 by the City of Philadelphia. The City cited larger economic trends which caused Peebles’ inability to begin construction.[21]

Peebles partnership with Barron Channer to redevelop the Overtown Gateway sites in Miami was cancelled by the City of Miami.[22] In the aftermath, the joint venture filed a lawsuit and it is currently being appealed. Peebles remains involved in the area and helped build CARE Elementary School in Overtown.[23] He is an active speaker at the school and works with organizations like the NBA to bring more attention and resources to this highly successful school.[24]

Peebles submitted an RFP to the City of New York to build the tallest building in the Western Hemisphere.[25] It is slated to be the first skyscraper in the world to be built by a majority black development team, a renowned black architect, Sir Adjay, and a black contractor. He proposed building Affirmation Tower as a symbol of America’s promise of equal opportunity for all. Affirmation Tower has received extensive media coverage and overwhelming local and national support from citizens, community, and political leaders.[26]

As a result of the transition from the administration of Governor Andrew Cuomo to Governor Kathy Hochul, the state cancelled the solicitation in December 2021 and plans to issue a new request for proposals it in 2023.[27]

His ongoing development projects, most of which are PPPs, include 108 Leonard Street (a.k.a. 346 Broadway), a joint venture with El-Ad Group,[28] consisting of a luxury hotel and condominium in Manhattan's landmarked Clocktower Building;[29] Angel's Landing, in Los Angeles;[30] Brooklyn Village in Charlotte, North Carolina.[31] Peebles also has projects in various stages of development in Boston and Atlanta.[32][33]

In 1999, Peebles purchased The Bath Club, and became the first black member of an exclusive social club opened in 1926.[34]

Peebles is known to be the most successful real estate developer in the area of Public-Private Partnerships. As seen in any PPP, external factors have impacted the projects taken up by Peebles as well.

Peebles formed a joint venture with MGM Grand and Harbinger Capital in response to an RFP for the Aqueduct Casino in New York.[35] There were ten bidders overall and a non US, Malaysian firm was chosen. There existed public scrutiny relating to the manner in which then Governor David Patterson and state legislators managed the entire bidding process.[36]

In 2022, Peebles pledged 50,000 square feet of space at the base of the tower to house Rev. Al Sharpton’s planned National Civil Rights Museum. A home for the NAACP was also a part of Peebles’ bid. He said his team is planning to resubmit their bid when the new solicitation is issued.[37]

In October 2022, Peebles entered into a joint venture with Bankhead MARTA development project. Peebles is to redevelop 3.8 acres of land along with air-rights above the Bankhead MARTA rail station, as a mixed-use transit-oriented community including approximately 490+ multi-family housing units. The concept also includes retail, hotel, office, parking, and open spaces.[38][39]

Awards edit

  • TheGrio Business Icon Award[40]
  • New York City Mission Society “Champion of Children” Award[41][42]
  • CSQ 2019 Visionary of the Year Award[43]
  • "Company of the Year." by Black Enterprise Magazine[44]
  • “Business Trailblazers and Titans of Black America” by Black Enterprise Magazine[45]
  • Reginald F. Lewis Award for Entrepreneurship[46]
  • Corporate Citizen Award from One Hundred Black Men of New York[47]

Philanthropy & board positions edit

  • Former Board Member of Florida International University[48]
  • Former Chair of Florida Builder’s Association[49]
  • Founder Entrepreneurship Academy at The Hospitality High School in Washington, DC[50]
  • Founding Member of CARE Elementary in Miami, FL[51]
  • Founding Member of National Association of Hotel Owners, Operators and Developers[52]
  • Founding Member of New York Real Estate Chamber (NYREC)[53]
  • Inaugural Member of the Martin Luther King Jr. International Board of Renaissance Leaders at Morehouse College[54]
  • Member of the Board of Visitors Industry Council[55]
  • Member of the Board of YMCA of Greater New York [56]
  • Member of the Real Estate Board of New York’s Board of Governors[57]
  • Member of Miami-Dade County Mayor Carlos A. Gimenez’s Mayoral Business Roundtable[58]
  • Former Chairman of the Greater Miami Convention and Visitors Bureau.[44]

