Residential Vs. Commercial Development: Pedro Martin of Miami Discusses the Similarities and Differences Between Projects

MIAMI , FL, UNITED STATES , March 9, 2022 /EINPresswire.com/ -- Residential and commercial development follows many of the same stages to come together. They both need a designer, a foreman, and a plan that will lead from idea to final construction. Yet experienced developers are the first to point out that the strategies for each phase will have to account for the variations between the two.

Pedro Martin of Miami is the founder of Terra Group, a development firm with a portfolio worth more than $8 billion. Past projects include the Freedom Tower Site, Nautica, Quantum on the Bay, and Doral Cay. He weighs in on the details of his projects and what he’s learned along the way.

Site location is one of the most important factors to consider. Any commercial property will want to be located near people, whether that’s the general public for a retail establishment or skilled workers in the case of an industrial facility. (Some businesses may want to build on a patch of largely abandoned land in hopes that people will move, but this is far from the norm.)

In contrast, a single residence can be built in a remote area of town. Though most people will want to live near access to major roads, good schools, and well-known businesses, there will always be those who prefer the peace and quiet that only isolation can bring. This kind of freedom can be a huge boon for developers, as the off-the-grid qualities can allow for more freedom and design flexibility too.

Pedro Martin of Miami has to consider how the soil composition, air quality, and water availability will affect the long-term use of the facility. For instance, will the soil be able to support two stories if an owner decides to build onto their home? How would multiple hurricanes affect a commercial property’s foundation? Selecting a site needs to be as much about practicality as it is about profits. If the location poses too many obstacles, it’s never worth risking anyone’s safety.

Often, what commercial and residential projects come down to is a question of degrees. For instance, both properties need to be safe and functional, but the number of restrictions put on a commercial development will be far more complex. Pedro Martin of Miami puts it this way: an inspector isn’t going to come into a newly constructed luxury condo and ensure that the downstairs half-bathroom is ADA compliant.

As a man who built his career as a lawyer in real estate, he knows that the consequences are severe for anyone who cuts corners. Terra Group is based in Southern Florida, meaning his team had to know the ins and outs of zoning laws by heart. Considering regulations can fluctuate from neighborhood to neighborhood (and sometimes from street to street), this was no small feat for Martin.

In terms of the budget, Martin points out that residential construction is by and large a more affordable option. Residences often use less expensive materials like timber as opposed to stainless steel for commercial properties. They require less complicated equipment, particularly when compared to a development like a nuclear power plant.

Commercial projects tend to take longer, as they have more requirements for public use and the site is larger. However, this generalization is far from the rule in the industry. Full-scale luxury developments can easily exceed the costs of a basic commercial building. Pedro Martin in Miami always had to keep a close eye on the full scope of the project to stay in the black.

Martin also had to think very carefully about how residential and commercial projects affect the environment. While both have the distinct possibility of contributing to an area’s pollution or otherwise endangering the planet, commercial projects are far more likely to have a bigger impact. True sustainability for a project means building according to the most responsible methods of the day but also accounting for the advanced technology of the future.

Commercial and residential buildings also have to account for potential delays to the schedule. A major storm can easily derail both types of projects, setting timelines back for every other milestone. However, as is the case with regulations, the degree of delay can be very different for commercial development.

Because the plans are so much more involved, the sheer number of moving parts can get in the way of best-laid plans. Pedro Martin of Miami says that you’re not likely to see community protests for a small residence at the end of the block, but you certainly will if you’re developing a piece of land that the neighbors want to protect. It's also easy to run into big egos from neighborhood officials that can make more work for everyone involved.

Both projects will also mean collaborating with different kinds of people. Navigating temperaments isn’t easy, but good developers know what they’re getting into before they get started. As a rule of thumb, a business owner will want to get things done as quickly as possible, while a homeowner may change their minds constantly during the project. Pedro Martin of Miami said that balancing schedules and budgets takes a lot of communication, and this is true regardless of the size of the project.

Pedro Martin of Miami Talks Shop

Pedro Martin of Miami started his career working with real estate professionals on the legal side of the equation, and he learned a lot about what it took to develop a project from scratch. Since the beginning of Terra Group in 2001, he’s prioritized the communities in Southern Florida.
By asking himself how his company could best serve others, he was able to quickly establish his business in a competitive sector. Whether working on a residential or commercial building, he stresses that the commonality all comes down to making smart, responsible decisions that benefit more than just the people using the building.

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