Synergy Developments, LLC
“Developing New and Innovating Projects, Today and Tomorrow”
Development Feasibility
Developer Insights
The Goal of the Successful Developer is to objectively and rationally uncover the strengths and weaknesses of developing the property for Residential or Commercial Development to include venture opportunities and threats as presented by the current housing environment and the resources required to develop the project and its’ prospects for success. The real estate developer must have an idea, usually based on experience in the market place, or intuition, about a residential real estate development that he/she believes the market demand for exceeds market supply. For example, if the population and number of households in a local market are growing, and the developer believes that he has an idea for a residential subdivision with innovative amenities and attractions, and if the developer has a strong desire for creating that type of development, then the developer should pursue the creation of that development. The two key factors about having an idea for a real estate development are: (1) strong market demand for that type of development or a market niche, and (2) a strong emotional and financial commitment by the developer to create that type of residential development. Should you wish to proceed with your project Synergy Developments will be responsible for ensuring that the client the property owner and other parties are kept up to date on everything related to the project as the project moves forward through the City or County review and approval process.
Clear Development Ideas in Mind
After the developer has a Clear Development Idea in Mind, he should review the number of available appropriate sites in the market area. Hence, the first step in selecting the vacant site is to define the market area. The market area could be a city, county, or a specific neighborhood in a city or county. Obviously, the market area should be in a high demand area, typically indicated by a growing population and number of households. The development example will be a single-family residential subdivision; however, the real estate development procedure would be similar for various types of real estate developments. Once the market area is clearly defined, with boundaries and limits, a simple way to locate available potential sites is to tour the market area and review the listings of local real estate firms. Once potential sites are located, the developer should select the optimum site based on location, access, topography, zoning potential of highest and best use, and available utilities. When the optimum site is selected, the developer should purchase an option on the land, or negotiate a contract for purchase subject to zoning, final market feasibility, and specific financing terms and conditions. The key to negotiating an option agreement on the land is to minimize the cost of controlling the site during the period of preliminary market feasibility and arranging financing and zoning.
A "Plan" for Success
When the developer has executed an option agreement or a contract to purchase the site, he/she must complete a preliminary market feasibility study. Market feasibility studies typically involve testing geographic locations for a real estate development project, and usually involve parcels of real estate land. Developers often conduct market studies to determine the best location within a jurisdiction, and to test alternative land uses for given parcels. Often developers complete feasibility studies before they will approve a permit application for retail, commercial, industrial, manufacturing, housing, office or mixed-use project. Market Feasibility considers the importance of the project in the selected area. Every development requires a plan, whether a napkin sketch of a cabin in the woods or detailed architectural renderings of a planned community for bankers and zoning officials. A Plan for Success.
Core Competency
Core Competency Statement
In heavy, civil and industrial construction, no two jobs are ever the same. Each project requires a unique blend of knowledge and experience in order to complete projects safely, on time and within budget. At Synergy Developments, we’re never satisfied to simply get the job done. With one of the most experienced engineering and construction management teams in the nation, Synergy Developments is prepared to exceed our customer expectations on each project. Since 2005 our company has been a leading general contracting and highway construction company. We have talent professionals on staff with experience in transportation, commercial and residential development, educational and medical facilities, in addition to specialized services such as renewable energy and alterative power. With offices in Manassas Virginia, we are well positioned to serve clients throughout the Washington DC metro Area.
MECHANICAL CONTRACTING
Synergy Developments has the ability to remove hazardous materials such as asbestos, underground oil tanks, water transmission lines, water treatment lines, and wastewater treatment lines.
CARPENTRY
With many years of experience Synergy’s Master Carpenters offer experience in the areas of framing, trim & finish, folding door installation and cabinetwork. When first class carpentry is required, Synergy Developments is your finest choice.
MECHANICAL CONTRACTING
Synergy Developments Construction Company can provide any facet of plumbing or heating. Our staff of experts has a wealth of experience in the areas of pipefitting, chilled water, steam systems, heating systems, sewer hook-ups and water pump systems
EXCAVATION
Synergy Developments has skilled technicians working under experienced engineers for all excavation projects. We can complete any ventures from foundation digging to grading land for building construction and roadwork.
PAINTING
Synergy Developments places high priority on our full-service painting capability. Any projects including interiors, exteriors of buildings and any special coating necessary such as epoxy are all part of our portfolio.