How to get into a development plan
In a country where one-third of the people live below the poverty line, developers need to understand where they stand with their community and why they’re doing it.
In this week’s edition of “How to get Into a Development Plan,” Bloomberg Businessweek asked leading development executives to give us a sneak peek at what they think about development plans and how they approach building communities.
They included a rundown of five strategies to get started:Developers need to be more transparent about the cost of their projects, particularly when it comes to projects that don’t require a lot of capital or financing.
They need to have a clear vision for their communities and their long-term goals.
They also need to do a better job of connecting with the communities they’re designing to ensure that their plans work for everyone involved.
In a country with a population of more than 100 million, developers are often required to develop the majority of the city’s urban land, often through massive projects like highways, railways, and even the Panama Canal.
And in many cases, the costs of these projects have to be spread out over decades.
Developers can make the case that they’re trying to help the local economy by building infrastructure that will allow the local community to grow.
However, many of these efforts have a high upfront cost, such as the cost for land acquisition and construction.
A development plan must be designed with a clear understanding of the impact of these decisions, and developers need the information so they can understand what it will take to bring a project to life.
Here’s what the top development executives had to say.
John Gage, chief executive of the Boston-based RealtyTrac Group, says it is important for developers to understand what the community wants from their projects and why.
“The only way you can build the most sustainable, sustainable community is to build community,” he says.
“That’s what’s so great about this [development] process.”
Gage, who is also the chairman of Realty Trac’s board, says that while the need to communicate is paramount, he’s also worried that developers are “too comfortable” in a certain way with what they’re saying.
“I think that we can all learn from each other,” he said.
“But I also think it’s important that we get past the fact that we’re just talking about the building of an office tower.”
He said that if developers can communicate that they are committed to community, then they can avoid making a decision about whether to build a project based on how many units they are building.
“We have to make sure that everyone knows what’s at stake in this process and what the impact is going to be,” he added.
“What the people of this community want is to have access to a new community that has been created in a way that’s going to make a difference for their health, safety, and quality of life.”
Gale and Gage believe that a development plans should include a detailed understanding of what the goals are and what each development area will look like.
“Developers have to understand the long-range vision of the community, and the longer-term vision is where we’re going to go, and what is the overall vision of what’s going on in the community,” says Gage.
Gage also believes that developers need more information about the impact the project will have on their communities.
“We have a lot to learn about what this new community is going in,” he adds.
“So, it’s imperative that we understand where we are with this, what we’re building, and how it’s going.
We also have to get a better sense of the kind of people that will be living in this community.
So, we need to know that we have a community that’s very welcoming to new residents and will help us get a foothold in this new development.”
Gaiya Boulger, chief operating officer of Realtor.com, says developers should be very mindful of the way they’re building communities, because they can be the only way for a community to thrive.
“They need to get out there and build a community,” she says.
“When you’re looking at your community, you need to make an effort to get involved with the community and you need a vision,” she adds.
In addition, Boulager says developers need a sense of community pride.
“You can’t just build a home,” she explains.
“Your community needs to be a beacon of pride, and it needs to reflect that pride.
If you can do that, you can attract a lot more people to your community.”
The real-estate mogul says that developers should also get involved in the process by building relationships.
“A lot of times, you’re just building one building,” he explained.
“It’s a really important part of your community.
When you build a new development, you have to build some relationships.”