The ever-changing development landscape of Boston requires developers to be resourceful and agile as they adjust to countless challenges such as new energy and building codes and a tough financing market. While historically Boston has seen a group of big-name players leading the development game, a new crop of firms have started to make their impact known.  In this series, BLDUP speaks with Boston’s Next Generation of Developers to discuss how they got their start, what makes for a good project, and their thoughts on the future of development in the city.

In our third installment, we highlight Ricky Beliveau, Managing Partner and Chief Financial Officer of V10 Development. Over his 11-year career Beliveau has built, permitted, sold, or operated over 1,200+ units. In 2019, V10 Development was formed to bring leading-edge development to untapped markets. Since its founding, V10 Development has imagined, designed, entitled, and constructed signature projects that have become landmark features of their respective neighborhoods.

BLDUP: How did you get into real estate development?

Ricky Beliveau: I started buying rental properties in 2010. I never dreamed that real estate development would be my life. I looked at rental properties as a way to create passive income and create financial freedom. Over the years the business grew from renovating three families to today where we have thousands of units in development.

BLDUP: What makes a “good project” or investment for V10 Development?

Ricky Beliveau: Our goal is to find projects that deliver the highest possible returns for our company and our investors with the lowest amount of risk

BLDUP: What challenges do developers face in growing from small projects to larger developments?

Ricky Beliveau: Lack Of Experience/Balance Sheet. Two main challenges that jump out as we grew from small developments to large. The first is the concern by investors/lenders that we did not have the experience to properly execute on a project that is bigger than we had done in the past. The best way to resolve this is by surrounding yourself with folks that have the experience and that you can point to when the question comes up. This can be hiring the right GC or bringing on strong owners reps. The next challenge is balance sheet. As you grow into large projects the requirements for net worth and liquidity get larger and larger to secure the loans. If you want to grow into bigger projects start early on building a balance sheet of rental assets and compiling cash reserves.  

BLDUP: Thoughts on the future of Boston development given new regulations (energy efficiency, affordable housing, etc)?

Ricky Beliveau: Boston development has come to a screeching halt. Construction costs, land values and rates already make it practically impossible to develop currently and now adding additional regulations that make projects even less profitable and the concern that rent control could be coming has developers and investors completely out of the market. This will cause the housing crisis to get worse and I believe rents in Boston/Greater Boston will go up 20-30% over the next 3 years. 

BLDUP: V10 has several larger projects at various stages of development in Boston’s suburbs (Everett, Worcester), what attracted you to those areas, and do you expect to continue to be particularly active in the suburban markets?

Ricky Beliveau: We love investing and developing in communities that are excited to see us create something special. Both Everett and Worcester are both pro-development and make working in those markets enjoyable. The planning departments and building departments understand the development process and make it a priority to streamline processes to make it less impossible to develop.

BLDUP: How have current market conditions (rising interest rates, construction costs) affected your pipeline?

Ricky Beliveau: We have a very large pipeline of approved projects or projects in entitlement totalling over 1,200 units. Our goal is to continue to progress all of our projects and be in a great position when the market conditions improve to be coming out of the ground with amazing projects!

BLDUP: What project(s) are you most excited about?

Ricky Beliveau: COVE in Worcester is 173 units located on the right field outfield wall of Polar Park. Steel is going up and wood framing will be starting up end of July. We are excited about the next 12 months of construction and watching it come to life!

BLDUP: What are your goals for the company in the next 5 years?

Ricky Beliveau: The goal for V10 over the next 5 years is to continue developing amazing developments both in Massachusetts and possibly other areas of the country. I think V10 can have over 1,000 doors in 5 years.