Richard Tucker started in commercial real estate in 1982 with his first job as a property manager for shopping centers. Over the past 30 years, much of his work has been in traditional single-level community and larger shopping centers, in both urban and growth markets.
“Over the past 10 years, we have focused on urban and barrier-to-entry markets for both shopping centers and mixed-use properties—typically retail and rental apartments,” Tucker said, President and CEO of Tucker Development. “We currently have large-scale mixed-use developments under construction in two locations.”
What Tucker loves about commercial real estate is that it gives him and his team the ability to be creative and to realize all the fruits of their labor.
“Also, we are able to create transformative developments in the communities in which we work,” he said. “Taking land and creating a productive retail or mixed-use development is exhilarating. And on the financial side, it’s exciting to take risks and see rewards. It is also very rewarding to work with members of my team at Tucker – strong, motivated people – and encourage them to grow.”
So what sets Tucker Development apart from the rest? “We work really hard (and smart) in evaluating opportunities,” he said. “Then, we get creative with our architects and engineers to come up with a plan to maximize value, while minimizing risk on any given site. We are able to be so thorough because we focus on only a few deals at a time. At any given time, we have just a handful of priorities, allowing us to execute with precision on our projects.”
According to Tucker, right now the company is focused on several new potential developments in Chicagoland.
“In recent years, we’ve also been active in New Jersey,” he said. “Currently, we are under construction with Springfield Avenue Marketplace and Hudson Lights, two exciting mixed-use projects in Newark and Fort Lee, NJ, respectively. When complete, these two developments will include a total of more than 600 rental apartments and over 300,000 square feet of retail, both creating dynamic live, dine, shop environments.”
One trend, according to Tucker, the company has been at the forefront of, is the move toward urban and densely populated markets for mixed-use properties.
“In many cases, a residential component drives the economics, while the retail serves as an amenity to residential tenants,” he said. “And with many millennials (who are a larger demographic than baby boomers) looking to test out strong suburban and urban markets before purchasing a home, there is great demand for luxury rental apartments that afford access to a host of dining, entertainment, shopping and cultural offerings.”
A challenge he’s facing in today’s market? Tucker says every piece of the puzzle is a challenge.
“Whether it’s finding deals that are worth the time it takes to execute all levels of the deal, or adjusting to the rapidly shifting demand from a diverse range of demographics. Additionally, in retail, the changes wrought by technology can be a challenge. As certain industries (like books) move online, it is important to make sure that we align ourselves with tenants that are strongly positioned for future success.”
When he isn’t working, Tucker finds the balance between work and the things that keep him sane by spending time with his family.
“First, I have a wonderful wife and three adult kids, so spending time with them provides my favorite time away from the office. Second, being active keeps me sane (almost). Whether it’s cycling, golfing, skiing or other activities, I find that being active and exercising helps tremendously.”
One thing he’d like to do that he hasn’t already? “Professionally, I would like to create a Chicago-area project similar to our large-scale mixed-use development in Fort Lee, NJ – Hudson Lights – which will consist of a million square feet of retail, residential and a hotel,” he said. “Bringing a project like that home to Chicago would be incredibly rewarding. On a personal level, my wife and I enjoy traveling, so it would be great to visit Australia and New Zealand, and other great spots we have not yet seen.”
Although it’s really hard for Tucker to imagine doing anything else, but if he wasn’t in CRE, Tucker says he’d probably work at a start-up company. “I’ve been in commercial real estate for over 30 years. Being part of new and exciting concepts with smart, motivated people would be great.”
Tucker’s favorite movie and music? “The movie St. Vincent with Bill Murray was fantastic. Music-wise, I like all kinds of contemporary music, from 1970s vinyl’s to today’s hits.”
