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R. Donahue Peebles

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Don Peebles
Born
Roy Donahue Peebles

(1960-03-02) March 2, 1960 (age 65)
Washington, D.C., U.S.
EducationRutgers University, New Brunswick (dropped out Freshman year)[1]
TitleFounder, Chairman and CEO of the Peebles Corporation[2]
WebsiteOfficial website

Roy Donahue "Don" Peebles (born March 2, 1960) is an American real estate millionaire.[3] Peebles is the founder, chairman, and CEO of The Peebles Corporation (TPC), a privately held real estate investment and development company he established in 1983.

According to Forbes, Peebles is one of the most successful African American CEOs.[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

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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.[10]

Peebles has been married to Katrina Peebles for years. Katrina Peebles is the creative director of The Peebles Corporation, who has worked restoring Miami Beach’s historic Bath Club. She’s also a philanthropist supporting arts, education, and underserved youth.

Career

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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[11] where he served until 1988. In 1986, a Peebles-led partnership acquired the site for his first commercial real estate development project.[10]

Through a Public-Private Partnership (PPP) with the District of Columbia, Peebles delivered his first Class A building in 1989.[12]

In 1990, he 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, D.C. 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.[13]

In 1999, Peebles purchased The Bath Club, an exclusive social club opened in 1926, after becoming the first black member in 1996.[14] Peebles built a luxury residential tower on the site of the club's former parking lot and tennis courts and preserved the historic clubhouse. The project was completed in 2005.[15][16] The Bath Club site expands 5 acres, plus 3 acres of beach, 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.[14][17][18]

In 2010, Peebles' company was sued by the D.C. Attorney General for alleged billing issues. Peebles claimed that 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.[19] 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.[20]

In 2014, he, 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. SUNY issued a public statement alleging Peebles' failed to negotiate in good faith and could not wdhere to his own deal terms[21] and an appellate court upheld SUNY's determination that Peebles was a bad faith bidder - the court determined that Peebles knew that he lacked the resources to complete the acquisition and development of the site.[22]

Peebles alleged the site was environmentally uncertain after SUNY stopped negotiating with the partnership citing Peebles "bad faith" and "unacceptable" proposals.[23]

After years of negotiations with the Washington, DC agencies to transform an abandoned parcel in the Mount Vernon Triangle[24] 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.[25] Peebles and Washington D.C. are still engaged in litigation regarding the site.

In October 2022, he 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.[26][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 luxury condominiums in Manhattan's landmarked Clocktower Building, which was completed in 2020;[29] Angels Landing in Los Angeles;[30] and Brooklyn Village in Charlotte, North Carolina,[31][32] As master developer of the Charlotte site, Peebles will develop some of the parcels and sell others to third party developers.[33][34] Peebles also has projects in various stages of delay or development in Boston and Atlanta.[35][36]

Awards & honors

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Politics and affiliations

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Peebles has been politically engaged since the 1970s. He served on President Bill Clinton's national finance committee during the 1992 presidential race,[10] joined his Economic Summit in Arkansas that same year, and has hosted President Clinton at his homes on several occasions. He was a member of President Barack Obama's National Finance Committee for the President's 2008 election and his 2012 reelection campaign.[41] 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.[42]

In 2010, he announced that he had considered running to become mayor of Washington,[43] but he decided against it due to his mother-in-law's terminal illness.[44] He had also publicly considered running for Mayor of Miami and of New York City and received encouragement from many political and community leaders.[45]

In 2013, he was elected vice chairman of the board of directors of the Congressional Black Caucus Foundation.[46] 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 is the only non-member of Congress to be elected to the position of Chairperson of the CBCF.[47]

In 2014, according to Peebles, Mayor DeBlasio contacted Peebles for a $20,000 donation to support the mayor's universal pre-K program, UPKNYC, which is now shut down.

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, the Peebles team's proposal was ranked higher than that of Fortis. Soon after, De Blasio was under state and federal investigation for campaign finance scandals, though neither party was prosecuted. [48]

Peebles frequently appears on CNN, Fox News, CNBC and other networks to discuss political, economic and business issues.[49] 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.[50] He supports small business and minority-focused initiatives emerging from The White House with a focus on policy change rather than political affiliation.[51]

Peebles Support for Donald Trump

In a 2024 interview on Fox Business, Peebles expressed frustration with the Democratic Party's direction and leadership. He criticized the party for becoming disconnected from its traditional base and called for a generational change in leadership. Specifically, Peebles argued that Democrats should "turn the page" on President Joe Biden and bring in new candidates who could better address national concerns and challenge Trump effectively in the 2024 election cycle.[52]

