Stephan Gaspar

Multifamily Development in San Diego, CA

[Stephan Gaspar @StephanGaspar]

Far too often we see properties/projects for sale where financial feasibility was an afterthought. It's not uncommon that the land residual would have to be $0, or even negative, in order to be able to build these projects. It hurts to see so much time and money wasted.

[Stephan Gaspar @StephanGaspar]

Financial engineering is the most important concept for someone who is looking to do their 1st or 30th development project. Hiring an architect to design a project through DDs/CDs and then analyzing whether the project pencils is not a winning plan.

[Stephan Gaspar @StephanGaspar]

Financial engineering steps are:
1. Analyze zoning incl. parking
2. Develop high level concept (units, sf, etc...)
3. Determine target yield on cost
3. Estimate rents, OPEX and NOI
4. Determine soft and hard cost target to solve for yield
5. Give proforma to architect to design

[Stephan Gaspar @StephanGaspar]

One example of many: The civil’s plan check coordination budget for 2 projects we did in 2020 were about 17% of the total contract. The same scope for our 2 current projects are 33% and 40%. Our plans are better/more coordinated than they were then and it’s taking 2x+ time/$$.

[Stephan Gaspar @StephanGaspar]

The expansion of ADU programs in CA every year shows a clear lack of understanding from lawmakers on how to deliver housing, and is making neighborhoods less livable. The better solution is to set maximum plan review time/cycle mandates for staff to approve projects quicker.

[Stephan Gaspar @StephanGaspar]

I’ve always found it interesting that City’s require more and more every year on plan reviews but that they require design professionals and developers to indemnify them from all liability. Implementing self certification and reducing plan review times would be huge.

[Stephan Gaspar @StephanGaspar]

@kissstanton @cassmoffitt I hate that you just made me google “Hilary Duff veneers”

[Stephan Gaspar @StephanGaspar]

@ImperialHats when will the small batch rope hats to be available again?

[Stephan Gaspar @StephanGaspar]

@Rob_Tubman @MurphyMurphy0 @KSL5TV oh man. good thing. great hanging with you guys!

[Stephan Gaspar @StephanGaspar]

@Rob_Tubman love it

[Stephan Gaspar @StephanGaspar]

@Rob_Tubman @GrandCanyonNPS wooww

[Stephan Gaspar @StephanGaspar]

@nico_napolitano @VICE make this happen

[Stephan Gaspar @StephanGaspar]

@OtterBox thanks for the awesome customer service. Just spoke with Mike T., he's the man!