3 Ingredients Helped CRE Pro Through Massive Crisis

Conor McNally has led the development of over $700 million in Carter projects across multiple asset classes since he joined the firm.

ATLANTA— Conor McNally has led the development of over $700 million in Carter projects across multiple asset classes since he joined the firm. That’s significant for anyone, but even more so for someone who did not set out to make a career of commercial real estate . McNally, chief development officer at Carter, has a unique combination of skills. He carries solid technical background in mechanical engineering, strategy consulting and spent time working at one of the world’s leading consulting firms before entering c ommercial real estate . Before joining Carter, Conor was executive vice president of operations for Novare Group , one of the Southeast’s largest private multifamily developers. There, Conor had responsibility for all development, construction, marketing and sales activities of the company. He successfully led the development of over 3,000 condominium units in projects valuing more than $850 million. GlobeSt.com: How did you get your start in commercial real estate?  McNally: After spending four years in the strategy consulting business for The Boston Consulting Group , I was ready for a change. The long hours and constant travel were wearing on my young family and me. Additionally, I was ready to move away from an advisory and consulting role into something where I could make things happen and own P&L responsibility. A friend of mine had recently joined Novare Group , then a growing development company in Atlanta, asked me to come work with him. I jumped at the chance and have loved every minute of being in commercial real estate since. GlobeSt.com: What have been some of the key turning points in your career?  McNally: A first major turning point in my career, as for many other people, was dealing with the crash in 2007 and 2008. At the time, our company was mid-stream in the development of many large condominium projects. The three-year period from 2007 to 2010 was incredibly challenging as the real estate market, and particularly the for sale condominium market, seemed to crumble around us. While that period was extremely difficult and stressful, I often tell people that I learned more about real estate in those few years than I have in the rest of my career. Re-structuring deals, re-negotiating debt and selling product into a tough market really took perseverance, creativity and a strong resolve. Another major turning point was moving to Carter and taking on the Chief Development Officer role at a larger and significantly more diversified company. Transitioning to lead the development of major projects in multiple asset classes—apartment, student, office , and retail —in the post-recession environment was a challenge, but extremely rewarding and fulfilling. Want similar inspiration stories? Check out my recent column: What One Banker Learned Through A Natural Disaster . Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What’s driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.