Victor MacFarlane, founder of MacFarlane Partners, stepped down as CEO of the company he founded in 1987. MacFarlane Partners grew to become one of the largest Black-owned development firms in the United States.

MacFarlane will hand over control of the San Francisco-based MacFarlane Partners to Landon Taylor, a San Francisco native and co-founder of Legacy First Partners, according to a press release.

“For more than 35 years, I have enjoyed leading MacFarlane Partners to national success, and am especially proud of the difference and impact we have made in urban communities on behalf of minority and women real estate professionals and entrepreneurs,” MacFarlane said in a press release.

Under MacFarlane’s leadership, the company grew to manage $20B in real estate assets across the United States.

The company has been working to redevelop a 382-unit property in San Francisco’s Fillmore District, adding over 2,000 homes, but the $2B project has suffered financing roadblocks, the San Francisco Business Times reported in August.

“I’m honored to lead the next generation of growth, innovation and impact at MacFarlane Partners,” Taylor said in a press release.

MacFarlane Partners is also the developer of the Angels Landing project in Downtown Los Angeles, but called for the resignation of Los Angeles City Council Member Kevin de León, following leaked audio of de León and other council members making racist remarks.