Michael Cohen and Mark MacDonald built their firms in an era of crisis. Now, 15+ years later, they’re navigating a different kind of scarcity, housing.
In this episode, two of San Francisco’s most prolific developers share the unconventional paths that led them into real estate (government and Oracle, respectively), the advantages of launching during a downturn, and what’s happening on the ground in 2026. From the Quincy’s exceptional performance to the TI cost problem plaguing retail, Cohen and MacDonald offer a master class in timing, capital allocation, and the rare collegiality of the SF real estate community. Both firms have $500M+ in built projects; both are betting big on the next cycle.
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