For minorities and female developers, “access to capital has been the biggest challenge,” said Peebles, who has been an outspoken advocate for diversity in the industry. “I looked at how to address that for a number of years. No one in the country is doing this on a national level.” — therealdeal.com
Real estate developer Peebles Corporation has unveiled a $500 million investment fund that will be used to fuel development projects led by women and racial minorities.
According to The Real Deal, the fund will focus on urban infill projects with budgets between $10 and $70 million in South Florida, New York City, Los Angeles, Boston, Washington, D.C., Philadelphia, and Charlotte, cities where Peebles Corporation maintains offices.
Speaking at a development conference hosted by The Real Deal last week, Don Peebles, founder of Peebles Corporation, said, “The idea is to create this business model that shows that investing in emerging developers and investing in diversity will result in higher returns with less risk."
According to Peebles, the fund will be targeted towards commercial and multifamily developments that offer affordable housing.
Peebles added, “It’s a very positive thing to have the developments that are taking place in communities of color, to have the projects be developed by people of color. We see this as a win-win and an untapped market.”
Peebles, who is African American, founded Peebles Corporation in 1983. The outfit has since gone on to undertake over $8 billion in development, mainly through public-private partnerships. That includes work on the Angeles Landing development in Los Angeles, a forthcoming Handel Architects-designed $1.2 billion project created in partnership with the City of Los Angeles and developers MacFarlane Partners and Claridge Properties.
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