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Peebles Corporation

Peebles Corporation
Company typePrivate real estate investment and development company
IndustryReal estate
Founded1983
HeadquartersMiami Beach, Florida
Key people
R. Donahue Peebles (Founder, Chairman and CEO)
Websitepeeblescorp.com

Peebles Corporation is a privately held real estate investment and development company. Headquartered in Miami Beach, with offices in New York and Washington, DC, the company was founded by R. Donahue Peebles in 1983. The company specializes in residential, hospitality, retail, and mixed-use commercial properties, with a focus on public-private partnerships.[1]

History

The Peebles Corporation was established in 1983 by R. Donahue “Don” Peebles, Jr.[2] As per media reports, it is one of the largest black-owned development corporations in the United States.[3]

Notable developments

2100 Martin Luther King Jr. (Washington, DC)

Built in 1991, this 100,000-square-foot office building was a Public/Private Partnership with The District of Columbia. The design preserved a small historic Art Deco structure and incorporated it into the newly constructed building. 2100 MLK is credited with sparking economic redevelopment in a distressed section of the city. The property was featured on the “Parade of Mayors” tour as an example of excellence in urban renewal. Today, it is leased primarily to the government of the District of Columbia.[4]

10 G Street (Washington, DC)

Peebles built this 280,000-square-foot Class A office building just a few blocks from the U.S. Capitol and Union Station. It houses the American Psychological Association’s headquarters, Amtrak offices and other private-sector and non-profit organizations.[5]

Courtyard by Marriott Convention Center Hotel (Washington, DC)

Built in 1891 and listed on the National Register of Historic Places, Peebles converted the former Washington Loan & Trust building, including restoration of the original marble floors, the ornate gold-leaf ceiling, and the lobby’s Corinthian columns. The 188-key Courtyard by Marriott Hotel property is located near the Smithsonian Mall, the Verizon Center and Pennsylvania Avenue.[6][7]

The Royal Palm Hotel (Miami Beach, FL)

The Royal Palm Hotel was developed by The Peebles Corporation in 1996 through a Public/Private Partnership with The City of Miami Beach.[8] Peebles sold The Royal Palm Hotel in December 2004 for $127.5 million.[9]

Residences at The Bath Club (Miami Beach, FL)

Residences at The Bath Club is a 20-story oceanfront residential tower in Miami Beach. Developed by The Peebles Corporation and designed by Revuelta Vega Leon, the development blended a restored 1926 private club with a modern 107-unit condominium tower and six Mediterranean-style oceanfront villas.[10][11]

The Historic Bath Club (Miami Beach, FL)

In 1999, after becoming the first black member in 1996, Peebles purchased The Bath Club, an exclusive social club opened in 1926.[12] The Bath Club expands 3 acres, including 540 feet of beachfront along the Atlantic Ocean, as well as 20,000 feet of indoor and outdoor private event space, a spa, a fitness center, two clay tennis courts, and a fine dining restaurant-lounge. Following a $9 million renovation in 2020, The Bath Club remains one of Miami’s most exclusive members-only clubs.[13][14]

250 Brannan Street (San Francisco, CA)

The Peebles Corporation purchased the 140,000-square-foot property in the SOMA district of San Francisco and its 175 parking spaces in 2006. Peebles rezoned the office building to accommodate a residential conversion.[15]

Aqueduct Casino (Queens, NY)

The Peebles Corporation formed a joint venture with MGM Grand and Harbinger Capital in 2010 in response to a Request for Proposal for the Aqueduct Casino in New York.[16] 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.[17] Although initially viewed as a potentially successful casino candidate, The Peebles Corporation was unable to secure and develop the Aqueduct Casino project in Queens, New York.[18] The Peebles Corporation had support from local councilmembers, but was unable to win broader support from voters.[19]

5th & I (Washington, D.C.)

