Provided by McDougal Companies
Delbert McDougal, CEO and Carolyn McDougal, Exec. Vice President will step aside from their housing, construction and real estate company on December 31.
"Carolyn and I have been blessed to have both sons work in the company for many years, and we are ready to turn the reins over to them so we can enjoy more time with our grandchildren," McDougal said.
While officially retiring and leaving the CEO role, Delbert will continue to consult on several projects, including downtown Lubbock redevelopment, and North Pointe and Willow Bend residential developments.
Marc and Mike McDougal will establish a management committee to provide strategic direction for the McDougal Companies.
Beginning in 1972 with a $10,000 loan to purchase an aging 16-unit apartment complex, the McDougals built a multi-million dollar apartment, property development, construction, and realty company over the following forty years.
Today, the McDougal Companies own or manage more than 2500 apartments in twelve Texas cities. They have developed or built more than $400 million in commercial and residential property, and the realty company has listed or sold more than $1.5 billion in homes and commercial property.
The McDougals are best known for the Overton Park redevelopment, which turned a blighted area between Texas Tech and downtown Lubbock into a modern mixed-used success story. Overton Park has been called the largest privately funded urban renewal project in America.