The Real Deal New York

City considering $200M in projects for minority developers

Don Peebles criticized proposal as insufficient

November 11, 2015 10:43AM

Don Peebles

Mayor Bill de Blasio may be planning a big push to help minority- and women-owned developers.

At a secret meeting Tuesday, de Blasio said he was considering setting aside six development projects worth around $200 million for minority-run firms.

One meeting participant told the Post he was happy with de Blasio’s focus on minority-run developers, but criticized the proposed outlays.

The mayor also said he would create a fund to provide $10 million to $20 million in loans to the same group of developers, the New York Post reported.

Real estate developer Don Peebles agreed, telling the Post,“The $10 million fund offer is consistent with the crumb approach this administration has towards minority- and women- owned businesses. This time, he is offering less of a crumb.”

Peebles, who has floated the possibility of opposing de Blasio in the 2017 election, had previously slammed the mayor for his failure to address the needs minority-run developers. [NYP]Ariel Stulberg