10:24:04 | 2012-05-31
(New York, NY) — In the history of New York City, there have been several massive real estate projects that have made significant contributions to the city’s economic climate. These developments have also helped make the city more livable and contributed to the sustainability of the country’s largest city. However, not every large real estate project manages to have this type of positive impact. This is why the Regional Plan Association (RPA) has published a new study create to help developers understand the keys to success with these large-scale ventures.
By using information from past successful real estate projects and compiling this information together, the RPA has created recommended principles suggested for use with upcoming large development projects. The study was released as a guide for the projected need of new housing, retail and office space in New York in the near future. It is expected that over the next 40 years, nearly a billion square feet of new real estate development will be needed to ensure sustainability and to continue to make New York a livable environment.
While the complete report features a detailed number of principles suggested for developers, some of the main highlights of the report include:
- Obtaining public input during the beginning stages of the planning process.
- Coordinating real estate developments with city transportation improvement initiatives.
- Figuring out city, state and federal requirements early on in the planning process.
- Putting measurable benchmarks and policy goals in place before the development stages begin.
Many of the principles reported in the study focus upon proper early planning. Previous large-scale real estate projects have also shed light on the importance of sustainability practices such as implementing renewable energy and different ‘green’ infrastructures. The report also discusses many areas of the real estate development process that could be better executed or implemented at faster and lower costs. This is why the report also issues a section on significant reforms that should be in place to increase the chances for successful developments to thrive.
Although many of the current real estate initiatives in New York like the Atlantic Yards and Battery Park City developments have helped to build the city, there are questions concerning the next generation of developments. This is why many developers are taking the proactive approach of planning their upcoming developments around the principles highlighted in this report.