In a recent Bisnow article, CEO Marc Rutzen shared insight on how developers can engineer value in redevelopments before beginning construction. One way to engineer value is to utilize software to determine what is necessary.
An excerpt from the article:
Platforms like Enodo can be used to determine the optimal mix of a development and the footprints of individual units. For repositionings, users can upload PDFs of rent rolls, analyze pricing by floor plan and test renovation scenarios for individual unit types to determine the best renovation strategy. Users may also track amenity values throughout the life cycle of a project.
Software helps owners determine how the market has changed since development started, and if features and amenities need to be cut to value engineer the project, they can ensure the lowest premium amenities are cut first.
"This level of analysis allows developers to build to the original plan, but adjust accordingly if anything changes throughout the course of the project," Rutzen said.