Hadley Village Development is located in Old Hickory, TN. This development consists of 39 townhome units and two commercial buildings constructed by Polston and Polston Construction. Check out the video above of the development and completed project. Below are photos of Hadley Village in all stages and previous multi-family projects.
Starting a new construction multifamily project involves careful planning and execution to ensure success. Here are the key steps to get you started:
- Define Your Project Goals: Determine the purpose, size, and scope of your multifamily project. Consider factors such as location, target market, amenities, and budget.
- Market Research and Feasibility Study: Conduct thorough market research to assess the demand, competition, and potential profitability of your project. Perform a feasibility study to evaluate the financial viability, including projected costs, revenue, and return on investment.
- Assemble a Project Team: Build a competent team of professionals including architects, engineers, contractors, and consultants experienced in multifamily construction. Consider partnering with a reputable general contractor or construction management firm.
- Secure Financing: Develop a detailed financial plan and secure adequate financing for your project. Explore options such as bank loans, private investors, joint ventures, or government-backed programs. Prepare a comprehensive business plan to present to potential lenders or investors.
- Obtain Necessary Permits and Approvals: Familiarize yourself with local building codes, zoning regulations, and permit requirements. Obtain the necessary permits, licenses, and approvals from local authorities, including building permits, environmental clearances, and utility connections.
- Design and Architectural Planning: Collaborate with architects and designers to create a comprehensive design plan that meets your project goals, regulations, and market expectations. Consider factors such as unit layouts, common areas, parking, landscaping, and sustainability.
- Construction Documentation: Prepare detailed construction documents, including architectural plans, engineering drawings, specifications, and contracts. Ensure compliance with building codes, accessibility standards, and energy efficiency regulations.
- Construction Bidding and Contracting: Solicit bids from qualified contractors and select the most suitable based on their expertise, reputation, and pricing. Develop a detailed construction contract that outlines responsibilities, timelines, and payment terms. Have an attorney review the contract before finalizing.
- Construction and Project Management: Oversee the construction phase by maintaining effective communication with the contractor, conducting regular site visits, and managing project progress. Implement a project management system to track schedules, budgets, and quality control.
- Marketing and Leasing: Develop a marketing strategy to attract potential tenants to your multifamily project. Utilize various channels such as online listings, real estate agents, signage, and social media. Establish a leasing process to screen applicants, sign leases, and manage tenant relations.
- Project Completion and Handover: Once construction is complete, conduct a final inspection to ensure compliance with quality standards. Obtain the necessary certificates of occupancy and conduct any required inspections. Prepare for the smooth transition to property management and ongoing operations.