What Is the Pre-Development Phase in Real Estate Development?

Kenneth “Ken” Hart is a New York, NY-based real estate executive. From 2000 to 2017, Ken hart worked at Harco Construction as president and CEO. Following his work at Harco, Kenneth Hart co-founded Veracity Partners, a real estate development company based in New York. The company handles various stages of the development process, including pre-development.

Pre-development is the first major phase of the real estate development process, and it encompasses all activities that take place before the construction begins. There are three major steps in this phase - market research, property selection, and property vetting.

During the market research, the real estate company must first choose its strategy. It has to decide whether it’s going to build in a lower-profit but stable niche, or build in a potentially more lucrative but riskier market.

Next comes the property selection. Mostly, the search is done in person, with company executives and representatives conducting face-to-face meetings with brokers. Searching online is another viable option. The third option is to contact real estate owners directly with an offer.

Vetting the property is the final step of the pre-construction phase. The list of considerations includes, among other things, property zoning, cost analysis, talks with tenants, and architectural design.

529 Broadway - Where Architecture and Commerce Meet

Architect working on a project
 Photo by Daniel McCullough on Unsplash

Project Manager Kenneth "Ken" Hart is the co-founder of Veracity Partners and former president of Harco Construction. Based in New York, NY, Kenneth Hart was the project manager at Harco Construction during the construction of the building that sits at 529 Broadway, which also recently received the 2019 Engineering Excellence Gold award for the building’s structural systems.

Combining the aesthetic beauty of modern architecture with a functional, the building sits in the middle of one of the city’s important retail district and is also one of the most interesting structures in the area. The design was modeled after the Prescott House Hotel, which occupied the spot earlier. The structure is a contradiction between the simple and complex. On one side of the building, the terra cotta façade is reminiscent of buildings such as the Prescott Building. On the façade facing the east, the glass and aluminum cover provides a twist, even adding an ornamental element to the terra cotta design.

The building achieves the elements of traditional architecture-form, function, and beauty, and its location in a major retail district illustrates its ability to function in the environment. For one, the building is located in Soho, traditionally seen as an attractive business area. Currently, the building is occupied by Nike, an international company known as a draw for business.

About the AIA-NY’s Annual Honors and Awards Luncheon

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As the co-founder of Veracity Partners, real estate development professional Kenneth Hart has helped lead the company into one of the leaders in New York real estate. As the former president and CEO of Harco Construction, LLC, Kenneth "Ken" Hart helped the company in developing a superior presence in the industry. He also belongs to the American Institute of Architects - New York (AIA-NY).

On April 15, 2019, AIA-NY held its annual Honors and Awards Luncheon to recognize architects, public servants, philanthropists, and organizations that have demonstrated continuous commitment to design excellence. Three major awards were given during the Luncheon.

The Stephen A. Kliment Oculus Award, an accolade that recognizes an architect’s influence, was given to Cindy Allen. Allen serves SANDOW as a chief design officer. She was distinguished for her tireless advocacy for design. Allen also serves as the editor-in-chief of the magazine Interior Design.

A non-professional who has contributed to the profession is also honored through the Award of Merit. This year’s Award of Merit recipient was Rosanne Haggerty, Community Solution’s president and CEO. Haggerty was recognized for her efforts in fighting inequality and concentrated poverty that exist in the built environment.

AIA-NY’s highest distinction, the Medal of Honor is given to the architect or architectural firm that demonstrated an exemplary body of work and maintained a high professional standing. This year’s Medal of Honor was conferred to Deborah Berke. Berke serves as a founding partner of Deborah Berke Partners. She is also the dean of Yale School of Architecture.

In addition to these three major awards, 27 winners were also given the AIA-NY Design Awards. The AIA-NY Design Award winners were also highlighted at the Center for Architecture exhibition.

ACEC New York Gives Engineering Excellence Gold Award to 529 Broadway

Pylon Photo by Shane Rounce on Unsplash

The former president and CEO of Harco Construction in New York, NY, Kenneth Hart co-founded Veracity Partners, a construction company that builds commercial and residential properties. As a widely recognized leader in the industry, first at Harco and now at Veracity Partners, Kenneth (Ken) Hart has directed high-value construction projects, including the building at 529 Broadway.

Located at the corner of Spring Street and Broadway, 529 Broadway is a six-story commercial building with mid-19th-century architecture similar to the Prescott House, which once stood at the same site. The building at 529 Broadway, which was designed by BKSK Architects, received the 2019 Engineering Excellence Gold Award in the structural systems category from the American Council of Engineering Companies of New York in recognition of the creative and superior skill exemplified in its design.

The building’s innovative design features an open-joint terracotta rain-screen facade system and modern glass curtain walls that create a contemporary look while retaining the building’s historic influence.