Peebles has also defended Trump in the context of the president's legal battles in New York. After a New York judge imposed a $355 million fine on Trump in a civil fraud case, Peebles argued that the ruling appeared to be politically motivated. He characterized the judgment as “so wrong” and suggested it was a targeted effort to cause Trump pain before the appeals process could unfold.[53]

Personal life

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Peebles moved to Miami,[54] 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.[55][56]

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 1992.[57][58] She is an interior designer and serves as the creative director and principal of The Peebles Corporation. [59]

Peebles' son, Donahue,[60] is a Columbia University graduate and is currently working at The Peebles Corporation, where he is leading the company's national development efforts,[61] His daughter, Chloe, is a Division 1 athlete, university student and a national hunt seat equestrian competitor.[62]

Writing

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  • 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

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  1. ^ "How Don Peebles Became One of the Wealthiest African-American Real Estate Developers". June 24, 2020.
  2. ^ "Don Peebles reflects on his Black heritage". CNBC. February 5, 2024.
  3. ^ McMullen, Troy (October 12, 2018). "Real estate entrepreneur Don Peebles is still building on his success". Washington Post.
  4. ^ Sorvino, Chloe (January 27, 2015). "Successful African American Real Estate Mogul Inches Closer To Billionaire Status". Forbes.
  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. ^ a b c Pressberg, Matt (June 24, 2020). "How Don Peebles Became One of the Wealthiest African-American Real Estate Developers". C-Suite Quarterly.
  11. ^ Schwartzman, Paul; Nikita Stewart (January 6, 2010). "Millionaire Peebles says he won't run for mayor of D.C." The Washington Post. Retrieved December 5, 2010.
  12. ^ Harris, Hamil R. (November 10, 1994). "Anacostia Turning Over a New Leaf". Washington Post.
  13. ^ Holmes, Tamara E. (February 1, 2005). "Miami's Royal Palm Sells For $127.5m". Black Enterprise.
  14. ^ a b Rigual, Luis (February 24, 2020). "Owner Don Peebles Tells All About Miami's The Bath Club's Fresh New Face". Modern Luxury Miami.
  15. ^ 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 April 13, 2024.
  16. ^ "Bath Club Condominium Information for Miami Beach Real Estate Market/Bath Club Condos For Sale at 5959 Collins Avenue, Miami Beach, Florida, 33140". www.themeridianadvisors.com. Retrieved April 13, 2024.
  17. ^ Laban, Linda; Jackson, Katie (February 16, 2024). "Inside Miami's booming private club scene". New York Post. Retrieved April 14, 2024.
  18. ^ Rubino, Stephen (March 4, 2024). "8 Quintessential Cincy Spots For Beer or Bourbon". Thrillist. Retrieved April 14, 2024.
  19. ^ Fischer, Ben (November 10, 2010). "D.C. sues Peebles' company". Washington Business Journal.
  20. ^ Neibauer, Michael (November 20, 2012). "D.C. settles civil case against partnership co-led by R. Donahue Peebles". Washington Business Journal.
  21. ^ https://www.suny.edu/suny-news/press-releases/may-2014/5-28-14-lich/statement-from-communications-director-david-doyle.html
  22. ^ https://wwe1.osc.state.ny.us/Contracts/Bid_Protest/bpd_SF20140322.pdf
  23. ^ "Statement from Communications Director David Doyle". Suny.edu. Retrieved February 10, 2022.
  24. ^ Neilbauer, Michael (July 31, 2015). "Here's the Peebles plan for a hotel-apartment house in Mount Vernon Triangle". Washington Business Journal.
  25. ^ Staff (August 17, 2021). "Legacy Real Estate Development, Domaine and The NHP Foundation Secure $23M for Construction of 17 Mississippi Avenue Apartments". PRWeb.
  26. ^ Schenke, Jarred (October 17, 2022). "Peebles To Debut In Atlanta With Major Redevelopment Of MARTA Station". Bisnow.
  27. ^ Yellig, John (October 17, 2022). "MARTA, Peebles enter negotiations for major mixed-use development on the Westside". Atlanta Agent Magazine.
  28. ^ Dilakian, Steven (March 24, 2022). "Civil Rights Museum to Move to Don Peebles' Affirmation Tower". The Real Deal.
