By Dana Sanchez
Real estate entrepreneur, author and political activist Don Peebles plans to launch a $500 million investment fund for minority and women property developers in markets where his firm, Peebles Corp., operates.
He made the announcement on Friday during TRD’s annual Los Angeles residential real estate showcases, where he moderated a panel on diversity, according to the Real Deal.
An advocate for diversity in the real estate industry, Peebles said access to capital has been the biggest challenge for minorities and female developers. “I looked at how to address that for a number of years,” he said. “No one in the country is doing this on a national level.”
The fund will focus on urban infill projects — an urban planning term for rededicating land in an urban environment to new construction. A kind of “land-recycling,” infill has been promoted as an economical use of existing infrastructure and a remedy for urban sprawl, according to the Handbook of Urban Economics and Planning. Its critics view it as overloading urban services, increasing traffic congestion and pollution, and decreasing urban green-space.
“It’s a very positive thing to have the developments that are Click here to read entire article