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The chief executive of one of central Indiana’s largest commercial development and management firms is stepping down, allowing his son to take over day-to-day operations.
Flaherty & Collins Properties announced Friday that David Flaherty will become the company’s chairman and his son, Robert, will take over as CEO. The move stems from what the company called a “deliberate succession plan” focused on helping the company continue to grow.
David Flaherty cofounded the firm in 1993 along with Jerry Collins, who now serves as chairman emeritus after retiring from his role as president in 2020. Since its founding, Flaherty & Collins has developed 104 properties across the United States, mostly in the multifamily sector, totaling $3 billion in investment.
“I am thrilled to see Robert take the reins of a company that means so much to me,” David Flaherty said in written remarks. “His experience in the industry both with Flaherty & Collins and with other organizations will allow him to lead Flaherty & Collins in new directions.”
According to IBJ research, Flaherty & Collins is the 15th-largest commercial development firm in the Indianapolis area, based on having more than 2.8 million square feet of real estate under construction in the area in 2024. It is also the area’s eighth-largest multifamily property manager, with 5,341 units under management as of 2024.
Robert Flaherty, most recently a developer for the firm, joined Flaherty & Collins full-time in June 2023 after three years as an investment broker with the Chicago office of brokerage Colliers International. Prior, he held internships at Flaherty & Collins, working on both the development and property management side.
He graduated from Indiana University with a bachelor’s degree in 2018 and from Columbia University with a master’s in real estate development in 2023.
“I am honored and excited to have the opportunity to lead Flaherty & Collins into the next stage of growth,” Robert Flaherty said. “Our future is built on the remarkable groundwork laid by David Flaherty. As we move forward, my focus will remain on transformational projects that deliver deep value for both our community and investment partners alike.”
The firm has developed numerous projects in Indianapolis and the surrounding counties over the past three decades, with perhaps the most prevalent being the 27-story 360 Market Square tower on East Market Street downtown, on a portion of the former Market Square Arena site.
Its current development and property management portfolio includes 85 properties across Connecticut, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Missouri, Ohio and Oklahoma.
Some of its recent area projects include The Depot at Nickle Plate in Fishers, The Granary in Noblesville and Parkside at Tarkington in Indianapolis
On the management side, it oversees 16,500 multifamily units, including more than 5,300 in central Indiana, through a mix of market-rate, affordable and senior housing properties.
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