In this episode we sit down with a true commercial real estate Pioneer, Ed Cross. Ed is an influential developer out of the Texas market that is know for being an innovative and creative multifamily developer. Ed has accomplished some amazing things and his career and he shares his lessons learned over the years.
DISCUSSION TOPICS
- How Ed Got Started - 1:38
- Ed’s First Development Deal – 8:42
- Ed’s First Big Brokerage Deal – 10:30
- The Gift of Abstract Thinking – 18:05
- The Key Ingredients for being a Successful Broker – 19:40
- Ed Starts to Discuss the Vistana Project – 23:00
- Law of the Indies / Spaniard Settlements – 25:30
- The Benefit to Developing in a market that is 10 years behind – 28:30
- The Practice of Virtual Development – 32:47
- Ed’s Partner and The Start of Corona Beer in the US – 35:25
- Ed’s Mistake in the Development of Vistana - 37:25
- How Ed Managed the Stress of Being Behind Schedule and Over Budget - 41:35
- Ed’s New Project – Vicinia – The New Urbanist Development – 48:08
- Discussing New Urbanism – 48:45
- How the Civil Engineer was Ed’s Biggest Adversary with Vicinia – 58:30
- How Ed Got Partner Support for a Pioneering Venture – 1:00:30
- Designing a New Urbanist Project to Accommodate Parking and Large Trucks – 1:02:40
- Ed’s Biggest Piece of Advice – 01:08:47
TOP TAKEAWAYS
- Present Numbers and Present a Proposal in a way that the recipient doesn’t have any questions. 2:45
- To excel in Commercial Real Estate you have to be able to have abstract thinking. – 18:05
- The Creativity of Development is like Brokerage x10 – 23:35
- Embrace Issues in Development and Don’t Look at Them Adverse Effect to a Project – 24:15
- CRE is a really small community and You’re known by your character – 39:20
- Don’t Develop for Fees, Develop for Ownership – 42:25
- Have Skin in the Game, Overcommunicate and Understand Risk 42:50
- No Surprises – 43:10
- Worrying Doesn’t Solve the Problem… Working On It Does – 44:15
- Marry Well – 45:00
- Land’s Value is Based off the Density You can Put on It – 1:01:28
Website Link to Vicinia - https://viciniasa.com/