503 Cricket Road Case Study Solution
Qualitative Section
A.
The plan of Mr. Sexton was to replace the rooming house with new 14 units, 5-story apartment that was located next to the campus of University of Virginia. It spans an area of 14,000 Sq. ft. approximately. The design of the new units was carried by the students who had chosen this as their university project, but it was finalized and decided by Mr. Sexton and his mother. The project got all the design elements that increased the value of the site. Mr. Sexton had decided that it was only his inheritance and he wanted to get the most out of it by reconstructing it.
He revised the design in such a way that gives the best return. Therefore, he decided to make every unit of 1000 Sq. ft. and providing each unit with kitchen and bathroom, using concrete decking planks and brick walls for cost advantage.It would be maintenance free with long durability and constructing the bedrooms large enough so that two personscan live comfortably, and the designs created for the kitchen and the bathrooms were for attracting the tenants visiting thehouse.
The design of the project was created to optimize the value of the site. It was the objective of Mr. Sexton to make the apartment more attractive to the affluent students whowere studying in the University of Virginia because, those students would be able to pay higher rents for many reasons one that rooms would be luxurious, airy with many facilities, and second that it was atawalking distance from the University of Virginia. So, it can be determined that design was the most appropriate to optimize the value of the site and allow Mr. Sexton to charge higher rents from the students.
B
The process of the construction was being managed effectively and efficiently because, the construction doesnot only refer to the construction of the building, but rather it refers to the whole construction process from planning phase to finalization. So, the project process was well designed and well planned because Mr. Sexton completely evaluated the building and conducted primary and secondary market research regarding the construction of the site and the costs and revenue estimation as well.
In planning phase, it was decided that rooming site would beconstructed to 14 units, 5 story apartment units. It was the finest design to get the best out of it, and construct the building. The planning of the project and designwas completed with the project initiation. On the other hand, Mr. Sexton had gone for the approvals of the government regulators for the construction of the site, and director of the City Planning Commission had also approved the project and made it as a benchmark for all the construction projects in the city.
On the other hand, Mr. Sexton hadbeen finding ways to finance the project, and in this regard he contacted banks, financial institutions, and the REITs with proforma, income statement, and proposals with the estimated construction cost of the project.
C.
There would be huge demand for such type of units because the arrival of the new batch in theUniversity of Virginia is near, and the site of building is located with the university campus at awalking distance which increases the value of the units. On the other hand, it was also discovered that students would also pay premium for the apartments i.e. around 25% to 40% higher rents than average market rents. Thus, it can be determined that there would be good demand for the units in the market. Meanwhile, the developer has also designed and planned the construction to make luxurious, and attractive building so that it can attract affluent students.
503 Cricket Road Harvard Case Solution & Analysis
Furthermore, developers do not have any marketing strategy. They haven’t constructed any marketing plan to communicate with the tenants because, it is likely that the tenants would only be the students, and it is not necessary that all those studentswould beliving in the city. The students outside the city would need a place to live, and the 503 Cricket Road is near to the campus thus developer has a competitive advantage. However, it is important to know that developer has to leverage this competitive advantage, making clear marketing plan and strategy...................
This is just a sample partial case solution. Please place the order on the website to order your own originally done case solution
Related Case Solutions & Analyses:
Managing Co-Branding Strategies: Global Brands into Local Markets
Risk Exposure and Hedging
DoubleClick Buys Abacus (A)
Market Failures
Friendly Cards, Inc.
Lloyds-TSB: A Champion of Shareholder Value 1983 – 2007 (French) French
Lego Friends Case
Chicago Apartment Investment
Zappos.Com: Developing A Supply Chain To Deliver Wow!
Activity-Based Management at Stream International