Politics and affiliations edit

Peebles has been politically engaged since the 1970s. He served on President Bill Clinton’s national finance committee during the 1992 presidential race,[4] joined his Economic Summit in Arkansas that same year, and has hosted President Clinton at his homes on several occasions. He was as a member of President Barack Obama's National Finance Committee for the President's 2008 election and his 2012 reelection campaign.[59] In May 2008, Peebles hosted then Senator Obama for a campaign fundraiser at The Bath Club in Miami Beach and later hosted President Obama at the Peebles’ home in Washington D.C. for a campaign fundraiser on August 8, 2011.[60]

In 2010, Peebles announced he had considered running to become mayor of Washington,[61] but he decided against it due to his mother-in-law's terminal illness.[62] He had also publicly considered running for Mayor of Miami and of New York City and received encouragement from many political and community leaders.[63]

In 2013, Peebles was elected vice chairman of the board of directors of the Congressional Black Caucus Foundation.[64] In July 2015, he was elevated to chairperson of the CBCF's board of directors and re-elected in February 2016, a role he held until February 2017. Peebles was the only non-member of Congress to be elected to the position of Chairperson of the CBCF.[65]

Peebles' advocacy for minority and women owned businesses, a more business friendly environment, and expansion of Charter Schools raised speculation[66] that he was a potential candidate to challenge de Blasio for re-election in the 2017 election cycle for the term beginning January 2018, however, Peebles did not enter the race citing wanting to teach his then 22-year-old son, a recent graduate from Columbia University, the real estate business, and to spend time with his 14-year-old daughter during her last four years at home before college.[67][68]

Peebles frequently appears on CNN, Fox News, CNBC and other networks to discuss political, economic and business issues.[69] As an advocate for economic empowerment, Peebles and his wife, Katrina Peebles, have supported both parties, in various congressional, mayoral, gubernatorial, and presidential elections over the years.[70] He supports small business and minority-focused initiatives emerging from The White House with a focus on policy change rather than political affiliation.[71]

In 2014, Mayor DeBlasio contacted Peebles for a $20,000 donation to support the mayor's universal pre-K program, UPKNYC, which is now shut down. Reportedly DeBlasio used the donation for political work and not for charitable work. When Peebles learned that the money was used for DeBlasio’s political campaign, he asked for a return. That same year, a Peebles-led team responded to an RFP to redevelop Long Island Community Hospital. SUNY Downstate Medical Center ended talks with Peebles over an impasse about remediation costs on May 28, 2014 and later made a deal with Fortis Property Group. According to media reports, his Peebles team was ranked higher than the RFP of Fortis. De Blasio was under state and federal investigation for campaign finance scandals.[72][73]

Personal life edit

Peebles moved to Miami, Florida, in 1998 and then to Coral Gables in 2001. He had homes in Coral Gables and New York City, but sold his Coral Gables house in 2021 for $13 million.[74]

He currently lives in Miami Beach, Florida, Sag Harbor, NY and New York City with his wife Katrina, a former PR executive, whom he married in 1994.[75][76] She is an interior designer and serves on the Board of Directors of The Peebles Corporation.

Peebles' son, Donahue, is a Columbia University graduate and is currently working at The Peebles Corporation, where he is leading the company's national development efforts,[77] His daughter, Chloe, is a Division 1 athlete, university student and a national hunt seat equestrian competitor.[78]

Writing edit

  • The Peebles Principles: Tales and Tactics from an Entrepreneur's Life of Winning Deals, Succeeding in Business, and Creating a Fortune from Scratch. R. Donahue Peebles with J. P. Faber. John Wiley and Sons (2007). ISBN 0-470-09930-5.
  • The Peebles Path to Real Estate Wealth: How to Make Money in Any Market. R. Donahue Peebles with J. P. Faber. John Wiley and Sons (2008). ISBN 0-470-37280-X.

