Real Estate Journal — 2018 Forecast — January 12 - 25, 2018 — 11A
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M id A tlantic
2018 F orecast
By Daniel J. Caldwell, Stout & Caldwell, LLC Multi-Family Development: The popular trend continues
F or the past several years, there is no ques- tion – multi-family de-
fitness facility, movie theatre and more. Wi th popular demand aside, it is not a matter of satisfying it. The land size required is a big piece of the supply puzzle yet only one component. Time is another. It is one thing to produce the supply; the second is to do so in a timely manner before demand in the respective area dissipates. Whether it is a community with 50 or 400 units, the development is a vast undertaking. First it is a matter of finding land that is available but also zoned
as multifamily/residential. Commercial realtors and de- velopers have had to become more creative, engaging engi- neering and surveying firms to work on full site concept planning. The “what if this” and “what if that” approach to determine yes, the project is viable. In addition to conceptual site plans, civil engineers, land surveyors and environmental specialists are key in the devel- opment process. Such projects generally involve wetlands planning and permitting, let- ters of interpretation (LOIs),
boundary and topography surveys, parking and traffic engineering. All this leads to planning board testimony and approval even before the first shovel digs into the ground. These efforts alone can take 8 to 14 months, some stretch- ing out event longer in cases where there may be current or past environmental hazards, endangered species restric- tions and other concerns that can delay approvals. For these reasons and more, finding the right partners is important. Just as developers specialize in
multi-family development, there are engineering and surveying firms with ex- pertise in such projects. Whether a national develop- er or one local and familiar with the area, it is best to speak with a professionally licensed firm. Together with the commercial realtor, they will be able to provide the guidance and recommen- dations to keep the project moving forward. Daniel J. Caldwell Chief Marketing Officer Mem- ber, Stout & Caldwell, LLC. n
v e l o pme n t h a s b e e n b o o m i n g . Apartments, townhomes and condo- miniums are everywhere and more are being built to-
Daniel J. Caldwell
day. In South Jersey alone, recent projects have been completed or are underway in Willingboro, Woolwich Town- ship, Florence, Pennsauken and Delran – to name a few. The question is whether the market for such dwellings where two or more families live has peaked or will the construction continue. The answer may really come down to two questions: 1) Is there enough resident demand to fill the units; and 2) Is there enough vacant land in desirable areas to build? As an engineering firm, it is more likely easy to address part two but the two questions are closely linked. It’s a matter of traditional economics – sup- ply and demand. What the past decade has proven is the audience for multi-family residential com- munities is popular for sev- eral reasons. In general, such dwellings are more affordable and often are rental units vs. ownership. Even when owned, as in the case of townhomes and condominiums, they can be viewed as easier. Mainte- nance of public areas is man- aged so chores like weeding and shoveling snow are part of the past. Further multi-family de- velopments have evolved. No longer perceived as inferior, units are state-of-the-art and have amenities that were previously only associated with luxury single homes. Moreover, these comforts in- clude common spaces with full service fitness centers, pools and gathering halls. Just take The Avery in Willingboro, New Jersey. Located on 40 acres it is home to 450 1-, 2- and 3-bed- room apartments ranging in size from 1,200-1,300 s/f and available in flat or townhome layouts - each featuring up- scale amenities. Residents also have access to a 4,500- s/f Clubhouse with swimming pool, playground, 24-hour
Expert Technical Engineering & Professional Consulting Services Commercial Sites & Residential Communities
Founded in 2004, Stout & Caldwell specializes in site plan design, land survey and environmental solutions, including flood elevation certificates, and serves clients throughout New Jersey, Pennsylvania and Delaware.
CORE SERVICES · Site Engineering · Environmental · Utility Design · Testing · Surveying · Municipal · Permitting · CAD/Renderings
Skilled Expertise in Multi-Family Communities The Avery - Residential Apartment Complex 301 Liberty Way, Willingboro, New Jersey
Disciplines Utilized · Conceptual and Major Site Plan · Boundary and Topographic Survey · Phase I & II Environmental · Wetlands · Environmental Impact Study · Soil and Storm Water Testing & Analysis · Site and Traffic Engineering · Permitting · Planning Board Testimony
Site Size 40 Acres Building Size 450 Luxury Apartments + 4,500 SF Clubhouse
Contact Us To Learn More 705 US Route 130 South, PO Box 2290 | Cinnaminson, NJ 08077 | 856-786-2202 | www.stoutcaldwell.com
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