Development Conceptualization

Every real estate project goes through the initial phase of conceptualization. During this phase, a foundation and vision for the project is created. During conceptualization, developers seek to satisfy unmet needs within a marketplace. After sufficient demand is identified, a developer must lead a team of architects, engineers, planners, lawyers, and financial experts to meet that very demand. Together, the development team can deliver a quality product that satisfies market demands and generates a required return on investment. In the meantime, it is also essential that an exit strategy is established. Finally, the team must recognize that the development process is an iterative process. The initial ideas and visions for a development project can vary, be revised, and they are usually altered to meet the highest and best use of a site.

Below, is an example of a major project that was conceptualized with the help and input of Texas A&M University students. Years later, the project became reality. In 2013, Texas A&M was in the process of bidding a 70 to a 100-year land lease of a blighted parcel of university property. The property was adjacent to the North side of campus, and it was located along University Drive. Before accepting bids, the university took into consideration the planning and design ideas of its students who were attending the School of Architecture. The design process took a week to complete. Other students and I presented our design pitch to university officials, the Mayor of Bryan, Texas, and other Bryan/College Station city officials. Three years later, Midway Companies tied-up the land and initiated construction of what is now Century Square.