Our Downtown project, M West, was completed recently. This three-phase development brought Parker Group many interesting challenges.
Overview
M West is an 18-unit townhouse development located in downtown Greenville, SC. We were hired by the developer to complete the land assemblage, determine product type (apartment, condo, or townhouse), assist with the feasibility analysis, assist with land entitlement, and provide turnkey sales and marketing services.
Challenges
The M West project presented the Parker Group with a few challenges. First, the land assemblage phase was tricky due to the multiple parcels and landowners involved. In this case, we were dealing with three separate property owners with different needs and wants. We were able to successfully negotiate a deal structure that satisfied the landowners and allowed the development team adequate time to perform all necessary feasibility and due diligence.
The next big challenge was getting through all due diligence and feasibility within our contract period. During this time the development team is charged with analyzing a litany of potential site issues, financial modeling, nailing down site and architectural design, gathering preliminary construction bids, and beginning the marketing phase. Needless to say, it is a fast-paced, high stress and fairly hectic period for any development!
Branding
The developer wanted a trendy name to reflect the sleek, urban brownstone look of his development. Over a few brainstorming sessions, it was decided to shorten Main Street to the letter “M” and add the direction of the street on which the project was located “West”. We also recognized that one of the challenges of downtown living is the availability of outdoor space. As a result, the townhomes’ terraced rooftops were promoted and became one of the project’s biggest attractions and best-selling features.
Outcome
The success of M West is a source of pride for the entire development team. There are many times in any development when it feels like there are not enough hours in a day. This project was no exception. For over two years, the entire team rolled up their sleeves and worked tirelessly to ensure we delivered a high-quality product.
