Have you ever wondered how our communities are created? What work goes into developing the final product? While every project involves a consistent approach, each community is intended to be unique based on the opportunity’s context, challenges and “soul.” Here’s a step-by-step overview of the process the Bozzuto Development Company (BDC) follows.
Step 1 – Land Acquisition and Joint Venture Partnerships
Bozzuto Development begins work long before a site has been found. Our team is constantly searching for the perfect development opportunity and assessing the feasibility of many sites. Once a project is selected, BDC begins by writing a Letter of Intent (LOI) for a land sale or joint venture partnership, followed by the drafting and execution of a contract. The preliminary concept and financials are presented internally and approved before moving on to the predevelopment process.
Step 2 – Design Direction and Product Development
Many consultants are engaged, including the architect, engineers, interior designer, landscape architect, specialists and attorneys. As the architectural concept is developed, they all come together to determine the “rallying cry,” or essence of the project. This stage takes many months of collaboration and is all about strategically constructing the soul of the project.
Step 3 – Brand Development and Messaging
Based on the approach determined early in design, the brand is further developed to distinguish the project from others in the area. All aspects of the project are intended to deliver a cohesive, emotionally resonant message that influences the customer’s perspective.
STEP 4 – Secure Approvals and Financing
STEP 5 – Project Approval & Groundbreaking
A detailed review is held internally for the “Preconstruction Approval.” The Bozzuto team assesses the project’s viability, including the construction and leasing schedule, budget, risks and returns. With this approval, a groundbreaking can finally occur— frequently a couple years after site selection. This is a very good day!
STEP 6 – Construction
The construction process takes approximately two years, depending on the project’s size and complexity. During this time, BDC continues to leverage the expertise of BCC and Bozzuto Management (BMC), while providing all stakeholders with a singular point of contact for all aspects of the project.
STEP 7 – Leasing and Stabilization
BDC is responsible for a project’s success through lease-up until stabilization (95% occupancy). The truly rewarding moment comes when leasing and first occupancies begin, with a BMC presence that turns the physical development into a true Bozzuto community. At stabilization, BDC transitions the project to Asset Management.