Developers are a unusual and remarkable breed. Condo Metropolis sat down with one of them to find out exactly what they do, and why they do it.

I’m want to dive right in here.
What, in your view, makes a “good” developer?
For me, it’s about providing a great product. But there’s more to it than that. The developer is also the mediator between the buyer, and the city that governs the product being developed. Then there’s the cash flow management side. Basically, if you can give the public and the city what they’re looking for and manage your cash, then you’ve probably done a good job as a developer.

I understand you’re originally from New York. How did you wind up in Orlando?
Actually, I stayed in a Holiday Inn Express last night. It just hit me that Maitland was a good place to make a living. 

I see you brought your New York sense of humor with you.
Maybe. Actually, Maitland was great niche market when I arrived. It has a lot of opportunity and there was an absence of the big time “box” developers here. Developing Maitland really required a special relationship with the city, which I was able to cultivate. It’s such a virgin community for re-development, it took a lot of work to start the ball moving. The City of Maitland needed someone who had a vision, focus, staying power, as well as the ability to build a good relationship with the City to get things done.

What projects are you involved in?
Well I have a few going on at the moment. There’s a condominium project down in Naples called Lely Landings, I have a couple of properties in New York and I’m working on some property in Wyoming for investment purposes. Then of course and of course the Trevi here in Maitland as well as the two office buildings encompassing a bank and a restaurant

How did the idea for the Trevi come about?
Basically, I took a look at the opportunity and it looked favorable on many fronts, so I decided to get involved with the City - and eventually wound up perusing it. That was four years ago now. 

So it’s taken four years to get to this point?
Exactly. You need a strong vision – and financial staying power to see something like this through. There’s a lot of bureaucracy to get through but it’s worth it, and I’m very proud to be taking such a huge role in Maitland’s future.

What is Maitland’s future?
To me, Maitland is a Diamond in the rough. But as you probably know, its per capita income is higher than downtown Orlando, and demographically, it’s one of the wealthiest cities in Florida.

It’s also a valid Community Redevelopment Association (CRA) encompassing two hundred acres. Of the five projects that are currently approved for Maitland, two of them are being developed by myself. The Trevi is one of the pioneer projects for this redevelopment so it’s very exciting for me as a developer.

How will  the Trevi fit in with Maitland’s vision?
The Trevi condos are a “mixed use” project, which means it contains residential, retail and office. There are a total of 96 luxury condominiums and about 110, 000 feet of commercial space between both developer agreements. This is the first time this kind of lifestyle has been available in Maitland. One of the things that separates my project right now is location. As you know, location is key. It’s a fundamental characteristic of a successful project. 

Where are you right now with the project?
Every day, something new happens out on the site. Right now we’re digging in a brand new lake called Lake Majorca. The drainage pipes are also nearly ready to go in, and we’ll be starting construction of a new road, Lake Sybelia Parkway soon. [ project progress ]

So when can buyers actually purchase a Trevi condo?
The condo sales center is now open and with only 59 condos in total, interested buyers should probably get into the sales center sooner rather than later to look at our 15 innovative floor plans. Once we break ground prices will obviously go up.

Do current market conditions keep you awake at night?
Not at all. The current market just separates the men from the boys. Those investors who are in and out of this business on a cyclical basis are the ones that suffer the most. Experienced developers who are truly focused on their industry and well versed in their craft can ride through times like this - which are basically a result of a media-driven self-fulfilling prophesy. What has happened now is that the investor has vanished from market, making the presale component harder, which then makes it more difficult for the lender. But the truth of the matter is that interest levels are still at 40 year lows, inflation is low and unemployment in Orlando is incredibly low. 

What drives you to push onward in such a brutally competitive field?
All fields are competitive these days. In order to survive in any field you have to be good at what you do. 

And are you?
I am. I keep moving forward because I think I’m as good as if not better than some of the top developers in the country. I believe in what I’m doing.  And I surround myself with people who have positive energy - people who believe in what I believe in and who help me move forward. I value that and I take a lot of pride in keeping and looking after such colleagues when I find them.

