B360 employs an all-encompassing approach to development, beginning from site acquisition to approvals through design and construction and finally ending at stabilization. We strive to develop projects that are not only financially viable, but developments that serve as a catalyst of change in urban areas. Our developments are testaments to breathtaking design that simultaneously serve critical societal residential, educational, and commercial needs in underserved urban areas.
- Given the long term trends towards economic growth in urban areas, B360 has focused its developments on urban areas with high growth potential. These areas are typically within half an hour of major cities (New York City, Philadelphia, Washington DC), feature strong employment institutions within 10 miles (hospitals, universities, office complexes, airports), and have easy access to highway transportation and train stations.
- In choosing specific development sites, Blackstone 360 specifically searches for sites that allow us to leverage our extensive and varied construction background. This includes sites that are vacant, allowing for complete gut rehabilitations that have the potential for increasing vertical and horizontal square footage, and those that provide a clean slate for all new mechanicals and finishes. Furthermore, focusing on abandoned and distressed sites allows us to significantly reduce our initial acquisition costs on each deal. Additionally, we look for on-site parking as an added convenience to future tenants and an ever more valuable commodity in urban areas.
- The approval process is a long and complex ordeal that requires depth of knowledge and a keen understanding of local municipal politics. At Blackstone 360 we make it a point to develop soft capital, in the form of long-term relationships and by leveraging our proven track record of spurring economic growth, in the urban areas that we target. We make sure that our developments fulfill the needs and desires of local community leaders in addition to meeting local predetermined development criteria. Furthermore, because our developments target underserved areas, our projects are prime candidates for tax incentives such as Long Term Tax Abatements and Short Term Tax Exemptions.
- Blackstone 360 approaches each project with a unique financial outlook. We look to find creative capital structures to increase the viability of projects that would otherwise be ignored by more conventional financing methods. This includes using a myriad of combinations of traditional debt, mezzanine debt, equity from B360, equity from JV partners, contribution of property in lieu of cash, and a whole host of other non-conventional financing options. In doing so we work with a number of trusted banks, brokers, and equity partners, who help to materialize each particular deal.