A&M was engaged to by a private developer to provide feasibility and design support for a high profile 40-acre, $300 million shopping and housing development in an urban in-fill location.
A&M was engaged to by a private developer to provide feasibility and design support for a high profile 40-acre, $300 million shopping and housing development in an urban in-fill location in a major metropolitan area.
The project included an in-depth survey of existing apartment dwellers residing in garden-style, mid-rise and high-rise projects within a three mile radius of the site. The results of the consumer survey were utilized as the foundation of the product mix recommendations that include varying levels of construction including concrete mid-rise with high-end finish out, wrap product designed to compete with existing projects in the trade area and townhome-style units.
A&M’s research identified a true “renter by choice” residing in the trade area who demand a higher level of amenities and services and are drawn to the privacy of the townhome-style unit with attached garages. A&M’s product and unit mix recommendations were incorporated into a stripped rent analysis that contains amenity-level pricing for each unit type. A&M also provided the developer with a phasing plan and estimated lease-up schedule.
After tabling the project during 2007, A&M provided updated market-based data that enabled the client to commence the development. The proposed project has announced the signing of a recognized specialty grocer for the retail space and is expected to begin construction in the fourth quarter of 2012.