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A young Chinese-backed development company that has been buying up huge plots of land in Maryland just landed a major hire—former Washington REIT development director Bob Elliott.
Lantian Development formed in 2014 and has purchased at least four suburban Maryland sites ranging from 30 to 200 acres, but has yet to break ground on any projects.
Bob, pictured above in front of Lantian's Bethesda office, says he wanted to get in on the ground floor of a promising startup and is excited join the young company during what he sees as a "critical pivot point."
"They've done a great job over the last 12 to 24 months getting out of the gate," Bob says. "It's now time to energize and institutionalize the platform."
As executive vice president and COO, Bob says he will oversee the development and investment platforms as well as the day-to-day operations under CEO Brian McLaughlin.
He sees the land plots Lantian has bought thus far as solid long-term investments. The first site, on which he plans to break ground in 2019, is a 31-acre plot near the Shady Grove Metro station. Lantian is partnering with 1788 Holdings to build a mixed-use town center.
Bob says he is also looking to find new JV partners to invest in shovel-ready development projects where they can earn a quicker return on investment.
WashREIT lost another top employee last week when SVP and general counsel Thomas Morey resigned. WashREIT declined to comment on the departures except to "wish Bob and Tom the very best with their future endeavors," a spokesman says.
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