Q Development

Matthew Quigley, Managing Principal

Email: Matt[@]Qdevelopment.com

Matt is the driving force behind the vision and formation of Q. He currently resides outside of New York City. Matt’s family originated from the Pittsburgh area and he maintains a strong bond with the city. He makes frequent trips to Pittsburgh in order to oversee Q’s activities.

Matt retired from The Blackstone Group in 2014 after working for 34 years on Wall Street, with the final 10+ years in the investment management business. He was an original partner in the founding of GSO Capital, one of the largest credit-focused alternative managers in the world. GSO was acquired by The Blackstone Group in 2008 after which he continued to serve as GSO’s Chief Operating Officer. He holds a B.A. with honors from Brown University and an M.B.A. in Finance from NYU’s Stern School of Business.

What was the motivation to start Q Development?

We started Q Development with the aim of restoring empty or underutilized historic buildings, which we believe are part of the foundational fabric of a neighborhood and serve as a “window” into the past and the lives lived by multiple generations of people. Once completed, a successful restoration can take a building that was perhaps a source of blight or dismay in a neighborhood, and turn it into a source of pride and visual appeal to residents and passersby alike.

Why Pittsburgh?

Pittsburgh has a rich architectural history, and was at the forefront of building design and innovation in the late 19th and 20th century. Pittsburgh is also blessed with engaged and vibrant neighborhood organizations that can offer guidance and support for our restoration and redevelopment efforts. We have also found the City’s leadership – at all levels and across all departments – to be accessible, encouraging and transparent. 

Rick Belloli, Principal

Email: Rick[@]Qdevelopment.com

Rick is largely responsible for shaping Q’s community-based investment strategy. His two-plus decades of experience in real estate and community development has been key to positioning Q to make impactful investments at the neighborhood level. Rick’s experience in real estate includes the financing, development, and management of commercial, mixed-use, and residential properties.

Rick has over 20 years of experience in community and economic development in Pittsburgh and Detroit. In 2011, he co-founded Civic Square LLC with his wife Lisa to provide comprehensive community revitalization guidance to investors, communities and nonprofit organizations engaged in economic development activities. Prior to launching Civic Square, he was Executive Director of South Side Local Development Company, a post he held for eight years.  Rick currently serves on the Board of Radiant Hall Studios, an arts organization dedicated to the creation and preservation of affordable studios for working and emerging artists. He has a B.A. from the University of Michigan, two Master’s Degrees from Wayne State University, and also attended the Executive Education Program for Nonprofit Leadership at Stanford University.

What was the motivation to start Q Development?

Throughout my career I have worked on projects that have benefitted communities beyond simple physical revitalization. Working with nonprofit organizations, I saw first-hand the direct impact developing housing and other real estate projects in economically challenged neighborhoods could have when developers and community groups worked together.  I believe that Q Development proves the point that real estate developers and investors can “do well while doing good” in tandem with the community.

Why Pittsburgh?

Pittsburgh has the stability to grow economically and a great supply of architecturally significant building stock from generations of Pittsburghers that have come before while still being neighborly and manageable in size.

Douglas Duerr, Principal

Email: Doug[@]Qdevelopment.com

Doug is responsible for overseeing Q Development’s daily operations as well as managing its public and private partner and vendor relationships. He has an extensive background in supporting the business and operational needs of investment managers and institutional investors.

Before joining Q, Doug was a Managing Director in the Asset Servicing Division of BNY Mellon. He has 30 years of experience in supporting large global institutional firms from hedge funds to public pension plans. Prior to leaving BNY Mellon, Doug was part of the senior management team responsible for supporting emerging product and client strategies for the Asset Servicing Americas Division. Doug is a lifelong resident of Pittsburgh and has a B.A. from Indiana University of Pennsylvania and an M.B.A. from Duquesne University.

What was the motivation to start Q Development?

The mission of Q Development has always been about preserving impactful buildings and architecture in a thoughtful and community minded way. Q is uniquely positioned to undertake these projects that are both incredibly challenging and rewarding.  

Over the last number of years Q has established a reputation for delivering on a number of these very difficult projects.  This record speaks to the strength of the underlying partnership and the complementary skills and alignment of values that each partner respectively brings to Q.

Why Pittsburgh?   

Pittsburgh—and nearby communities such as Homestead, where our new Masonic Hall Lofts project is located—are blessed to have so many diverse neighborhoods each with their own distinct personality.  The history and origins of each community can still be seen in the architecture and buildings that remain. 

This diversity provides Q Development great opportunities to breathe new life and purpose into neglected buildings thereby preserving a part of the neighborhood history for the next generation. 

As a lifelong resident of Pittsburgh there is something enduring and personal about being part of preserving a small part of its rich history.