Real estate development is nothing new; since humankind has been constructing buildings, there has been an inherent need to plan out the built environment. And with every industry, trends, strategies and best practices come and go. Real estate development has seen its fair share of traditions and standards in the past, but now, in 2018, there seems to be a new kind of real estate developer on the horizon. So, what exactly separates this new kind of developer from those of the past?
Firstly, let me provide a brief overview of what a real estate developer does. In essence, real estate developers are the masterminds behind the construction of a building or any kind of structure. While the role of a developer can vary from project to project, in most cases, a developer is responsible for purchasing land, financing real estate deals, and working with almost every single person that is involved in the creation and building of a project. This includes designing, blueprinting, and actual construction of the project. Developers are crucial to the construction of a property.
Now that we have an understanding of what developers actually do, let’s discuss the current generation of developers. In the past, developers have focused on purchasing land and developing a property in the hopes of making money, no more, no less. Sure, these developers would try to create ritzy buildings and properties that would catch the eye and draw in the masses, but this was done with the sole intention of getting a return on investment, and rightfully so, seeing as how real estate development is an incredibly expensive industry.
But now, this new age of business developers is looking to create not just buildings, but experiences. Today’s developers want to make developments that create a long-lasting impact on the surrounding community. These new projects are designed to unify its surrounding citizens for generations. The question for developers today is no longer, “how can I build a property to make money?”, but “how can I build a property that can help the community at large?”
This is the exact kind of principle that True North Studios is living by in the development of the new Ro2 Project in Phoenix, Arizona. The project is being designed to reinvigorate the arts district of the city in the hopes that it will unify the community, as well as bring in new jobs and businesses to the area. With state-of-the-art technologies, architecture and layouts, the Ro2 Project is shaping up to be one of Phoenix’s most important construction projects in quite some time.
As more and more real estate developers continue to put an emphasis on building a larger community that can offer recreational, professional and economic benefits, we will begin to see a drop in hastily-created properties looking to cash in. Yes, the end goal for any real estate developer is to make a profit, but when we step back and take a deeper look, we can also profoundly impact the areas we service; we have a duty to create long lasting experiences that will bring prosperity and peace to our communities.