Public Policy Strategies Public Policy Strategies should be approached through a flexible lens throughout the project to ensure success. While there’s no single, prescriptive approach to public policy strategy that can generate the desired results, there are some key considerations that should be evaluated throughout the projects life. While it may seem painfully obvious, patience is a key to success in all real estate projects, but especially those with elevated complexity. For example, a single tenant backing out of a Letter of Intent (LOI) may cause strain on initial cash flow, but exhibiting patience and bringing the right tenant in instead of accepting the next immediate opportunity can pay significant returns over the long-term. One of the first steps commonly implemented to attract investment for large-scale development projects is to establish branding around the project, and subsequently use those materials to market the project. A strong branding identity allows potential investors to identify with the project and gain some limited level of understanding related to the core identity of the project. Once the plan and branding are in place, the opportunity and value proposition can be clearly communicated to potential investors through a culmination of the following strategies: z Establishing a control center (virtual and/or physical) to distribute the materials. Creating awareness and “buzz” can be achieved by attending physical locations that are likely to have large quantities of your target audience such as trade shows, and established public events that can be piggybacked on. Partnering with organizations like the Fort Worth Chamber of Commerce, the Fort Worth Hispanic Chamber of Commerce, the Fort Worth Metropolitan Black Chamber of Commerce, Southeast Fort Worth Inc., Renaissance Heights Foundation, Economic Development Department, and other regional partners such as the Urban Land Institute (ULI), American Planning Association (APA), National Association of Home Builders (NAHB) or International Council of Shopping Centers (ICSC) is a great way to reach a more qualified and targeted audience. z Establishing an Anchor or Destination end-user will also help in attracting other symbiotic users and can even help drive rental rates. Drawing in potential homebuyers or renters with recognized and coveted end-users can create a sense of desire. z Providing a variety of product types with meaningful and public amenities at the onset or early-stage development will diversify the target market and help accelerate the rate of absorption. In terms of residential offerings, offering a variety of price points will help generate interest from a wider variety of consumers, while contributing to a more comprehensive socio-economic makeup amongst the development.
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