Episode 15 - Dan McCaffery
Phil sits down for a cup of coffee with Dan McCaffery of McCaffery Interests. Dan explains how he went from a college student in Canada to running a hugely successful real estate development and full service real estate firm in Chicago, Illinois, that has successfully completed over $2 Billion of commercial real estate developments. Dan is a big picture guy who has made big developments his business, including the current development of The Lincoln Common in Lincoln Park, Illinois. The Lincoln Common is the former site of the Children’s Memorial Hospital, and the project will cover a contiguous 6.04 acre area which includes 100,000 square feet of retail space, 538 apartment units, 40 luxury condominiums, a 5-story boutique office building, 850 garage spaces, and a 156 room senior living facility, with over 1 acre of open space and multiple swimming pools. Dan explains how he and his team “imagineers” huge developments, his strategy for pricing the site while factoring in construction and other costs, and obtaining the vision to see the project completion and how it can transform a community. Dan also discusses his developments in the West Loop and participating in the revitalization of that area, and how to build projects which are attractive to multiple generations including the millennial demographic. McCaffery interests has been instrumental in pioneering the Strip District in Pittsburgh. Dan’s story about the sale of the old Nike Town property exemplifies the attraction to real estate development and real estate property values. Dan also explains why the retail sector may be a great opportunity for investment in this period of bad news surrounding retail. It is readily apparent that what Dan values above all else is partnerships, and having partners that you can trust, and who share similar visions. “Relationships over returns,” as Dan says. Links: McCaffery Interests Website: http://www.mccafferyinterests.com/ The Lincoln Common Project: https://lincolncommon.com/