How Ray Garfield Built Iconic Hotels, Arenas & Civic Projects Across America

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Introduction: From Navy Jets to Billion-Dollar Deals

What if one decision could shape the skylines of entire cities?

That’s exactly what happened with Ray Garfield, founder of Garfield Public Private, who went from flying jets for the Navy to building some of the most iconic civic projects in the United States—convention centers, hotels, performing arts venues, and more.

In this blog, you’ll discover how to master public-private partnerships, navigate market cycles, and protect your downside while scaling big projects, whether you’re just starting in real estate or managing multi-million-dollar deals.

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Key Takeaways: Wisdom from Ray Garfield

Ray Garfield’s story is packed with lessons every investor can use, from beginners to advanced developers:

• Reputation is everything—integrity and honesty open doors no resume can.
• Adaptability builds longevity—shifting industries and seizing new opportunities fuels growth.
• Creative financing is a superpower—tax-exempt bonds, municipal partnerships, and unique deal structures can turn “impossible” projects into reality.
• Partnerships mitigate risk—aligning with top-tier architects, contractors, and operators is how you “sleep well at night.”
• Play the long game—big projects take years; patience and resilience separate winners from the rest.

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Deep Dive: How Ray Built a Legacy in Real Estate

The Deal That Almost Broke Him (But Built His Career)

Ray’s career wasn’t a straight line of wins. At one point, he was recruited to turn around a bankrupt real estate development company that was drowning with $1.5 billion in losses and 10,000 acres of raw land. Instead of walking away, Ray saw the hidden value—he realized those losses could be monetized by a profitable homebuilder.

He restructured the firm, preserved its best assets, and eventually sold it to the largest homebuilder in the country, delivering massive tax advantages for the buyer. What looked like a nightmare deal became a defining success story.

👉 The deeper lesson: The opportunities that scare others away often hold the most potential—if you know how to structure them.

Your Playbook:

• Beginner: Don’t fear “broken” deals—use them as learning grounds to understand risk, financing, and negotiation.
• Intermediate: Study how tax benefits and corporate structures can turn losses into assets.
• Advanced: Seek out turnaround opportunities where you can engineer win-win exits, especially in distressed markets.

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Mastering Public-Private Partnerships

Traditionally, public projects like courthouses or convention centers were done through “low-bid” contracts, which often led to delays, lawsuits, and cost overruns. Ray helped pioneer a design-build-finance model where cities partner with private developers from the start, aligning interests for better results.

This model allowed him to build performing arts centers, hotels, and civic spaces that cities couldn’t have delivered on their own. He used tax-exempt municipal bonds and creative deal structures so projects could be financed at far lower costs than private markets.

👉 In short: Ray transformed how America builds civic infrastructure.

Your Playbook:

• Beginner: Learn the basics of Public-Private Partnerships (P3s). These are long-term agreements where both sides share risk and reward.
• Intermediate: Study municipal bonds—understanding how tax-exempt financing works gives you an edge in development.
• Advanced: Position yourself as a development manager or “orchestra conductor” who coordinates architects, contractors, financiers, and city officials. That’s where the real power (and profit) lies.

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Building Reputation as Currency

Ray emphasizes one non-negotiable principle: your reputation is everything.

When he approached cities about building convention centers with attached hotels, his pitch wasn’t always welcome—he often told them the hard truth: “This will only work if you put up $30–$50 million in funding.” Many developers sugar-coated the numbers, but Ray’s honesty built trust. Cities learned that if Garfield Public Private was involved, the deal would be structured realistically and sustainably.

That reputation kept him in business for decades, winning deals other firms failed to deliver.

Your Playbook:

• Beginner: Always deliver on small promises—return calls, show up on time, and follow through. Integrity compounds.
• Intermediate: Build relationships by being the person who tells the truth, even when it’s uncomfortable.
• Advanced: Make reputation your moat. At scale, your name should precede you as a trusted partner in the rooms where big deals happen.

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Real-Life Wins: Proof in Action

Ray’s principles aren’t just theory—they’ve produced some of the most successful civic projects in the U.S.:

• Durham Performing Arts Center (DPAC): Now ranked among the top 4 venues of its size nationwide, year after year.
• Eccles Theater (Salt Lake City): A direct referral from the mayor of Durham, proving that great work creates a ripple effect.
• Buddy Holly Hall (Lubbock, TX): A $160M performing arts center serving opera, ballet, symphony, Texas Tech University, and local schools.

👉 Lesson: Great projects don’t just build revenue—they build your brand equity and fuel the next opportunity.

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Conclusion: The Expert Edge for Today’s Market

Ray has weathered recessions, 9/11, 2008, COVID, and today’s high-interest environment. Through it all, his edge has been risk management through partnerships and financing innovation.

• Partner with world-class contractors and architects so lenders and cities know the project will succeed.
• Align with trusted operators like Marriott, Hilton, and Hyatt to guarantee long-term demand.
• Leverage tax-exempt bonds to cut borrowing costs in half compared to private developers.

But beyond tactics, Ray’s biggest lesson is mindset: play the long game. Projects may take years to fund, entitle, and build. If you want to succeed in development—or any form of investing—you need resilience, patience, and the ability to keep swinging, even when you’re the fifth developer on a city’s project after everyone else failed.

👉 From Navy jets to billion-dollar developments, Ray Garfield’s journey proves that success comes to those who combine creativity with integrity.

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Stay Connected & Learn More

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