What attracted MacFarlane Properties to the District of Columbia and what do you find most
exciting about the city?
Victor
MacFarlane personally participated in the development of the JW Marriott on Pennsylvania Avenue while in his first job as an
analyst with Aetna. Years later, as MacFarlane gained it's expertise in developing and re-developing mixed-use properties in
major cities, Washington became an obvious and enticing opportunity. I feel extremely lucky to have my own opportunity to work
with a company who has this focus. From my experience in government service, I have seen how urban communities can benefit from
the type of revitalization and "blending" that MacFarlane brings to cities from New York to Los Angeles.
What is the company's real estate investment philosophy? What do you believe is the main
reason behind MacFarlane's success?
MacFarlane
provided returns beyond expectation for CalPERS from the beginning, which emboldened us and our investors to move forward. As you
may know, we recently closed an investment of $2.5 billion in the Washington Metropolitan Area. Going forward, our philosophy is
to invest in areas that will benefit, while providing consistent, solid returns for our investors. Our success stems from both a
focus in our property type, our strong relationships with our partners and our commitment to the belief that what we are doing
has long term benefits to the communities in which we develop.
What is MacFarlane's core focus in DC? What kind of projects does the company most want to
pursue?
Mixed-use
properties that allow for market rate and affordable housing, with an improved blend of retail. We can develop such neighborhoods
in overlooked sub-markets or can improve a community that is not populated with appropriate housing or retail to what is its
"highest and best use." In other words, we can provide the equity needed to better serve the needs of those in urban
neighborhoods.
What are some projects you are currently working on?
In the
District, we have the Yards with Forest City and Solea with Jair Lynch. In our joint venture with the JBG Companies, we will see
42 new projects over time throughout the Washington Metropolitan Area.
Would you like to share any updates with us on the Soccer Stadium
(smile)?
As we
continue to say, we are committed to keeping D.C. United in the District and will continue our support of Ward
8!
Do you think DC has reached its full potential as a city with respect to economic
development or is the sky the limit?
I think we
surprise ourselves when we see new areas come into focus. If you look back just ten years ago, one can see the dramatic
improvements across DC. Right now there is activity percolating in NoMa, Poplar Point, the Southwest Waterfront, the H Street
corridor, the area around the ballpark as well as Columbia Heights and Mount Vernon Square! The sky may be the limit, but
remember: there are height restrictions in DC!
This year MacFarlane is a sponsor of the District Reception at the ICSC conference. Could
you tell us a little about the sponsorship and why you're looking forward to this year's ICSC and what you hope to gain from
it?
Our firm
has participated in ICSC (among other organizations) for years. This particular conference is one of the largest real estate
conferences in the US with 50,000 conferees in attendance. It's a must attend for any developer with retail interests. Further,
it affords the opportunities to bring together many different companies from across the country, meet with other city leaders and
learn how other developers and cities are improving environments for living, working and entertaining.
Many people and reporters have described MacFarlane as one of the hottest real estate
investment firms, what's your reaction to that?
Fantastic! I like that! The team at the firm works very hard to stay ahead of the curve in our approach to
development, the partners we choose to work with, and the cities in which we invest.
If you are focused and good at what you do, the success naturally follows.
The
Government of the District of Columbia Office of the Deputy Mayor for Planning and Economic Development has issued a solicitation
for offers for the development of the "Benning Road and Minnesota Avenue, NE Site, Phase 2". 
