Jessica Joly is part of the commercial development team at Styles Corporation. Styles Corporation is a diverse real estate development company. Styles product type is that of high rise condos down to retail urban infill projects. Jessica shared with us her first experience of developing a Publix anchored shopping center.
This Publix anchored shopping center was a relocation of a old Publix that had flooding issues. Once the site was unearthed and interest was conveyed from Publix Supermarkets Jessica and her team went to work in the predevelopment due diligence phase. Jessica and her team were tasked with uncovering any and all information that would help access the projects develop-ability/profitability.
The project was a go after Jessica and her team assessed what they could in there inspection period. Styles closed on the property and the actually development began. Throughout the development of this Publix site they had to contend with local homeowner opposition, municipality and FDOT restrictions and requirements, construction overages (unforeseen issues), and environmental issues to name a few.
Jessica and her team developed and delivered for there investors though the cost exceeded initial projections it still made money for all parties involved. What I have taken away from this presentation is to always be extra conservative with large contingencies built into the proforma and remain flexible while pushing through the finish line.
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