Peebles was selected to redevelop Fifth and Eye, a parcel in Washington, D.C.'s Mount Vernon Triangle neighborhood, into a mixed-use development, including a boutique hotel and branded residences. After years of negotiations with DC agencies to transform the abandoned parcel, Peebles and his development partner were unable to move forward with the project.[20] In 2010, Peebles was sued by the D.C. Attorney General for alleged billing issues. Peebles maintained the charges were politically motivated due to the opposition to then Mayor Adrian Fenty’s failed re-election bid earlier that year. The court dismissed most of the claims against Peebles.[21] 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.[22]

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, opened on June 14th, 2023.[23]

Broward County Convention Center Hotel (Ft. Lauderdale, FL)

The Peebles Corporation responded to a Request for Proposal issued by Broward County to build a hotel and convention center. After four years of negotiations, 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.[24][25]

108 Leonard (New York, New York)

In 2013, Peebles and El-Ad Group acquired 346 Broadway (also known as 108 Leonard and the Former New York Life Insurance Company Building) for $160 million, the largest disposition ever undertaken by the New York City Economic Development Corporation.[26] In 1987, the exterior and much of the interior spaces at 108 Leonard Street were designated as New York City landmarks. Redevelopment for this 400,000-square-foot Tribeca landmark includes residential, retail and community space components.[27] Peebles and El-Ad had an issue with an appraiser when Peebles sought to have El-Ad buy out his stake in the project, which is almost completely sold out.[28]

Long Island Community Hospital (Brooklyn, NY)

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.[29] Peebles filed a bid protest against SUNY and the New York State Office of the Comptroller found the two parties had reached a "good faith impasse."[29]

In February 2014, SUNY issued a letter stating its decision to award no contract from the RFP.

"The University has decided to award no contract from this RFP, but thanks you for the time and effort put into preparing your proposal."[30]

Viola Back Bay (Boston, MA)

In 2015, the Massachusetts Bay Transportation Authority and Massachusetts Department of Transportation chose Peebles for the development of an intersection in Boston's historic Back Bay neighborhood. Plans for the proposed $330 million, 390,000-square-foot project include a hotel, condominiums, rental apartments, retail, and a Hynes MBTA station.[31] As of May 2023, the project was under review with Boston Planning & Development Agency.[32]

Angels Landing (Los Angeles, CA)

In December 2017, Peebles, as part of the three-team development partnership Angels Landing Partners, was unanimously approved to redevelop the Bunker Hill site in Downtown Los Angeles, dubbed Angels Landing.[33] The estimated $1.2 billion development will include residential, hotel, retail, and communal spaces distributed over two towers.[34] The main tower, when constructed, would reach at least 80 stories and would be divided into three parts: hotel, apartments, and condominiums. A hotel with its own swimming pool would be below 425 apartments (including some subsidized affordable units), on top of which would be 250 condominiums and another swimming pool.[34] The second tower would reach 27 stories and would contain a charter elementary school and another hotel that offers a rooftop pool and bar.[34] The project has completed the entitlement process and is awaiting approval from the City Council.[35]

In October 2022, Los Angeles City Council Member De Leon was in a meeting where derogatory comments were made about a colleague's son, with calls for De Leon's resignation made by the California Governor, Newsom.[36][37]

Peebles has publicly and expressly stated "racism has impeded our progress" in Los Angeles,[38] despite prior assurances that the project would be on time and was meeting all deadlines to be open for the 2028 Olympics.[39][40] Angels Landing is projected to initially inject $1.6 billion into the local economy and create more than 8,300 new jobs for construction. The development is committed to a minimum of 30 percent minority-owned and women-owned business procurement.[41]

The Lincoln (Miami Beach, FL)

This mixed-use project was one of the first Class A office buildings on South Beach. The Peebles Corporation, in a Public/Private Partnership with the City of Miami Beach, developed the 200,000-square-foot building. The Lincoln combines office and retail with a six-level public parking garage. [42]

1801 Vine Street (Philadelphia, PN)

The Peebles Corporation’s 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 said the decision was made "in consideration of the impact of COVID on the hospitality market."[43]

Bankhead Marta (Atlanta, GA)

In October 2022, a Peebles-controlled joint venture was awarded the Bankhead MARTA development project. Bankhead MARTA is located at the Bankhead Station of the existing Metropolitan Atlanta Rapid Transit Authority (“MARTA”) property. The project, encompassing 3.8 acres of land along with air-rights above the Bankhead MARTA rail station, will be redeveloped as a mixed-use transit-oriented community. The plan includes approximately 490+ multi-family housing units, 30% of which will be designated affordable, a hotel, retail, office, parking, and over one acre of open space.[44][45]

