By Heather Gustafson, Managing Director, Compass Development
As the Managing Director at Compass, my job is to collaborate with developers, architects, and interior designers to help give rise to some of the most coveted new construction residential projects in the marketplace. We work with luminaries in the field who are often eager to introduce best-in-class technology to increase the salability and overall desirability of a project. When considering the introduction of technology into a residential development, it is important to look at the cost of the technology, how it will increase salability and ultimately what the particular buyer demographic will be drawn to. The options are ever changing, and vetting the best-in-class technology is critical before recommending it be utilized on a project.
Compass is currently collaborating on over 100 new developments across the country, but a few stand out as being particularly forward-thinking when it comes to the introduction of technology.
In Nashville, we are working on several developments that are introducing technology to increase salability and enhance the buyer experience.
We are currently collaborating with Nashville based CA South Development, Arnold, Armisted and Pollard, and The Bradley Projects on Illume Nashville–a new construction development south of the ever-popular Gulch neighborhood. All 77 residences are eligible for short term rental (STR)–this means that individual owners have an option to obtain the required permit to lease their home on the STR market–a trend that has become increasingly popular across the nation. At Illume, we partnered with Turnkey, an exceptionally tech-savvy and forward-thinking STR management company who has vetted and introduced groundbreaking technology to increase the experience for both the owner and guest staying at the properties they manage. Illume will utilize keypads to make entry seamless for guests staying in one of the residences along with sound sensors which will limit the likelihood of noise that may disrupt other owners and guests.
Alina, another Nashville project with the same development group, is commencing sales this Spring and will be comprised of 50 residences. Rather than introducing a tired underutilized work-out room that we often see in condominium developments, this project will provide a Peloton room for residents only. Peloton is an (introduce details).
In partnership with Cottingham Capital, this Spring, we are introducing Ludlow Flats, just outside the popular Germantown neighborhood. This project is 76 residences that incorporate high design, carefully curated finishes and a visionary approach to introducing technology to residential new developments. The development group is currently working through the final permit process for an Amazon landing pad.
On each of these projects, we are partnering with MyRise365, a secure real estate document portal powered by Simley in Chicago. This revolutionary technology replaces the cumbersome closing binders that house very sensitive information insecurely, tend to misplaced and are hard to store. Rather, MyRise365 provides each individual unit owner with a unique secure log-in to their virtual closing binder. Each binder contains virtual tabs with critical documents such as the purchase agreement, homeowner association documents, warranty information, move-in procedures and closing documents.