Ronnie Gibbons- A Builder's Journey into Real Estate Development (#139)

BIORonnie Gibbons is the Senior Vice President of Development at Carmel Partners, where he leads the DC region for development and investments. His responsibilities encompass sourcing new opportunities, evaluating market feasibility, structuring transactions, and overseeing the entire execution process, while also supporting asset management and collaborating closely with the construction team. Carmel Partners, a vertically integrated firm, specializes in development, asset management, investments, and self-performing construction. With over 15 years of experience in multi-family residential, mixed-use, retail, and commercial development, Ronnie brings extensive expertise. He holds a Master's degree in Real Estate from Georgetown University (with a finance focus) and a Bachelor of Science in Economics from the University of Maryland. Before joining Carmel Partners in 2018, Ronnie served as Development Director at Monument Realty and held various roles at Foulger-Pratt, including superintendent and project manager on projects such as the Silver Spring Transit Center. He began his career building houses for Ryan Homes. Ronnie has spearheaded significant projects like the Annex on 12th conversion in downtown Washington and the Wardman Park development, a massive 867-unit project that repurposed a bankrupt hotel site. His approach to development, influenced by his blue-collar upbringing, emphasizes risk mitigation, feasibility, and considering the end-user. He is also passionate about sustainable building practices. Key Discussion Points Current Role [7:35-9:09] Leads DC development and investments for Carmel PartnersFocuses on pursuits: sourcing opportunities, evaluating dealsBoth development and value-add acquisitionsWorks closely with vertically integrated construction team Background Journey [9:20-17:00] Born/raised Frederick, MD - fourth generationFather: 40-year maintenance worker at Parkside condos in BethesdaMother: ran home daycareFirst job at 14: collecting newspapers... Chapters (00:00:00) - Icons of DC Real Estate Community Transition to Station DC(00:05:04) - Interviewing Ronnie Gibbons(00:07:21) - Ronnie Carmel Discusses His Role at Carmel Partners(00:09:10) - Growing Up in Frederick, Maryland(00:12:32) - Post-Bacc MS in Economics(00:14:11) - Construction Superintendents at Folger Pratt(00:20:23) - How Starting Your Career at Folger Pratt(00:21:03) - Former Property Engineer at CBRE(00:22:28) - In the Elevator With Folger Pratt's Michael Darby(00:25:16) - Have You Changed Your Approach to Acquisitions and Development?(00:28:01) - In the Elevator Deal,(00:29:47) - Talking to the Monuments Committee(00:31:08) - On Carmel's Investment Committee(00:32:35) - Carmel Partners: Why It Came to Washington DC(00:36:01) - How DC's Property Team Works(00:36:39) - Underpinning Carmel Partners': Construction Division(00:39:17) - Private Equity Companies: The Typical Financing Structure(00:40:48) - Are You Buying Value Added Assets?(00:42:16) - Exploring Douglas Development's Annex on 12th(00:44:35) - Developers Take a Tour of the Smithsonian's New Building(00:49:14) - Greystar delivers 500-unit NOMA project(00:51:44) - Developers Bring Multifamily to Wardman(00:58:33) - How long did it take to get from the conceptual stage to the(01:01:16) - When renovating the Woodman Tower, The Carmel(01:05:58) - What are the green building standards for your building?(01:06:49) - Woodley Park Residential Project, Washington(01:12:29) - Timeline of Lease Up at Embassy Row DC(01:13:39) - Woodley Park 2,000 Unit Comparison(01:17:41) - What is the most misunderstood aspect of the Washington, D.C(01:20:15) - When scanning sub markets, what three signals make you lean in and(01:21:08) - How tight are the submarkets in Washington, DC?(01:22:42) - Why Build 1,000 Units at Once?(01:26:09) - Does the Washington-Baltimore region factor into your deals?(01:29:00) - What Would Your Profession Know That Others Don't?(01:34:21) - Top Executives: Family, Work and Giving Back(01:35:41) - Carmel Partners' CEO on Giving Back(01:36:10) - Projects on the Capital Beltway