By bringing this technology to the United States, our team of experts can convert empty lots into beautiful and affordable multi-family units at costs that have never been seen before.
AVENTURA, Fla. (PRWEB) November 26, 2019
The Faith Group, a leading Aventura developer, announced today the company is the very first to bring a breakthrough construction technology and methodology to the United States, which the company is calling “Advanced Concrete Technology (ACT).” The family-owned, vertically integrated real estate company, which focuses on property development and re-positioning projects within the multifamily, retail, hospitality and office space, is currently using the ACT approach, in partnership with Mr. Nelson Delgado of Brickless, to construct The Modern Towers apartment complex south of Miami. This $150 million project will be built for a fraction of the cost and include 665 rental units, two swimming pools and clubhouses, two freestanding parking structures, and commercial space.
The Modern Towers project broke ground in November 2019 and is expected to be completed by August 2020. This expedited timeline is due to ACT, the construction technology and methodology that The Faith Group says will permanently alter the development, real estate and construction landscapes within the U.S. by setting new standards for the development and construction of apartments, hotels and affordable housing complexes.
“We all know the phrase, ‘If it’s too good to be true, it probably is.’ But Advanced Concrete Walls are the exception. They are too good to be true and yet they exist,” said Roland Faith, COO and CFO of The Faith Group. “Advanced Concrete Technology guarantees to be as disruptive to the construction industry as Uber has been to the transportation industry. In fact, buildings built by this system are hurricane resistant by being all concrete and mildew-resistant. They contain no sheet rocks and are not subject to roof leaks, since the roofs are made of pure, tilted concrete. They are also safe from termites, since no wood is used. Above all, ACT construction is done at a fraction of conventional time and cost.”
By combining several steps and inspections into a single step and inspection, ACT expedites the construction timeline dramatically, saving an average of 76 percent of the total construction time. In addition, it is more cost-effective and saves an average of 30 percent of construction costs per project. This is made possible by including all of the electrical and plumbing components within the concrete exterior and interior walls, which significantly reduces the number of steps and inspections required during construction.
In addition to leveraging the cutting-edge ACT technology on The Modern Towers development, The Faith Group is also using an innovative approach to marketing the new rental property. The company is partnering with Richr, a technology and referral platform that bypasses brokers and empowers homeowners to buy, rent and sell properties commission-free. Richr markets the apartments in exchange for retaining the rental insurance rights to the property.
The Faith Group plans to repeat the success it is having on The Modern Towers—both with the ACT technology and the innovative approach to marketing via the Richr partnership—throughout Southern Florida and the United States. It hopes to expedite its partners’ ability to bring affordable multifamily housing, affordable housing, and hotels to market at record speeds—and for record prices. This is especially relevant within the Miami area, where the number of severely cost-burdened renter households in Miami-Dade has increased by 13 percent (16,203 households) since 2012, according to a 2019 report by The Miami Herald.
In addition to providing more affordable workforce housing to residents in Miami and nationwide, the ACT technology behind the project will provide a much-needed solution to the construction delays, high labor costs and budget overrides often associated with large multi-family construction projects. This production model also boasts an industrialized mass production system to help standardize the building process and increase productivity as well as the speed of completion, and it is easily adaptable to the varying demands of each project.
“By bringing this technology to the United States, our team of experts can convert empty lots into beautiful and affordable multi-family units at costs that have never been seen before,” Faith said. “The quality of our construction has easily exceeded the expectations of modern users and has allowed us to develop these homes seven to eight times faster than traditional construction methods.”
About The Faith Group:
The Faith Group is a family-run investment and development group specializing in the retail, multi-family, office and hospitality sectors, with an emphasis on value maximization via repositioning and development. Their company is headquartered in Aventura, Florida, making it ideally located to serve Miami Dade, Broward and Palm Beach Counties. The Faith Group’s real estate portfolio includes over 1,000 multi-family units, 250,000 sq. ft of retail centers, over 200,000 sq. ft of office space, and 60,000 sq. ft of event space. The company has shown consistent growth over the past 20 years in South Florida and Georgia with a successful track record in real estate investments. For more information, visit https://thefaithgroup.com/.
Richr is an online technology and referral program that enables homeowners to sell their properties without a middleman. The free platform offers a step-by-step guide that sellers can follow to list their home on their local MLS, where it will appear on more than 750 websites including Zillow, Redfin, Trulia and Realtor.com. By using Richr, homeowners can avoid spending thousands of dollars on commissions and flat fees. Richr was recently named a finalist in the 2019 Miami Herald Startup Pitch Competition. For more information, visit http://www.richr.com.