As buyers have steadily become more sophisticated and better-informed, real estate sales has changed fundamentally. Our goal is to build and manage hardworking, focused, and relationship-oriented sales teams.
The output of envisioning is a Resort Vision. This is not a piece of “marketing fluff”. It is not a marketing document at all. It is an internal document that captures the essence of the project in such detail that it acts as a comprehensive briefing to everyone who works on the project, whether they are master-planning, designing buildings, casting commercial tenants, lodging and amenity operators, developing brand imagery, designing financial structures, or finding buyers. It is a touchstone that will help ensure that 1,000 decisions made by 100 different people over the life of the project create 1 coherent, viable, authentic resort experience.
The Resort Vision is not complete at the end of a one or two-day envisioning session. That is only the start. It is not done until the Resort Vision, the full suite of master plans and the Economic Analysis all “fit” perfectly. No single element is more important than the others. All must work together.
We are not developers or master-planners. If you need hard-core development services support, we have worked with some of the best and will be happy to make an introduction to people who do great work and who speak our language, so you can be confident you are getting an integrated solution.
Our role in the process is to work with your Master Planners to ensure that your master plans are based on a solid foundation of customer insight and realistic sales expectations. We will work with you to refine Land Use plans, Yield/mix plans, Commercial plans, Lodging Operator plans, HOA plans and Amenities/animation plans.
We suspect that we have collectively reviewed more good, bad and ugly floor plates, floor plans, financial and amenities packages and other soft offerings than most people would ever care to. But this is where our input ends, not where it starts.
Typically the process will begin with a Voice of the Customer design input session with your team. This is where we can translate the lessons learned from consumer, market and competitor research into actionable design suggestions for your project to best suit a given target market and usage model.
We will then either craft or help to refine your Offering Design Briefs. We have found that by investing 100% extra time and effort at this stage to create a truly comprehensive Offering Design Brief, covering every aspect of the hard and soft offering in detail, the time and effort is repaid many times over in reducing the number of iterations to arrive at a remarkable design. From there we will provide input at key review points throughout the project, particularly at Conceptual, 50% Schematic and 50% Detailed Design stages.
In some cases, we are only asked to provide sales revenue and absorption forecasts and sales and marketing budgets. In others, we will extend the developer pro forma to include, for example, models for on-going operations, commercial tenant and hotel operator viability, and homeowner net returns. These additional models are essential to ensure the overall viability of the development and to properly underpin commercial negotiations and pricing decisions. We can provide a complete suite of integrated economic analysis models for the most complicated master-planned resort or the simplest single-stage project.
Typically completed after land acquisition but before you define your land plan, a Highest and Best Use Study is all about narrowing down your options so you can identify which options are most strategic for you and what you should plan for. The outcome will provide you with a quantifiable order-of-magnitude and prioritizes possible directions relating to product type, achievable revenue, market demand and absorption potential. What’s the best use for this land? How much density is possible? What are the right sized amenities? What’s the revenue and absorption potential? If you’ve got these questions, a Highest and Best Use Study is your answer.
Feasibility Analysis is typically completed before the design stage. The focus is on optimizing and locking-down the parameters of your project before you commit to project amenities, homeowner programs and a concrete pro forma. Feasibility Analysis takes the output of a Highest and Best Use Study and fine-tunes the market and consumer requirements for your project to really sing. How many 2-bedrooms? How big should the units be? Who’s the competition and how can we do better? How do I optimize my financials? If these questions sound familiar than Feasibility Analysis is what you need.
The single biggest contributor to project delays, in our experience, is the lack of a truly integrated project plan covering development, approvals, legals, sales and marketing, operations, lodging and financing. Most developers have a well-defined development process. Most sales and marketing agencies can produce marketing plans. And so on. The issue is the integration. Many projects are like an orchestra with no conductor; all the players are following their own scores, but the result is chaos. This is not surprising, as achieving an effective integration is both complex and specialized.
Drawing upon our extensive experience in coordinating complex multi-use projects, and upon the lessons learned of 20 years worth of wins and “not-so-wins” , we have developed a robust approach to this type of project management. We can provide a set of planning and reporting tools, intensive upfront planning support, and ongoing coaching and program reviews that will take your team’s program integration skills to a new level.
Phasing & Micro-Phasing
Once upon a time, development phasing was pretty straightforward, unless there was a commercial component to be balanced against residential. Accelerated sales absorption programs could reasonably be relied upon to carry the day. In today’s lower sales absorption market, it can be challenging to bring a larger development to market in saleable phases. This has demanded development of new approaches to micro-phasing/organic growth, including, for example, transitional uses of buildings during the growth phase. Although more complex, this organic growth process may often produce a superior end result.