Bisnow discusses density in the Southeast with
John Darby, President & CEO of The Beach Company.
Commercial real estate industry news site Bisnow recently sat down with The Beach Company’s CEO, John Darby, to talk all things density in the Southeast, including challenges posed by local governments, the assessment of location viability and whether or not investors are still interested in making new multifamily developments a reality.
In the interview, Darby noted that while some local governments in the region welcome dense developments, others aim to hinder such projects by stalling the permitting process, requiring unrealistic design approvals or changing the zoning. “Time is the only thing between getting a project planned, permitted, built and stabilized, so trusting the process is crucial,” said Darby.
When asked about the feasibility of a location, Darby emphasized that it’s imperative for developers to examine rental markets in a more holistic way. He emphasized that developers need to compare the rental costs of a new building with a second, third or even fourth option. Darby also reminded Bisnow readers of today’s highly competitive market, as renters in the Southeast have more options than ever before, making it crucial for companies to exercise diligence when selecting a location. He then noted the importance of knowing the unique challenges in any location, from rezoning to environmental issues.
Although investors are still interested in multifamily developments, according to Darby, developers must carefully select areas with investors who are genuinely interested in “creating a presence in the city” to deliver a project that will benefit a community for generations to come.
Read the full interview here: www.bisnow.com/nashville/news/multifamily/why-infill-apartments-are-tricky-but-still-doable-70176