Real Estate Development – Page 4

Are you looking for an office space or residence, but none seem just right? There is no need to compromise. Build-to-suit (BTS) developments offer extreme flexibility, as a given room or building can be shaped to meet the various wants and needs for you or your business.

Build-to-suit properties are most often commercial leases, but can also be found in residential developments. With BTS, the landlord or developer builds to a tenant’s specifications. During construction the tenant is allowed the freedom to dictate his or her future space, as long as changes do not interfere with the structural and mechanical systems. Buyers or tenants can make significant changes through the restructuring of walls, rooms, and closets. Decisions on aesthetics, including finishes, appliances, and color scheme, are also made during the BTS process.

At Horton Group, we aim to please by offering build-to-suit developments. If you’re looking for a commercial property that can be built to meet your company’s needs, check out 350 Goose Lane Office Park. Our luxury condominium units at The Residences at 66 High Street can also be altered to fit your family’s needs.

If you have seen Caddyshack, you may remember Al Czervik. An obnoxious man of ample wealth and few morals, Czervik threatens to buy Bushwood Country Club and convert the land into condominiums. His character and ambitions reinforce a stigma that clouds the way people think about real estate developers and development. While there are bad apples in every industry, few people truly understand what developers do and what their motives are.

What does a real estate developer do?

In short, real estate developers are individuals and companies that are responsible for taking a vision for a site and making it come to fruition. This is easier said than done. Bringing a building project to life involves a great deal of risk, time, patience, and collaboration. The overall process of development may look something like this:

Purchase land or an existing property.
Establish a building program and design. First, establish a purpose for the building. Should it be residential? Commercial? Then, collaborate with the architects, planners, engineers, surveyors, inspectors, etc. to establish a design.
Obtain the necessary public approval and financing.
Build.
Rent, Lease or Sell.

What are a developer’s motives?

Al Czervik and unethical real estate developers in the news may lead people to believe that developers are money-hungry and heartless, but these ideas are ill-founded. It is true that if done correctly, real estate development can be highly profitable. However, in order to be successful in the industry, developers must understand that investing wholeheartedly in a project means also investing in future users and the surrounding community. Developers must be motivated by money, as they too need to make ends meet and turn a profit, but the best developers must be equally as motivated by making the world a better, more beautiful place.

At Horton Group, in the acquisition and development of a property, our vision extends beyond property lines. While we are invested in what we do, we are equally as invested in the people and communities we do it for.

Category: Real Estate Development

What is a Build-to-Suit Property?

What Does a Real Estate Developer Do? Why?