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By the late s, he was moving from flat, utilitarian structures to more aesthetically pleasing high-rises. The Dallas Market Center was Crow's first grand monument. By , it totaled more than 7 million square feet.
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It had a half-million visitors a year. It had become the world's largest single-site wholesale merchandise mart, with parking space for nearly 9, cars on acres. From there he went national. He and his partners branched out into St. Louis, Memphis, Tenn. Crow's influence and ideas spread into virtually every corner of the country, manifesting themselves in bricks, mortar, concrete and glass. Next stop: the world. Frankly, one could go on practically forever listing Crow's real estate achievements. But what most people find more compelling is how he built his empire. A good part of his success boiled down to this step formula:.
Pay off the debt out of income.
Keep all rents in the property. Kept debt service greater than depreciation. Another reason for Crow's wild success? He stepped back and let his lenders, builders and brokers to do their jobs. He aggressively pursued tenants' problems rather than avoiding them as many landlords do. He hired partners and associates right out of school, shared his knowledge with them, and made many of them multi-millionaires. People who have worked with Crow over the years know him as both an eccentric and a genius. Once, becoming too hot in the midst of his guests at an upscale restaurant, he removed his jacket and cut off his shirtsleeves.
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By the s, the changing economics of the real estate industry forced Crow to switch to a centralized corporate structure. His company expanded beyond Texas, breaking ground on the Embarcadero Center office project in San Francisco in Crow stepped down as chief executive in , but he remained active in politics, the arts and philanthropy. Read More.
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click Add the email addresses of friends or family members you'd like to notify about this obituary. One of the unique aspects of the UW Real Estate Program and Club is its access to so many professionals in the industry that can make these events possible. With so many future graduates embarking on the trip, we hope this trend can continue! Full-time MBA Home.