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Development Philosophy
Real estate development involves significant risk because it requires
substantial capital and a long development period, during which economic
conditions may vary dramatically. To control the magnitude of these risks,
Miller & Favazzo Properties pursues only those opportunities in which
three criteria can be satisfied. First, there is an identifiable market
need for the space to be created. Second, it is possible to create a product
to satisfy this need that is superior to the competition. Third, the project
can be created on a cost basis that allows it to be offered at or below
existing market rents. In today's competitive market, developers and investors
cannot expect that projected absorption and rent increases will ultimately
make every project successful.
To achieve the objective of creating a superior product at the lowest
possible cost requires the optimization of all elements of the development
process. The principals of Miller & Favazzo Properties create a significant
advantage by carefully controlling the key aspects of the development
process, including marketing, finance, design, construction, and property
management. They study each development opportunity in depth before pursuing
it and retain the best design talent available to insure that the building
is responsive to the requirements of the marketplace. They look to the
project architect for creativity while maintaining close control over
the functional and technical aspects of the building. Throughout the design
process, they are actively involved in purchasing all major subcontracts
and in carefully assessing all elements of the building to ensure they
deliver the highest quality for the lowest possible price.
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