What Does My Company Do?

The Real Estate Espresso Podcast

What Does My Company Do?

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Welcome to the Real Estate Espresso podcast, your morning shot of what’s new in the world of real estate investing. I’m your host, Victor Menasce.

On today’s show, we’re talking about our development company, Why Street Capital. Several of you have asked about our business. So on today’s show I’m going to give you an overview of the types of projects that we have underway at Why Street Capital.

We’re very active in land development, construction of new apartment buildings, senior housing, storage, flex multi-tenant industrial, and we’re active across nine states in the US and a bit in Canada.

Some of our more notable projects include a major expansion of the city of Colorado Springs, which consists of a master plan community comprising more than 1,700 acres. We have a 21-acre project in a suburb of Salt Lake City, that will host a Marriott Hotel, 104 townhouses, some Flex Industrial, and a couple of restaurant pods. We have two residential subdivisions in Boise, Idaho, comprising about 70 acres.

We’ve got a planned 257-unit adult active project that’s nearing the shovel-ready stage in Spokane, Washington. We’re currently in construction on an 85,000 square foot storage facility in Houston, TX. We’re also about to break ground on a 115,000 square foot storage facility in Colorado. We’re also in construction on a 120 unit workforce housing project in Mont-Tremblant, Quebec which is a ski resort about an hour north of Montreal. This is just a sampling of our projects.

We’re often approached by landowners or maybe more junior developers to assist them with the development projects and for that reason, we opened a consulting division a couple of years ago and we provide development services to help them bring their projects to realization.

I’ll give you an example of some of these projects. One is a client who purchased a property on the edge of a good area in Ottawa, Canada. It’s a short walking distance to two major hospitals. The lot was fairly large, consistent with the homes that were built in the late 1940s. The zoning permitted a mid-rise tower and we’re acting as the in-house developer for what will be a six-story, 20-unit building.

In another example, the same landowner successfully purchased a lot within a hundred yards of a major shopping center. It was also zoned for six stories, but it did not meet all the requirements for the desired density. We assisted the client in acquiring the neighboring property. The land assembly associated with the two contiguous properties enabled a much larger six-story building that will be close to 60 units of density.

We’re responsible for quarterbacking the project through the site plan approval, through permitting it, through construction, although we are not the general contractor. Once we’re in construction, we take on the role of the owner’s representative and perform an asset management and quality assurance function in collaboration with the general contractor.

Maintaining costs under control requires extreme vigilance and attention to detail. Only through independent detailed record-keeping were we able to demonstrate to the subcontractor’s owner that they were double billing. One operator could not be both on an excavator and driving the truck at the same time.

Now, our Canadian division is pretty much at capacity with our slate of current projects that represents a pipeline of over 700 units of new construction. Our U.S. division does have some capacity to help landowners with their projects. So if you or someone you know is contemplating a new land development project ranging anywhere from a new apartment building, industrial, or a land development project, we might be able to help you.

To inquire send an email to [email protected]. And we’d love to chat with you about your projects. There’s no obligation. Of course, we’re happy to just offer an opinion and maybe there’s something more that can happen as well.

As you think about that, have an awesome rest of your day. Go make some great things happen. And we’ll talk again tomorrow.