sample Private Development Consulting Projects
residential development strategy (Sas)
RKG Associates provided strategic market research and planning services to a residential development company looking to identify long-range development opportunities. RKG analyzed demographic, household formation, and income trends within the New River Valley Region of Virginia. The developer, SAS Construction/Chase Management, was approaching build-out on several on-going residential projects and needed to identify new properties for future growth. In addition, the firm was seeking a long-term development strategy that responded to prevailing market needs and price points. RKG’s research provided a strategic, long-range operational plan for the developer, the first in the company’s history. The plan positioned the company to pursue up to 10 different potential residential sites within the firm’s primary market. RKG’s research confirmed a gap in the pricing of new housing construction with competing developers building exclusively to the high end of the market. The strategy identified target price points and housing types for different submarket areas served by the developer.
continuing care residential feasibility
Severna Park, Maryland
RKG Associates was retained by a private development entity to conduct a market feasibility analysis and marketing strategy for a proposed 400-unit active adult and 100-unit assisted living development located in Severna Park, Maryland (outside Annapolis). RKG Associates prepared the required market need assessment for this concept as part of a special exception application to the County. The analysis focused on identifying the current market supply and determining the overall market potential in northern Anne Arundel County. The application was approved by the County.
residential development strategy
South Burlington, Vermont
RKG was retained by the O’Brien Brothers Agency, Inc. to prepare a market analysis to assist in identifying development opportunities for 127 acres of undeveloped land in South Burlington, Vermont, referred to as the O’Brien Home Farm. RKG evaluated the residential and non-residential markets in South Burlington, analyzed demographic and economic trends, and balanced those with near-term forecasts in order to identify development options for the client that would be competitive within the South Burlington market. RKG also assisted with the rezoning and permitting process with City.
toll brothers housing market strategy
Providence, Rhode Island
Providence is undergoing a true “urban renaissance” focused on its revitalized downtown core. However, very little new construction has occurred and no truly comparable projects were available to assist in determining the viability of a “new” high-end product aimed at the booming “empty nester” and “young professional” sectors of the market. RKG’s market research, which included surveys and interviews with prospective buyers, indicated that unit size, design and amenity levels would be critical elements in a successful marketing campaign. By carefully segmenting the market, recommendations were made to provide a range of unit styles and price points in order to minimize the development risks. Eastside Commons is now completed, with all units sold.
Dover, New Hampshire
The City of Dover was soliciting a developer to construct a mixed-use project on a 21-acre site along the Cocheco River in the downtown. The developer, Dickinson Development of Quincy, MA, proposed 180-units of upscale apartments, 60,000 square feet of new restaurant and commercial spaces, as well as a new waterfront park. The City has committed $2.1 million in funds to improve access to the site and upgrade the municipal sewer system. In support of this development,
RKG completed (and updated) a market study that evaluated rental conditions in the region. RKG’s methodology involved identifying various characteristics, such as unit sizes, product mix, pricing, occupancy trends, unit and project amenities at an array of competing apartment and rental properties in the region. RKG also examined socioeconomic factors that could influence the project. The purpose of the analysis was to assist the developer with defining a mix of unit types and sizes, a range in potential pricing, and associated amenities. Dickinson Development recently announced that permits for the project are being obtained and has targeted a construction start date of July 2013.
RKG Associates, Inc. was retained by Combined Properties, Inc., a Massachusetts investment and development real estate firm, to complete a market assessment for the proposed Mystic Village mixed-use redevelopment in Medford. Massachusetts. RKG analyzed the existing and forecasted supply and demand indicators in the residential rental market as well as the retail sector, in order to advise Combined Properties, Inc. about likely pricing and absorption of the proposed Mystic Village redevelopment, when it potentially comes on-line at some point in 2013.