By Chris Moore, Chief Executive Officer
As community developers are making decisions on future product and amenities to meet market demand, many are finding success with a diversity of housing typologies, a mix of uses, and more compact design that is financially viable and creates vibrant destinations within master planned communities. Density within a master planned community must be integrated into the overall Vision or Story of the Place. A strong Vision that distinguishes the community, homes, and amenities for increased market share.
Five Key Principles help maximize return on investment:
- MAXIMIZE VARIETY – with housing types, character, and varied streetscenes (Grove)
ROI: Variety avoids sameness and helps future buyers understand that each neighborhood is unique – resulting in increased sales price
- TAILOR PRODUCT SELECTION – to consider compatibility + massing, mixed product, and broad price points, (kalealoa)
ROI: Mixed product types increase demand, market share, and sales velocity
- CHALLENGE CONVENTIONAL SOLUTIONS – for the house, yard, and street, including loft style arrangements fo efficient spaces, master down product, and converting beds to rentable spaces (Ridge at Ward Station)
ROI: Find ways to add value to denser housing types to increase margin and increase sales price/sf
- RIGHT-SIZE AMENITIES – consider jewel box structures, flexible and smaller amenities, and integration of stormwater/infrastructure as an amenity
ROI: Put more investment into smaller spaces…creating more excitement and momentum for sales
- BE BOLD – find a niche market, create a distinct architectural solution, separate from the competition (Addie)
ROI: Bold brands create a legacy following…establishing a proven value-add for future projects
Incorporating these Principles is not easy but worthwhile! it is important to build a team that understands all aspects of density, design, and amenities to increase your return on investment and deliver a successful project to market.