When is it a smart development?

[Mike A.]

Just a quick question...I have done many smaller developments, I'm looking at some bigger deals...But when is it a good development particularly the development of apartments?

Any insight from the board would be greatly appreciated.

[Corey Williams]

the "quick" answer is a good deal meets your goals and objectives for return on investment. Everyone has a different idea or willingness to accept risk so to say there is one answer to your question is tough.

The long answer involves evaluating the site location, demographics, area jobs, college area, etc. I'm sure that you understand you can't build the Taj Mahl in the hood but you do need to define the type of project you want to develop and where you want to build it and if they will come once it is built.

The company I work for is very conservative and sometimes I get frustrated when we pass on a project that I know would have made money. Of course, it's easy for me to feel this way because it's not my money and they have been doing this since the early eighties and are very successful so it's hard to question their objectives.