Now, more than ever, successful real estate development requires a firm commitment to quality.
Because of higher standards of living and working, tenants are expecting more from the spaces they lease. When demand declines, only the highest quality spaces in each market are sheltered from rapidly declining occupancy.
Communities are speaking out more and more about unwanted developments in their neighborhoods. It is more important than ever that development companies understand the needs of a community and pursue meaningful, quality projects.
Additionally, the rising costs of construction are severely limiting the execution of even the most well-intentioned development projects. Only a strong commitment to quality building amenities and a thorough understanding of what makes the difference on each project can prevent disappointing final results.
How Do You Define Quality?
Quality refers to the standard of a development project as measured against other projects of a similar kind. It is the degree of excellence achieved. In a competitive market, the measure of quality depends on what exists (or shortly will exist) in the marketplace. A common mistake made by developers is to miss the trends that are moving the industry forward. On the other hand, some focus too much on designing only for the latest trends. Quality design is as innovative as it is timeless. If you base your standard of quality on comparables that may be out of fashion in the near future, the quality of your new project will fall flat.
Another meaning of the word quality is a distinctive attribute or characteristic possessed by a development project. This second definition is important to consider as well. Successful developers need to know what qualities define a competitive development project. These attributes are often time-tested and established by universally applicable principles.
The Quality of Outdoor Space
While lists of specific amenities create a lot of buzz on the internet (we’ve even compiled our own lists), quality requires more than just considering which amenities to include. Because your project’s quality is measured against other projects, there’s no cut-and-paste solution that yields maximum results.
The competitiveness of your property and its associated ROI depend on two things:
- Novel arrangements of space
- Consistent follow through and execution at your budget price
The arrangement of outdoor amenities is more important than the type of amenity. Any run-of-the-mill apartment project will have a gym, pool, and hot tub. But how many apartment buildings feature truly unique experiences in the amenity spaces? Tenants will be willing to pay higher rents for that difference.
It’s not hard to daydream about magnificent outdoor amenity spaces. The challenge is executing high quality outdoor amenities at a budget price. Developers understand that there must be a return on the money invested. Are you working with designers that also grasp this principle? Do you trust them with your bottom line budget targets early enough in the process? Do they respond with creative collaboration that harmonizes your budget with your success metrics? True creativity is design that delivers novelty and uniqueness for only a marginally higher price than bland repetitiveness.
Your project should be designed and customized to fit the unique aesthetic qualities and a design program that meets your goals. That way, in the end, your project with stand on its own merits. Its uniqueness will drive demand – because nothing compares to it. There is nothing like it on the market. Then your project really has no competition.
A Quality Design Approach
Developers should look for specific attributes in a designer to get a certain degree of excellence as a result. For the highest impact on ROI, look for a creative approach and an attention to detail.
Creativity is the “secret sauce” of novel arrangements of space and truly unique experiences. It is also the engine behind closing in on an excellent design solution with budget awareness.
Attention to detail is the source for expert execution and follow through and should not be sacrificed for creativity. The process and project will be enhanced if creativity and a focus on detail are two working together in unison. It generates confidence in final results and prevents common mishaps.
“Loft Six Four creates some of the best overall landscape design concepts and site layouts of any landscape architecture firm that our group has worked with over the past several years. Their design plans add a new level of creativity and function to our multifamily developments.”-Jeff Nielson, President of Wasatch Residential Group and long-term client of Loft Six Four
Loft Six Four is known for being detail-focused while exhibiting a high level of creativity. We know how this translates into higher quality and more immersive rooftop and outdoor living experiences/spaces. Give us a shout and let’s create something exciting together.