Developer MidCity Hires New CEO
MidCity, a 50-year-old real estate company with multiple developments planned in D.C., has brought on a new CEO.
The Bethesda-based firm announced Tuesday it hired Stacy Spann, who previously served as executive director of the Housing Opportunities Commission of Montgomery County for nine years.
Spann will take the CEO role from John Wall, who has been with MidCity for 40 years and will move into a senior advisory capacity. The firm was founded in 1965 by Eugene Ford Sr., and his son, Eugene Ford Jr., is now the chairman of the firm's board.
“MidCity will benefit from Stacy’s extensive experience in multifamily housing in the greater Washington/Baltimore region, and his successful efforts acquiring, developing, owning, leasing and operating affordable housing," Ford Jr. said in a release.
Prior to his time at HOC, Spann was the executive director of Howard County Housing. He has also served as the assistant commissioner of development finance in Baltimore. Spann also teaches as an adjust professor in the real estate master's program at the University of Maryland School of Architecture, Planning & Preservation.
“MidCity is a mission-driven owner and developer with a team laser-focused on long-term investment in communities, which is critical to me,” Spann said. “The organization’s support of community, long-standing partnerships and alignment with diversity, equity and inclusion prove that mission and margin are not mutually exclusive goals."
MidCity for years has been planning the redevelopment of its Brookland Manor community in Northeast D.C. into the 1,700-unit RIA development. The project has been delayed by court appeals, but the developer in March received a favorable ruling that should allow it to move forward. It has already begun work on a nearby 108-unit project at 1400 Montana Ave. NE.
The developer is also planning a 360-unit development at 1200 Fifth St. NW in Shaw. That project was also brought to court in January by a pair of nearby churches contesting its Zoning Commission approval.
Two previous MidCity executives, Madi Ford and Michael Meers, left the company in April to launch a new real estate development firm, Audeo Partners.