How do you see the future of the real estate market in Florida?
The future of Florida’s market is tremendous. With the amount of people moving into this state every day, it will always be one of the top real estate markets in the country. Florida’s climate is one of the chief reasons of course. Not just for Americans but for European investors too.

What about the condominium market in particular?
It has to continue growing because the average life expectancy of people has been growing over the years and there’s a consistent demand for condos by empty nesters, snow birds and baby boomers. People who want a secure, turn-key, easy to maintain, dwelling that allows them to remain independent and enjoy their lives without having to worry about the roof, landscaping, pool cleaning etc. Most of our buyers fit that mold exactly. They’re older, their kids have left home and they want something that’s high quality and maintenance free, which is exactly what the Trevi condos offer. 

I’m sure you’re aware, but a couple of condo projects have folded recently. What’s the main reason in your view that some building projects collapse while others get completed?
I’ve been behind the scenes with this Trevi project for over four years now, and you need a pretty strong constitution and a firm belief in the project to stick with it because it can take four, five or six years before it’s finished. That takes a lot of discipline and some developers just don’t have it. Another reason is that some developers build for the wrong reasons. In my view, a failed project is typically the result of a developer not being able to convince enough investors to put down deposits on a building that probably shouldn’t be built anyway.

What does that mean exactly?
It means that I’m building condos at the Trevi for people to live in - not for investors to make a profit from. 

Then let me ask you this: What should a prospective buyer be looking at when considering buying a condominium to live in?
At the end of the day, the structure needs to be of a certain standard and quality to conform to modern day building codes. But the finishes have to be above and beyond what the buyer is expecting. That’s what most experienced buyers are looking for. At the Trevi, everything is top of the line quality because that’s what I believe in. I don’t have anybody to answer to, I have a lower overhead to operate with and I can afford to give my clients the best quality available.

What kind  lifestyle is the Trevi offering?
Something special. What really makes these condominiums stand out though is that apart from the usual amenities, the Trevi contains some pretty unique features.

Such as?
Well for instance, I’ve included an emergency power generator for the social room and fitness center. That means the Trevi can continue to operate independently in an emergency capacity without regular electricity. The residents won’t be inconvenienced that way in a storm or a hurricane. Cell phones, food, cooking, computer systems, internet connection - virtually everything will remain operational, which brings real peace of mind. That’s a top priority for me but you won’t see many developers doing that. I admit it’s a little bit overboard. Maybe that’s why I’m proud of it. 

Tell me, how does a person become a real estate developer?
All my life, my father dragged me round in his car just to look at real estate. For example. one Thanksgiving morning, my father told me at 6.30 a.m. to jump in the car. We drove an hour and a half just so we could go look at some old parking lot in Staten Island. My father wound up buying that lot. I guess I inherited the same gene. Actually, I think it’s a genetic defect! 

What is the most important lesson your father taught you?
Cash flow management. Because with out that, you can’t operate a successful business.

And learning to be diplomatic. Another time, I was driving around with my parents and their broker and the broker asks how long we’ve been looking. My father says, “Oh, about two or three weeks now.” And from the back of the car I yell, “What are you talking about dad? We’ve been looking for two or three years!” Needless to say, I took some heat for that one once we got home. 

What do you like most about being a developer?
I like having ultimate responsibility. When things go well I know it was me that made that happen. It’s a great feeling.

 So what’s the worst thing about it?
The same thing. Because if they don’t go well, then I have no one to blame but myself! Fortunately, that doesn’t happen too often.

 Do you hope your children will follow you into the real estate world?
I want my children to do whatever they want to do. I’d never force them to do anything they didn’t have the aptitude for - but if it works for them that’s great too. 

The whole thing sounds really stressful to me. What do you do to take your mind off your work?
Actually, I like spending time with my kids. Dirt biking, snow-mobiling, boating, and being a good father to my kids.

What would you most like to be remembered for?
Tenacity. And my attention to detail.

Ok last question. If you weren’t a real estate developer what do you think you’d you be doing for a living?
Most likely, I’d be in the U.S. Air Force flying fighter jets.