Adapting to Market Dynamics: Balancing Rentals and Condominiums with Adam Carapella, VP at Tricar Developments

Commercial Real Estate Podcast

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In this episode of the Commercial Real Estate Podcast, hosts Aaron and Adam connect with Adam Carapella, VP at Tricar Developments, live from the Southwestern Ontario Real Estate Forum. Adam shares his journey from hands-on construction to leading a company managing over 2,000 rental units and developing condominiums. Discover how Tricar is adapting to market dynamics, navigating challenges in municipal approvals, and focusing on affordable living options. Plus, get insights into upcoming projects in cities like Kitchener and the rising trend of amenities like golf simulators in residential buildings.

Here are the key talking points from the episode:

• Adam Carapella’s Background
• Transition to Family Business
• Current Role at Tricar and Operations
• Business Focus and Strategy at Tricar
• The Commercial Real Estate Market Conditions and Challenges
• Municipal Approval Challenges
• Future Projects and Community Development
• Importance of Affordable Living
• After Show Insights

More about our guest…

Adam Carapella is the Vice President of Tricar, a family-founded company with nearly 40 years of experience in real estate development. Adam oversees day-to-day operations, managing over 2,000 rental units and leading construction projects, including mid- and high-rise condominiums. A University of Guelph graduate, Adam’s deep industry knowledge and hands-on experience have been instrumental in Tricar’s continued success.

Episode Highlights

• 02:15 – Adam Carapella’s Background
• 05:45 – Transition to Family Business
• 09:00 – Current Role at Tricar and Operations
• 12:30 – Business Focus and Strategy at Tricar
• 16:00 – The Commercial Real Estate Market Conditions and Challenges
• 20:15 – Municipal Approval Challenges
• 24:00 – Future Projects and Community Development
• 27:30 – Importance of Affordable Living
• 30:00 – After Show Insights

Quotes

• “Growing up in the industry, I was always around construction sites. From a young age, I was involved in everything from digging foundations to painting walls. It gave me a unique perspective on real estate, and after attending the University of Guelph, I realised that this was where my passion lay.”

• “There’s been a significant shift in our approach. We used to focus heavily on rental units, but now we maintain a 50/50 balance with condominiums. It’s essential to stay adaptive. The market constantly changes, and we must respond to those dynamics to remain successful.”

• “The gap between sellers’ and buyers’ expectations is growing, especially concerning land prices. It’s crucial to understand what the market demands, particularly in cities like London, where we have a surplus of rental supply.”

• “Municipal approvals have become increasingly challenging. However, I see a positive shift as municipalities start recognising our housing crisis. It’s time we focus on urban living to rejuvenate our downtown areas.”

• “We’re thrilled about our new residential project in Kitchener. It’s a chance to create a vibrant community in an area that has been underdeveloped for too long. Maintaining a pipeline of projects is crucial to keep our teams engaged.”

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