A Day with Developer Vicky Lee - S2E8

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About this Episode – A Day with Developer Vicky Lee

Welcome to the A.CRE Audio Series! On this episode, I am here once again with the creators of the Adventures in CRE website, Spencer Burton and Michael Belasco. Today we have a great guest, Vicky Lee.

Today we are talking about Vicky’s career path and what she does on a day to day basis. Vicky is the vice president of development for Focus in Chicago. Vicky has over 10 years of real estate development and design experience. She is a great resource for many, especially those starting their career or looking for a transition.

Learn more during this episode from Vicky about topics such as transitioning from the design or architecture side to ownership. We also talk about bridging the gap, beneficial skills to develop and the seven phases of development.

Show Notes – S2E8: A Day with Developer Vicky Lee

What’s the Atworth [1:43]
- The Atworth is a project just sold in California.
- It’s a 260-unit rental unit.
- It was a deal that came via Regency.
- It’s a combination of residential and retail/restaurant.
The path that got Vicky where she is today [3:28]
- Ever since Vicky was six she wanted to be an architect.
- She loved driving past houses and see families having a good time in their home.
Impact on the owner [8:33]
Going from design and architecture to ownership [9:07]
- The CEO is also an architect. They have their own construction company as well.
- If you hire smart people, they can learn the finance side.
Bridging the gap for architects [11:24]
- She recommends the business degree path.
- Because she was so focused on architecture, she didn’t have a drop of a business background.
- The business background provides another opportunity.
Beneficial skills and classes [13:55]
- Most people don’t recognize soft skills.
- Be able to communicate clearly, sell, and read the person you are speaking with.
- Negotiation skills are also important.
A day in the life [17:22]
- The day to day can be a lot, it takes the right person.
- It’s not the same every day.
The seven phases of development [18:27]
- Consideration.
- Pursuit.
- Purchase, sale and due diligence.
- Schematic design.
- Construction.
- Operations.
- Disposition.
The most important skill needed to succeed [20:31]
- Sift through all the market data that you have.
Engaging equity [27:16]
- Determining which equity partner you want to go out to.
Work life balance [33:05]
- Very rarely would you have to work nights or weekends.
Parting advice [40:08]

Resources from this Episode

Adventures in CRE: https://www.adventuresincre.com/
A.CRE Accelerator: https://www.adventuresincre.com/accelerator
Learn more about Vicky Lee: https://www.linkedin.com/in/vickyglee/

Frequently Asked Questions about A Day with Developer Vicky Lee

What is the Atworth project and what role did Vicky Lee play in it?

The Atworth is a 260-unit residential rental project with retail and restaurant components, recently sold in California. It was a deal that came via Regency. Vicky Lee was involved in the development of this mixed-use project while at Focus.

How did Vicky Lee transition from architecture to real estate development?

Vicky originally wanted to be an architect since childhood. Over time, she transitioned into development, noting that “if you hire smart people, they can learn the finance side.” Her firm’s CEO is also an architect, which reflects their design-oriented foundation combined with business and development acumen.

What advice does Vicky give architects who want to enter real estate ownership or development?

Vicky recommends pursuing a business degree or gaining business knowledge. She said, “Because I was so focused on architecture, I didn’t have a drop of a business background,” and emphasized that the business background offers new opportunities in ownership and finance.

What soft skills does Vicky Lee consider most important for success in real estate development?

Vicky emphasizes communication, selling ability, and emotional intelligence. She advises, “Be able to communicate clearly, sell, and read the person you are speaking with.” She also highlights negotiation as a critical soft skill.

What are the seven phases of real estate development Vicky Lee outlines?

The seven phases of development according to Vicky are:

Consideration

Pursuit

Purchase, Sale, and Due Diligence

Schematic Design

Construction

Operations

Disposition
These phases encompass the full lifecycle of a development project.

What does a typical day look like for Vicky Lee in her role as VP of Development?

Vicky explains that “the day to day can be a lot” and that it “takes the right person.” No two days are the same, which keeps the role dynamic and engaging. The variety spans meetings, site visits, financial reviews, and managing stakeholders.

What is the most important skill for success in development, according to Vicky?

Vicky believes the most important skill is the ability to “sift through all the market data that you have” in order to make informed decisions. Market awareness and data literacy are key to driving profitable development.

How does Vicky approach selecting equity partners for a development?

Vicky’s team carefully considers “which equity partner you want to go out to,” implying a strategic evaluation of alignment between the project’s vision and the capital provider’s goals.

What does Vicky say about work-life balance in development?

Vicky shares that the job generally offers good balance: “Very rarely would you have to work nights or weekends.” This can be appealing to those concerned about burnout or overwork in high-intensity industries.