Affirmation Tower (New York, NY)

The Peebles Corporation submitted an RFP to the City of New York to build the tallest building in the Western Hemisphere.[46]

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.[47][48] The RFP has since been reissued and the decision is pending.[49] In 2022, The Peebles Corporation 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.[50]

Brooklyn Village (Charlotte, NC)

Through an RFP process, Mecklenburg County, in uptown Charlotte, NC, selected The Peebles Corporation to develop Brooklyn Village, a mixed-use development consisting of 3,000,000 gross square feet, including apartments, hotels, office space, and ground-level retail. The project will be constructed over multiple phases.[51] The Peebles Corporation secured funding from Stonehill Strategic Partners for Phase 1 of the development in August 2023.[52]

Philanthropy & community involvement

The Peebles Corporation works with local organizations in the communities in which they build projects. In 1998, the company founded the Entrepreneurship Academy at The Hospitality High School in Washington, DC. The company also helped build CARE Elementary in Miami in one of the most underserved communities in the city. Peebles works with the Milken Institute to support various initiatives with both the Prostate Cancer Foundation and global leadership.[53][54]

Peebles Emerging Developer Fund

In 2019, Peebles launched Peebles Emerging Developer Fund, a $500 million investment fund for women and minority developers in New York, Los Angeles and South Florida.[55] The fund has been trying to attract investors and deploy capital, but has encountered difficulties as it is focusing on public employment pension funds who have been hesitant. Peebles initially wanted to begin investing in by the end of 2020.[56][57] As of 2022, the fund is raising capital to its new target, $450 million.[58]

References

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  3. ^ McMullen, Troy (12 October 2018). "Real estate entrepreneur Don Peebles is still building on his success". Washington Post.
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  9. ^ Holmes, Tamara E. (1 February 2005). "Miami's Royal Palm Sells For $127.5m". Black Enterprise.
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  11. ^ Davis, Dominic-Madori. "He was the first African American member of Miami's most exclusive social club. Today, he owns it — and has a plan to recoup his $8 million investment". Business Insider. Retrieved 2024-02-20.
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  27. ^ Cunningham, Cathy (11 January 2022). "JP Morgan, Lionheart Lend $229M on Tribeca Clock Tower Building". Commercial Observer.
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  33. ^ Barragan, Bianca (2017-12-13). "City Council approves Angels Landing plan that would bring 88-story tower, elementary school to Bunker Hill". Curbed LA. Archived from the original on 2018-06-27. Retrieved 2018-06-27.
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  44. ^ Schenke, Jarred (October 17, 2022). "Peebles To Debut In Atlanta With Major Redevelopment Of MARTA Station". Bisnow.
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  50. ^ Brenzel, Kathryn (24 March 2022). "Civil Rights Museum to Move to Don Peebles' Affirmation Tower". The Real Deal.
  51. ^ Rago, Gordon (October 12, 2022). "Long-awaited $683 million Brooklyn Village project on track to start by early next year". Charlotte Observer.
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  53. ^ Fleming, Sibley (7 May 2019). "Real Estate Gives Back: Don Peebles Champions Economic Equality". Commercial Property Executive.
  54. ^ Uribe, Isabella (17 February 2023). "Prostate Cancer Foundation - Palm Beach Gala Dinner". Resident Magazine.
  55. ^ Prosser, Gregory (21 June 2019). "Don Peebles $500M Diversity Fund For Minority Developers". The Real Deal.
  56. ^ Brenzel, Kathryn (July 16, 2020). "Don Peebles to Launch $500M Fund By End of Year". The Real Deal New York. Archived from the original on April 9, 2021. Retrieved February 19, 2021.
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  58. ^ Brenzel, Kathryn (27 August 2021). ""Hardest project in my career to capitalize": Diversity fund proves tough test for Peebles". the Real Deal. Archived from the original on 24 October 2022. Retrieved 17 January 2023.
Quelle: https://en.wikipedia.org/wiki/Peebles_Corporation