Integrating Compact Design in Master Planned Communities
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.