News & Opinions
The latest news and insights from Hanley Wood’s outspoken experts and key thought-leaders throughout the residential and commercial design and construction industry.
The Big List
John McManus / BIG BUILDER / September 4, 2013
The inside story of how TRI Pointe Homes went public and changed the game of housing in 2013 and beyond
Kelly Mitchell climbed out of a Lincoln Town Car during rush hour Thursday morning, this past January 31, and steadied herself on her heels and her husband Tom’s arm. The two of them turned their collars to a bone-chilling, soaking mist, typical of New York City in mid-winter.
Showers twisted and taunted umbrellas’ ribs, and flew helter-skelter through the downtown financial district canyons. On the sidewalk that runs along the cobbled street, the Mitchells joined two other couples, Doug Bauer and his wife Kathleen, and Mike and Peggy Grubbs. The six of them closed ranks and slid into a throng of people making their way in choreographed chaos to their offices, laden with coffees, paper bagged muffins and bagels, newspapers, briefcases and backpacks draped over their shoulders, Bluetooth headsets, smartphones and e-readers, all the edibles, apps, accessories, and caffeination of a workaday morning on Wall Street.
It was around 7:30 a.m. The three Southern California couples did their best take on banker suit-clad, New York-numbed businessmen and women, herding to a job. A tide of humans coaxed them toward the doors of George B. Post’s 1903 neoclassical masterpiece, the New York Stock Exchange building at Wall Street and Broad Street.
Kelly shielded her eyes from the pesky, penetrating spray, glancing upward at the NYSE edifice, and let out a soft shriek she couldn’t quite stifle.
“My gosh, look at that!” Under John Quincy Adams Ward’s lustrous NYSE building pediment, a straight shot down from the 22-foot central statuary figure of the goddess Integrity, and flanked on either side by American flags, Kelly pointed up at a larger than life TRI Pointe Homes’ banner, rustling, furling, and slapping itself in the bitter blowing rain.
They stared. It dawned on them then that they were suddenly in as card-carrying, full-privilege members of an exclusive club of some dozen or so publicly-traded home building enterprises with an iron-clad grip on a quarter of a fast-growing new-home market.