References edit

  1. ^ "How Don Peebles Became One of the Wealthiest African-American Real Estate Developers". June 24, 2020.
  2. ^ McMullen, Troy (October 12, 2018). "Real estate entrepreneur Don Peebles is still building on his success". Washington Post.
  3. ^ Sorvino, Chloe (January 27, 2015). "Successful African American Real Estate Mogul Inches Closer To Billionaire Status". Forbes.
  4. ^ a b c d Pressberg, Matt (June 24, 2020). "How Don Peebles Became One of the Wealthiest African-American Real Estate Developers". C-Suite Quarterly.
  5. ^ Miller, Matthew (May 6, 2009). "In Pictures: The Wealthiest Black Americans". Forbes. Retrieved December 5, 2010.
  6. ^ Sorvino, Chloe (January 27, 2015). "Successful African American Real Estate Mogul Inches Closer to Billionaire Status". Forbes.com. Retrieved February 19, 2015.
  7. ^ "The Business Trailblazers and Titans of Black America". April 25, 2015. Archived from the original on May 10, 2015. Retrieved April 24, 2015.
  8. ^ Smith, Timothy (December 22, 2010). "Roy D. Peebles Sr., 80: Federal employee, mechanic". The Washington Post. Retrieved September 4, 2012.
  9. ^ Peebles, R. Donahue (2007). The Peebles Principles. New Jersey: John Wiley & Sons, Inc. p. 3. ISBN 978-0-470-09930-8.
  10. ^ O'Connell, Jonathan (January 1, 2012). "Peebles Corp. won't bid on Stevens Elementary". The Washington Post. Retrieved September 4, 2012.
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  13. ^ Harris, Hamil R. (November 10, 1994). "Anacostia Turning Over a New Leaf". Washington Post.
  14. ^ Holmes, Tamara E. (February 1, 2005). "Miami's Royal Palm Sells For $127.5m". Black Enterprise.
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  17. ^ Staff (March 21, 2001). "PEEBLES' PLAN TO BUILD HOTEL LOSES SUPPORT". Sun Sentinel.
  18. ^ "Statement from Communications Director David Doyle". Suny.edu. Retrieved February 10, 2022.
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  20. ^ Staff (August 17, 2021). "Legacy Real Estate Development, Domaine and The NHP Foundation Secure $23M for Construction of 17 Mississippi Avenue Apartments". PRWeb.
  21. ^ Adelman, Jacob (November 24, 2020). "Philly undoes deal with developer Peebles to revamp historic Family Court building into luxury hotel". Inquirer.
  22. ^ Bandell, Brian (July 26, 2016). "Weathy developer backs out of project that would have included affordable housing". South Florida Business Journal.
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  31. ^ Rago, Gordon (October 12, 2022). "Long-awaited $683 million Brooklyn Village project on track to start by early next year". Charlotte Observer.
  32. ^ Patkin, Abby. "10 stories of affordable housing planned for Back Bay development". www.boston.com.
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  61. ^ O'Connell, Jonathan (October 20, 2009). "Don Peebles: I may run for D.C. mayor". Washington Business Journal.
  62. ^ Schwartzman, Paul (January 6, 2010). "Millionaire Peebles says he won't run for mayor of D.C." Washington Post.
  63. ^ "D.C. real estate icon Don Peebles talks possible NYC mayoral bid". Washington Business Journal.
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  65. ^ "CBCF Announces New Board Chairman". Congressional Black Caucus Foundation. July 30, 2015.
  66. ^ Parker, Will (May 15, 2017). "Sparks fly over politics and projects at fiery developer panel". Korangy Publishing Inc. The Real Deal.
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  70. ^ "Don Peebles: Seeking a fast climb up the ladder". The Real Deal.
  71. ^ Breuninger, Kevin (August 16, 2017). "'It's all about him': CEO rips Trump over Charlottesville". CNBC.
  72. ^ "De Blasio: City will cooperate in LICH probe". Brooklyn Eagle. August 2, 2016. Retrieved February 10, 2022.
  73. ^ "De Blasio Asked Me for $20K And it Was Hard to Say No, Developer Says". DNAinfo New York. Archived from the original on December 1, 2017. Retrieved December 10, 2017.
  74. ^ Solomont, E. B. (May 26, 2021). "Amid Red-Hot Market, Developer Don Peebles Sells South Florida Home for $13 Million". Wall Street Journal.
  75. ^ "President Obama Announces More Key Administration Posts". whitehouse.gov. September 13, 2011. Retrieved September 24, 2012 – via National Archives.
  76. ^ Dahle, Stephanie (November 17, 2008). "Briefing Book: Don Peebles". Forbes. Retrieved December 5, 2010.
  77. ^ "Dynasties: A Son's Positive Influence". The Wall Street Journal. March 2, 2014. Retrieved February 27, 2015.
  78. ^ "2012 Competition Results". United States Equestrian Federation. Retrieved September 24, 2012.

External links edit

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