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Development Philosophy

Real estate development involves significant risk because it requires substantial capital and a long development period, during which economic conditions may vary dramatically. To control the magnitude of these risks, Miller & Favazzo Properties pursues only those opportunities in which three criteria can be satisfied. First, there is an identifiable market need for the space to be created. Second, it is possible to create a product to satisfy this need that is superior to the competition. Third, the project can be created on a cost basis that allows it to be offered at or below existing market rents. In today's competitive market, developers and investors cannot expect that projected absorption and rent increases will ultimately make every project successful.

To achieve the objective of creating a superior product at the lowest possible cost requires the optimization of all elements of the development process. The principals of Miller & Favazzo Properties create a significant advantage by carefully controlling the key aspects of the development process, including marketing, finance, design, construction, and property management. They study each development opportunity in depth before pursuing it and retain the best design talent available to insure that the building is responsive to the requirements of the marketplace. They look to the project architect for creativity while maintaining close control over the functional and technical aspects of the building. Throughout the design process, they are actively involved in purchasing all major subcontracts and in carefully assessing all elements of the building to ensure they deliver the highest quality for the lowest possible price.

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