Panels Focus on Late Deliveries/Delivering Amenities

DALLAS—Tardy delivery times and the importance of amenities were the themes of consecutive sessions at RealShare Student Housing on Wednesday in Dallas.

In “Construction Costs: Time is Money,” panelists shared their unique perspectives on having to deliver bad news—mainly telling clients that construction delays will push a property's delivery back.

“It seems like for a long time no one had a late delivery,” said Judson Stewart, Penta Risk Student Housing practice leader.

Whether it is rain, cold weather or other shortfalls, it's news no one wants to hear.

Madison Meier, director of business development and transitions at Campus Advantage, offered her own time-tested advice: If you know delivery will be delayed, be upfront and communicate the news as soon as possible.

Labor shortages, another challenge that plays into the situation, were also addressed in the session, which was moderated by Brent Little, president of Fountain Residential Partners. Laurie Lyons, partner at Cardinal Group Management, also participated on the panel.

In the next session, “Development, Design and Construction Trends,” Marcus & Millichap associate Theodora “Teddy” Leatherman moderated a lively panel that included Todd Meckley, partner at Entasis Design Architects – A BSB Design Studio; Jamie Swick, CEO and owner of Integrity Period; and Jeanne Stosser, president of SAS Builders Inc.

Much of the discussion centered around amenities and how to deliver what residents want.

“Grad students want larger rooms,” Swick offered, “while with international students, you have to consider where they are from,” into the design equation.

She pointed out that with upperclassmen, you might be competing with the “single-family home shadow market,” while with freshmen and sophomores, living rooms should be larger because “they really love to socialize.”

Meckley made the point that fitness areas are becoming a big priority, while Stosser made the assessment that “if you don't have high-speed Internet, it's not a good thing.”

Another aspect of conversation revolved around mixed-use properties, and whether a retail component was essential to a project's success.

“Retail spaces can be challenging, “ Stosser said. “We had two different projects that required retail or office on the ground floor and it became a nightmare.”