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Cross-Sections brings to you bite-size conversations with host Anthony Gude, as he chats with colleagues and leaders in the construction and industrial ecosystem. Gude spoke with John Pugh of Pugh Management, a boutique real estate development, consulting, and investment firm. They play an advisory role to help maximize the opportunities and investment for landowners.
Gude and Pugh discussed repurposing properties and how assessing the numbers, demands, and environment influence this. His firm is currently working on a project for a smaller urban delivery model in Boston. “On-demand delivery is creating a need for this type of warehouse space. To execute on this, it has to be close to areas with a high density of homes,” Pugh said.
Pugh’s company first looked at the property as possible apartment space, reusing the bones, but the numbers didn’t work. The property did have industrial zoning, so a new approach to urban development would work to fulfill increasing demand by consumers to get what they want as soon as possible. “We’re nimble enough to look at a property to find opportunities and then put the right team together.”
In this field, risk is inherent. Pugh noted that “development is the management of risk” in many ways. He recommends asking the right question to the experts because small little things can add up that impact a development's long-term value. His company strives to translate technical language and communicate in a common one so that all stakeholders are on the same page.
