Carrying the Legacy Forward: A Conversation with Donahue Peebles III

A Legacy of Innovation and Inclusivity

With over three decades of transformative projects under their belt, The Peebles Corporation has become synonymous with innovation, inclusivity, and success. At the helm of this multi-billion-dollar empire stands Donahue Peebles III, working alongside his father, Don Peebles II, to lead the family’s legacy into a new era.

A True Partnership

Peebles III, “My father and I have been working together for over 10 years. We’re great partners, and he continues to be an exceptional mentor to me,” he explains. For Peebles III, the relationship is about building upon a strong foundation. "My role within the organization has grown, it's largely a consequence of an allocation of responsibilities within our partnership."

The Affordable Housing Imperative

The Peebles Corporation’s pipeline reflects its bold and diverse approach to real estate development, with projects spanning from affordable housing to luxury condominiums. Currently, the firm, in partnership with Peebles III's Legacy Real Estate Development, is spearheading affordable housing developments in Washington, D.C., Charlotte, while tackling transformative mixed-use projects like Durham’s six-acre site.

“These projects align with our corporate culture and principles,” says Peebles III, referencing partnerships with organizations like Phi Beta Sigma Fraternity for 145 Kennedy in Washington D.C. “It’s about doing well by doing good.”

Peebles III is deeply committed to addressing one of America’s most pressing challenges: affordable housing. “There’s a six-million-home shortage nationally,” he emphasizes. “It’s the single most pressing need in urban America today.”

He highlights Florida’s Live Local Act as a groundbreaking initiative, calling it “the most impactful affordable housing legislation since the creation of the low-income housing tax credit.” While his firm isn’t currently involved with Live Local projects, Peebles III lauds its potential to serve as a model for other states. “It solves the root cause of housing affordability as opposed to just the symptoms.”

Luxury Remains in Demand

The firm has a diverse portfolio that also includes high-end developments. On the luxury side, Peebles III points to a shift in Miami Beach’s buyer demographic. “It’s no longer about snowbirds looking for sand and sun,” he notes. “The ultra-wealthy full-time residents are looking for walkability, schools, and cultural vibrancy.” The firm’s luxury condominium projects cater directly to this evolved market.

The firm also is behind 108 Leonard Street and The Affirmation Tower in New York City, among several other projects.

Navigating Market Challenges

The past year has been tumultuous for the real estate market, with rising interest rates and inflation creating hurdles for developers. Peebles III credits patience and creativity as key strategies for overcoming these challenges. “You have to find alternative means of adding value—whether that’s achieving additional density or garnering public subsidies,” he explains. However, he remains optimistic: “The tide is shifting. Interest rates are coming down, and development sentiment is improving.”

Conversions and Innovation

Peebles III sees opportunity in the growing trend of office-to-residential conversions, particularly in cities like New York and Washington, D.C. While such projects often require creative design solutions, they offer a chance to repurpose underutilized spaces. “It’s about being exceptionally creative alongside designers,” he says, citing successful examples in New York’s Financial District.

In Washington, D.C., however, unique challenges persist due to restrictive zoning laws like the federally instituted Height Act. “D.C.’s central business district has near-empty office buildings at depressed valuations,” Peebles III observes. Despite these hurdles, he sees potential for public-private partnerships and innovative approaches to revitalizing the area.

Advice for the Next Generation

As a seasoned professional, Peebles III is passionate about mentoring the next generation of real estate leaders. His advice? Focus on building a strong network and gaining broad exposure early in your career. “Real estate is an industry with a lot of information asymmetry,” he explains. “Work for a small firm where you can get exposure to different verticals within the business. It’s about understanding the entirety of the process.”

For Peebles III, conversations and connections remain invaluable tools for staying ahead. “We’re all excited about what’s happening in any given market,” he says. “Learning from the people who are transacting and involved in the moment-to-moment is critical.”

A Legacy in Motion

From luxury condos on Miami Beach to affordable housing across the U.S., Donahue Peebles III is driving the family legacy forward with vision and purpose. Balancing profitability with social impact, he embodies the ethos of doing well by doing good—a philosophy that continues to shape the Peebles Corporation’s remarkable journey.

As the tides shift in real estate, one thing is clear: the Peebles name remains synonymous with excellence, innovation, and transformative impact.