Choosing a General Contractor for Your Next Development: What to Look For

Posted on | by Savannah Sokol

 

For every project they build, developers need to secure multiple resources. Not the least significant of these is a General Contractor, who will set the tone for the entirety of construction. A General Contractor that excels at working on a collaborative basis during the design phase is the best choice. 

Some contractors do a lot of hard-bidding for projects, where the lowest price wins. Being the lowest bidder doesn’t necessarily mean that’s the best company for the job. Further, where does this process leave the projects that need help before they get to construction documents? It’s a good idea to ask a potential contractor what percentage of their work they bid versus getting involved early and helping during the design phase.

While many contractors say they like to get involved in those early stages, the reality is that some of those contractors aren’t diving deep and putting in the effort required to...

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5 Commercial Lending Challenges Facing New Multifamily Projects in 2023

Posted on | by Savannah Sokol

The year 2023 has introduced a unique set of challenges within the commercial lending environment, particularly when it comes to financing multifamily projects. Multifamily housing plays a vital role in addressing housing needs and urban development, yet it continues to face obstacles when seeking bank financing. Specifically, developers are seeing an increase in challenges when it comes to these five things: evolving risk perception, market volatility, regulatory complexity, increased credit scrutiny, and intense competition for financing.

Evolving Risk Perception

In 2023, multifamily projects still contend with a cautious risk perception by lenders. Unlike single-family homes, multifamily properties come with a range of operational complexities. Lenders remain concerned about tenant turnover, rent collection, speculation around rent rate increases and decreases, property maintenance, and overall management quality. These factors contribute to a perceived higher level of risk, which makes securing bank financing for multifamily projects more challenging.

Market Volatility in 2023

Real...

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Making Sense of the Latest Cost Data

Posted on | by Savannah Sokol

 

A common sentiment we seem to keep hearing is, "We're holding on any new development until construction costs come down." And while we know it will be fantastic when that day comes, the question of when that will be hangs heavy. Recent data tells us… something, right?

Unfortunately, we’re not seeing much relief anywhere right now. Things don’t seem to be getting worse, but they’re not getting better either. It seems that we are all still waiting for that “bottom falls out” moment, which hasn’t happened yet and some construction economists are backing off on predicting when it will. Predictions have shifted a possibility of the “Soft Landing”, which doesn’t really help prices. Recently The Douglas Company attended National Construction Financial Management Association (CFMA) Conference where their spoke, with the sentiment "It's going to get worse before it gets better," and "Recessionary conditions will prevail at some point over the next...

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The Douglas Company Expands Affordable Housing with Lincoln & Gilbert Family Development

Posted on | by Savannah Sokol

Holland, Ohio, April 20, 2023 – The Douglas Company, a general contractor leader, is excited to announce our third multifamily project with owner, Pennrose, LLC. The Douglas Company will oversee the Lincoln & Gilbert Family Housing development, a $9.9 million affordable housing community in Cincinnati, Ohio. Completion is expected in April 2024.

Located in Walnut Hills, the project site was cleared of vacant and dilapidated structures to make room for the 51,847-square-foot development. Lincoln & Gilbert Family Housing will create 50 affordable housing units for individuals and families, with one, two, and three bedrooms. Designed by New Republic Architecture, the buildings will offer a modern look with excellent amenities including a community room, laundry room, on-site management, community spaces, and parking.

“The Douglas Company is proud to continue our work with Pennrose to bring quality living spaces that enrich the communities of Cincinnati,” said Tyler Stout, project manager at The Douglas...

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Conventional Hold-down Hardware vs. New Tie-down Systems

Posted on | by Savannah Sokol

When it comes to anchoring building components in wood-framed structures, there are two primary options to consider: conventional hold-down hardware and new tie-down offerings from either QuickTie or CLP. While both methods have their advantages and disadvantages, the trend in the framing world seems to be pushing more toward the new tie-down systems.

Conventional hold-down hardware typically involves using screws, bolts, straps, and lots of nails to secure the hardware to the framing components.  This can be an effective method, but it can also be labor-intensive and time-consuming, especially when dealing with larger or more complex wood-framed structures.  In addition, the use of traditional hardware can sometimes lead to damage or deformation of the material being held down, especially if excessive force or nails are applied or installation is sloppy.  Also, traditional hardware has little flexibility on tolerances and does nothing to address wood shrinkage and building settlement.

Quick tie...

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Demand for Active Adult Housing Continues to Outpace Supply

Posted on | by Savannah Sokol

Active adult or age-restricted housing continues to experience strong growth, while multifamily housing development is showing signs of slowing. The active adult market hasn’t yet been flooded by national developers, leaving opportunities for real estate investors and developers who want to enter this exciting market. Active adult housing has experienced year-over-year growth every year since 2012 without any signs of slowing down, and with Baby Boomers beginning to retire and downsize, now is the perfect time to consider active adult.

Nearly all of the approximately 75 million Baby Boomers are already over age 55. As Baby Boomers begin to retire, many are looking to downsize and start a new lifestyle. However; most are not ready for assisted living or traditional senior living communities. Today’s seniors are looking for simpler lifestyles featuring single-story floor plans with little to no maintenance.  Community amenities like walking trails, clubhouses, and activities are located close to...

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The Sagefield

Posted on | by Bob Ritter

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