As real estate developers, we are constantly thinking about possibility. In cities across the country, our team is looking for the long-neglected areas that have the potential to become the next great neighborhood. From historic renovations to affordable housing developments, we build up these areas by introducing new places for people to live, work and play. Here’s a little more on how we find these up-and-coming areas.
Walkability is one of the first things our development team considers when exploring a potential location. We believe a rising tide lifts all boats, so we’re always excited to see nearby retail, housing and office space that could complement our own development. We’re also seeing more young people using mass transit, so areas located in close proximity to transit centers will typically be desirable to our team.
Another sign of an up-and-coming neighborhood is good proximity to major job centers. During the review process, our team will look at an area’s total employment, business density and median wage. High levels for these statistics are generally good signs that a neighborhood is improving. Areas with high job rates are especially ideal for retail and restaurant developments, as people look for places to spend their lunch hour and happy hour.
3. City Support
When considering a new real estate development, we always want the city’s buy-in. When an area first begins a resurgence, the city will often lend its support through financial incentives, marketing support or public transit additions. Without this vital infrastructure support and urban planning, it becomes more challenging to make headway on the project. We actively seek those neighborhoods in which the city is investing its time and resources into making them more vibrant, livable destinations.
Investing in the Future
These are just a few of the factors we consider before moving forward with a project. Before shovels ever enter the ground, our team spends weeks analyzing an area’s census data, crime statistics, housing metrics and more. After years of developing properties in some of the country’s most up-and-coming districts, we’ve developed a rigorous process to evaluate and pursue only those projects we believe in.
If you’re a developer or investor with your eye on a certain neighborhood, give us a call. Our team of real estate developers and tax credit professionals combines the knowledge, experience and ambition to bring your project to life as quickly and affordably as possible.Reach Out