The idea of architect-developer has been gaining traction in recent years, with an increasing number of architects looking for ways to take control of their creative work.
This is why learning about the experiences of practicing architect-developers can be invaluable for budding archipreneurs. Here, Leo Marmol of Marmol Radziner, John Kully & Mick Walsdorf of Flank, Peter Gluck of GLUCK+, and Cary Tamarkin of Tamarkin Co. talk about the ins and outs of real estate development.
The panelists stressed the importance of taking the business side of practicing seriously. Each brought their own experiences using different business models. For example, Flank build their own designs–mostly hotels, office spaces, condos– through equity partnerships. Architect-Developer GLUCK+ is split between for profit and non-profit work. They also work as contractors which allows them to add value to the project and spend less time on development- their partners do the development part. Marmol Radziner took control of the fabrication process. They manufacture cabinetry, hardware, housewares, furniture for the projects which the firm designs.
Going into property development is no walk in the park. Architect-Developer Cary Tamarkin talked about the stresses and downsides that come with developing your own designs. There are challenges like finding capital, risk mitigation, and deal-related anxiety.
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