“A Developer is like a conductor of an orchestra. A good conductor needs to know the first note, last note, and how to pace the performance. Every performance is a little different. If you are at Symphony Hall, the acoustics may be unlike another hall. You need to be good enough to hire the best violinist, and empower people to play together, since there are a lot of interpersonal relationships between orchestra members. You have to know how to start and finish, learn from each experience, and demonstrate the ability to pick the right team members, which is really critical.”
Real Estate Development Advisory
Overview of the real estate development process
Our primary objective is to mitigate risk for our clients, by developing a strategy to create forward-thinking architecture solutions that significantly increase the value of the real estate asset, provide higher rental rates, and offer significant tax benefits. Parabola works through a very detailed process to evaluate each site, including hiring and coordinating civil and site engineers, landscape architects, traffic study consultants, and all other engineering and specialized expertise required to obtain Site Plan Approval. Prior to going-hard (removing contingencies) and signing an initial purchase agreement, we represent our clients by negotiating with local planning department authorities, until we are reasonably assured that Site Plan Approval will be issued. We have earned admiration and respect from local planning and building department authorities for successfully negotiating through complex entitlement processes for our clients.
We represent clients at public hearings and present appropriate visual and written documents required to obtain Site Plan Approval. We assist clients to prepare a financial pro forma analysis to determine simple returns on investment, computed quickly, and include anticipated hard and soft costs required to attract lenders and inverstors.
How market studies influence creative and innovative design solutions
Market studies reveal what is acceptable to the status quo, and determine highest-and-best-use of a building site. Although market studies are highly valuable, and required by lenders and investors, Parabola digs deeper, to determine how to use research and accumulated data, along with creative imagination, to engage the public to generate more creative and profitable development solutions. Our highly creative, innovative, and energy-efficient design solutions attract a higher rent per square foot, and increase the value of the real estate asset.
Six Phases of The Real Estate Development Process
Leading a development project through the entitlement/site plan approval process can be a very challenging, time-consuming, and costly experience. Parabola A+D provides expertise to coordinate all six phases of the development process:
The six phases of the development process vary widely, depending to a project size, complexity, location, and complexity of the public approvals process. The diagram is derived from Professional Real Estate Development, by Professor Richard B. Peiser, Harvard University - Graduate School of Design
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Highest & best use - To evaluate highest and best use of land parcel, including coordination of market analysis studies
Contingency agreement - To assist in preparation of an effective contingency agreement, along with a real estate attorney and broker, to identify potential issues that may arise
Due diligence - To Negotiate appropriate time and scope of work required to accomplish due diligence services as follows:
Coordinate water & sewer - To hook-up location and tap fees
Coordinate with structural and soils engineers - to evaluate soil report to determine appropriate foundation design to accommodate existing soil bearing capacity, or removal and replacement of soils if required
Coordinate Environmental - Phase I & II Environmental Impact Studies
Coordinate of Brownfield sites - To secure funds and remediate the removal of hazards materials from soils from State officials
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Entitlement/site plan approval process - Lead and coordinate requirements to achieve site plan approval
Conceptual design - A detailed graphic representation of our deign concept is prepared for real estate brokers to begin to market the new development
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Lenders and investors - We coordinate with lenders and investors to provide square foot areas, construction cost data, and a proforma financial analysis required to secure construction loans from lenders and investors
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Integrated Project Delivery - Our approach to bring client, architect and contractor together at the onset of the project, provides a smooth-flowing, cost-effective design and construction project for all.
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3-D Visualization - Thoughout the development process, we provide 3-D digital drawings and animation for real estate brokers to market projects before and after construction completion.
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Property Management - Our partnership with Coatue Companies provides operations and management services
A small-scale single family residential feasibility study
A small land parcel with an existing single family Ann Arbor residence, is transformed into a single family residential community.
Columbia Point, Boston - an example of a large-scale redevelopment site…
Columbia Point is a forward-thinking, highly innovative waterfront community, distinguished by a focus on holistic health and well-being, that utilizes all six phases of the development process.
Medical office building development offers investment opportunity for doctors…
Parabola’a development advisory services provide medical professionals and investors with due diligence and creative insights required to develop a parcel of land into a profitable income producing property. We assist medical professionals to create design solutions, and investment strategies, to own and lease a portion of a medical office building to generate income, and to provide substantial tax incentives.
Lenawee Christian School development, funded by Orville Merillat endowment…
Located on an expansive 74-acre cornfield, this ambitious development is driven by three foundational principles. First, it aims to create a school environment that nurtures effective guidance and holistic development for children, whose future achievements will serve as a testament to the project's success. Second, it seeks to construct a facility that not only enhances the site but also projects a welcoming image to the community. Lastly, the project is dedicated to utilizing locally sourced building materials, ensuring a harmonious integration with the surrounding environment.
Pedestrian Gateway to CN Tower
We created public park spaces over existing railroad tracks, and mixed-use towers, as a pedestrian gateway to the CN Tower.