The Foundation of Successful Development

In the realm of project development, a triad of components—expertise, community relationships, and financial backing—are essential for driving successful outcomes. According to Wibbenmeyer, these elements are not just beneficial but foundational. While past market conditions allowed certain developers to thrive with just two of these three elements, many smaller enterprises have traditionally leaned on local expertise and relationships, often lacking the necessary capital.

Understanding Expertise

Wibbenmeyer emphasizes that expertise is a dual-faceted asset. It encompasses both the utilization of quality data and the engagement of skilled local personnel who possess intimate knowledge of their communities. This approach offers a comprehensive understanding crucial for informed decision-making.

For instance, Regency Centers is currently spearheading a conversion project at The Shops at SunVet located in Holbrook, NY. During the initial research phase, the team discovered that the project site is situated in a robust trade area, promising income growth, and benefits from a significant daily traffic volume of 112,000 vehicles.

Leveraging Local Knowledge

In addition to analytical data, Regency tapped into the collective insights of local staff. “We wanted to understand local consumer behavior, their needs, where they want to spend their time, energy, and money,” Wibbenmeyer noted. The company’s expansive national presence—with 23 fully staffed local offices—enables it to provide rich data overlays with localized insights.

The Importance of Community Relationships

A successful project begins long before physical construction starts. Building a sense of community ownership is pivotal. Wibbenmeyer discusses the significance of strategic placemaking, raising questions about the intended experiences within the development. Will it cater to quick visits, or encourage more leisurely gatherings?

These considerations lead to intentional designs, taking into account elements like sidewalk width, parking layouts, and outdoor dining spaces. “You want to make sure that you consider placemaking from day one, and that’s where a partner with years of experience is helpful,” Wibbenmeyer added.

Navigating Financial Challenges

As interest rates rise, securing capital can become increasingly challenging. However, Wibbenmeyer remains optimistic, stating that by strengthening all three foundational areas—expertise, relationships, and capital—projects can continue to gain momentum. “We’re excited about the future,” he states, indicating that the firm’s solid balance sheet and access to capital not only allow for the execution of projects but also enable collaboration with smaller developers needing support.

Engage with Regency Centers

For those interested in learning more about innovative project development, visit Regency Centers at the upcoming ICSC Las Vegas event, located at Central Hall booth 3160K.