Inspired by the leadership of his father, James McCoy who invested and managed real estate in Harlem, NY in the 1950’s and 60’s.
1981 – Twenty years later in the 80’s, Richmond started a career in real estate representing office tenants relocating their premises in the NY York market. He joined a small boutique firm, Douglas A. Edwards, Inc. located in Midtown, where he worked for 3 years under the tutelage of its Armenian owner, Antreas Ghazzrioan.
1984 – He joined forces with British partners Richard Sykes and Patrick Gardner and co-founded a tenant representation company; Richard Sykes and Partners. They serviced the needs of UK-based companies expanding in the United States. Richmond developed methodologies to evaluate and transact highly complicated transactions that expanded the firm’s services beyond New York and throughout the nation.
1987 – McCoy was pivotal in encouraging Richard Skyes and Partners to sell the firm to a publicly traded UK firm, Baker Harris Saunders, a property leasing and management company who wanted to expand their footprint and enter the US real estate market. McCoy remained with the firm as Managing Director for three years before starting his own firm.
1991 – Richmond McCoy started the RMC Group, a Minority Owned Business (MBE) in New York City. Operating nationwide, the firm focused on tenant representation and quickly secured corporate clients, Time Warner and Pitney Bowes.
1994 – McCoy Realty Group was formed in partnership with the family of the late Howard Gittis, partner of Ron Perlman to enable the McCoy Realty Group to expand its series to include property and facility management; thereby increasing its capacity to service large property owners such as Chase Bank, ATT and TIAA, GE and Disney.
RMC Group earned a reputation for providing turnaround services for its clients with troubled assets which expanded it’s footprint on a national scale.
1997 – McCoy Realty Group was operating on a national scale, had a partnership with Jones Lang Lasalle of Chicago and had grown to over 3 million sq ft under management and over 100 employees. The firm also provided pro bono work to faith-based and non-profit organizations in low-income urban markets and garnered positive public relations coverage for its work. 1997 was a game changing year.
Richmond McCoy was featured on a 30-minute program, Pinnacle on CNN and also pinned for the historical cover of “The New Black Power” on Fortune Magazine along with other affluent, successful and influential African Americans. Some of the others included on the cover were Magic Johnson, Bill Lewis of Morgan Stanley, John Untendahl Capital Partners, now Vice Chairman of Deutsche Bank.
1998 – A historical partnership was formed with John Utendahl, the late Joe Flom of Skadden Arps who formed Urban America LP. In addition, founding investors were Dick Parsons, CEO of Citi Corp and Time Warner, Kenneth Chenault, Chairman and CEO of American Express.
1999 – An equity raise of $120 million for Fund I from banks, insurance companies and high net worth individuals. UALP invested in 28 properties in low and moderate income markets totaling $350 Million in assets under management in cities including Washington DC, Philadelphia, Tampa and West Palm Beach, FL.
2003 – An equity raise of $400 million for Fund II from the famed New York family, The Fisher Brothers who brought the development expertise. Additional investors included many of Fund 1 investors and some of the nation’s largest pension funds.
2005 – UA is designated a CDE and receives its first NMTC Award from the US Treasuries CDFI fund and during a six-year period lead the industry’s top ten percent of allocates deploying the NMTC into commercial projects creating thousands of jobs in LMI areas.
2006 – UA partners with the Village of Hempstead and later in 2010 with the Rennaissance Downtown to create a master plan community on 130 acres in Nassau County, 30 miles east of New York City. Fully built it will be a multigenerational $2B thriving mixed-use work, live, and play enclave.
2009 – UA formed a JV with Bheringer Harvard, a Dallas-based, $10B real estate firm who launched a series of non-traded REITs. The partnership offered UA a back office platform and the potential for a new equity raising platform.
2015 – McCoy acquired all UA interest from Bheringer Harvard. UA repositioned its efforts to focus on the product side of real estate and strengthen its footing in the New Market Tax Credit arena expanding its alliances with Chase, US Bank, and Twain and UA focused on creating Live, Work and Play master planned communities as well as mixed-use housing, retail, and hospitality development projects.
UA entered an international partnership to build a 66,000 master plan city in Durban South Africa, Finningley.
2016 – McCoy acquired a major interest in a Pittsburg-based Section3 HUD specialized national firm whose mission is to assist large national construction and professional services companies that utilize monies to build and service real estate and infrastructure projects. The new entity was UrbanAmerica Platform Partners, LLC and will be implementing a disruptive business model whose objective is to create a long-term transformation of mixed-use housing in partnership with HUD in the creation of master planned communities and the Residents of HUD-sponsored and funded projects. It encompasses an innovative approach with an institutional infrastructure, designed for fiscal security, compliance and maximum community impact.