Case Studies

Asheville Condominium Project

Role: Consultant/Development Advisory Services                                           

Project description: 48 unit, ultra-luxury, 17-story, mid-rise condominium development in the downtown Asheville urban core

Size: Tower @ 180,000 Square Feet
Incl. Parking Garage @ 55,000 Square Feet

Project Cost: $44,000,000

Challenge: An investment partnership acquired a development site with the intentions of developing luxury residential condominiums. Lacking development experience, they sought advice and pre-development services. Phase One of the consultancy addressed;

	Marketability
	Financial feasibility
	Entitlement review
	Preliminary site due diligence (soils and enviro)
	Preliminary design review
	Capitalization advice and sourcing.

Outcome: Phase One of the consultancy was completed, including the sourcing of provisional joint venture capital.

Phase Two, of the consultancy consisted of the engagement of Development Advisory Services to accomplish the following:

	Select a project architect by competitive bid
	Re-Engage the marketing consultants to further refine the competitive niche
	Use market study feedback to create an architectural schematic design
	Engage construction firms to generate a preliminary hard cost estimate
	Create a preliminary development budget

OUTCOME: Phase two of the consultancy was successfully completed. The project was sebsequently put on hold pending the outcome of the ongoing crisis in the credit markets

150 Wappoo Creek Drive #8
Charleston, South Carolina 29412
Office: 843 762-5715 • Cell: 843 276-6116
williamharrison@theharrisoncompany.us