  29. ^ "JP Morgan, Lionheart Lend $229M on Tribeca Clock Tower Building". Commercial Observer. January 11, 2022.
  30. ^ Netzley, Luke (August 8, 2022). "New Angels Landing development hopes to bring financial boost Downtown". Los Angeles Downtown News.
  31. ^ Rago, Gordon (October 12, 2022). "Long-awaited $683 million Brooklyn Village project, which is currently 8 years delayed". Charlotte Observer.
  32. ^ Burt, Sharelle (September 5, 2023). "Charlotte's Historic Hub For Black Business, Walton Plaza, Set To Be Demolished". Black Enterprise. Retrieved April 13, 2024.
  33. ^ https://jumpshare.com/s/HR0juMQlps5cMncXdRr7
  34. ^ Franco, Elise (August 18, 2023). "ALL IN ON BROOKLYN VILLAGE". The Business Journals. Archived from the original on December 12, 2023. Retrieved April 13, 2024.
  35. ^ Patkin, Abby. "10 stories of affordable housing planned for Back Bay development". www.boston.com.
  36. ^ Schenke, Jarred (October 17, 2022). "Peebles To Debut In Atlanta With Major Redevelopment Of MARTA Station". Bisnow.
  37. ^ Miller, Matthew. "The Wealthiest Black Americans". Forbes. Retrieved April 14, 2024.
  38. ^ "A Time for Leadership" (PDF). leadersmag.com. October 4, 2020. Retrieved April 14, 2024.
  39. ^ Com, Blackentrepreneurprofile. "R. Donahue Peebles". Black Entrepreneur & Executives Profiles. Retrieved April 14, 2024.
  40. ^ "Sojourner-Douglass College graduates 30th class". Baltimore Sun. June 28, 2010. Retrieved April 14, 2024.
  41. ^ LaRocco, Lori Ann (September 7, 2011). "Taking The Pulse of President Obama's Fundraising". CNBC.
  42. ^ "Obama hits D.C. social circuit...to fundraise". Washington Post. November 8, 2011.
  43. ^ O'Connell, Jonathan (October 20, 2009). "Don Peebles: I may run for D.C. mayor". Washington Business Journal.
  44. ^ Schwartzman, Paul (January 6, 2010). "Millionaire Peebles says he won't run for mayor of D.C." Washington Post.
  45. ^ "D.C. real estate icon Don Peebles talks possible NYC mayoral bid". Washington Business Journal.
  46. ^ "CBCF Announces New President/CEO and Chair of Board of Directors - Congressional Black Caucus Foundation, Inc". February 27, 2015. Archived from the original on February 27, 2015. Retrieved October 14, 2023.
  47. ^ "CBCF Announces New Board Chairman". Congressional Black Caucus Foundation. July 30, 2015.
  48. ^ "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.
  49. ^ "DON PEEBLES in New York Lifestyles Magazine". newyorklifestylesmagazine.com.
  50. ^ "Don Peebles: Seeking a fast climb up the ladder". The Real Deal.
  51. ^ Breuninger, Kevin (August 16, 2017). "'It's all about him': CEO rips Trump over Charlottesville". CNBC.
  52. ^ Butler, Brooke Singman (September 27, 2024). "Obama fundraiser tells Dems to 'turn the page' on Biden, says law 'weaponized' against Trump". Fox Business. Retrieved April 12, 2025.
  53. ^ Singman, Brooke (February 20, 2024). "Former Obama fundraiser calls Trump's fine 'so wrong,' says it's an attempt to inflict pain before NY loses appeal". Fox News. Retrieved April 12, 2025.
  54. ^ Creitz, Charles (February 22, 2024). "Former Obama fundraiser tells Dems to 'turn the page' on Biden, says law was 'weaponized' against Trump". FOXBusiness.
  55. ^ Solomont, E. B. (May 26, 2021). "Amid Red-Hot Market, Developer Don Peebles Sells South Florida Home for $13 Million". Wall Street Journal.
  56. ^ "Don Peebles sells Coral Gables mansion for $13M". www.bizjournals.com.
  57. ^ "President Obama Announces More Key Administration Posts". whitehouse.gov. September 13, 2011. Retrieved September 24, 2012 – via National Archives.
  58. ^ Dahle, Stephanie (November 17, 2008). "Briefing Book: Don Peebles". Forbes. Retrieved December 5, 2010.
  59. ^ "Team - The Peebles Corporation". peeblescorp.com. January 7, 2019. Retrieved October 8, 2024.
  60. ^ Bedford, Keith (March 3, 2014). "Dynasties: A Son's Positive Influence". Wall Street Journal.
  61. ^ "Dynasties: A Son's Positive Influence". The Wall Street Journal. March 2, 2014. Retrieved February 27, 2015.
  62. ^ "2012 Competition Results". United States Equestrian Federation. Retrieved September 24, 2012.
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