SYWEST 9/17/07 11:59 AM Page 178
SYWEST DEVELOPMENT
ny’s status as a privately held firm sets it
apart, Vierra says.
“Our assets are held and operated in a
long-term format; we don’t typically sell
any of our real estate,” he says. “That is
still a little unique given the current state
of the industry. We are a full-service
development company that will conceive,
implement, and then continue with the
day-to-day asset management.
“Everything is done internally,” he con-
tinues. “We can be extremely creative
and are even capable of self-financing all
our activities, which is unique in this
marketplace.”
The company’s experience has also
made it a leader, he says. “We know how
to develop quality retail product and how
to effectively operate them,” he explains.
“We have a good understanding of ten-
ant issues and a high level of comfort with
creating retail environments where our
tenants will be successful.
“We can look at projects from a retail-
er’s perspective, and then come up with
creative and effective solutions.”
SyWest also recognizes market trends.
Today, Vierra says, municipalities are get-
178 ■ CONSTRUCTION TODAY ■ OCTOBER 2007
ting noticeably more sophisticated in
terms of trying to influence not only the
underlying land use, but the design ele-
ments of retail centers, as well. They look
to play a greater role in the conceptual
planning and design processes, he says.
“If not managed properly, this can add to
the construction costs and even impact
the longer-term operational side of our
business,” he says. “Rarely do they ever
propose a less expensive option and usu-
ally it is a subtle push towards the ‘bigger
and better’ alternative.
“I have noticed since SyWest is work-
ing in numerous geographic regions, that
at times it can even appear as though they
all attended the same planning classes
and want to emulate something seen
elsewhere, even if it may not be market
appropriate. We believe it is important to
consistently communicate the overall
vision and potential parameters of a proj-
ect.” He says this communication leads to
effective collaboration when certain mar-
ket nuances are considered in proper
context to the property attributes and a
retailer’s ability to sustain its business
over the long term.
“The more ambitious ‘bigger and bet-
ter’ approach will often affect a project
through increased costs related to sup-
porting infrastructure, for which some-
one must be financially responsible,”
Vierra says. “In some municipalities, a
genuine conflict begins to emerge when
we look to commence redevelop plan-
ning of our existing infill locations.
“Every situation can be so unique that
it must be evaluated on a case-by-case
basis,” he explains.
This education, he notes, takes time,
and time translates to more money.
Luckily, he says, SyWest’s staff is up to
the challenge. With 15 employees, the
company maintains a tight-knit group of
seasoned professionals, Vierra says.
“As a company, we have tremendous
breadth of experience,” he adds. “When
we look to hire new staff members, it
takes a long time to find people who
have a solid reputation, the necessary
experience, and still enjoy the business
of real estate development. You have to
really believe in what we are creating,
and genuinely enjoy the business and all
its daily challenges.” ■