CONSTRUCTION LEADERS TODAY T H E M A G A Z I N E F O R C A P TA I N S O F I N D U S T RY
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Paradigm Construction Since 1991, Paradigm Construction Co. has been a leader in multi-family, residential properties in the Washington, D.C., and mid-Atlantic region.
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Paradigm Builds Itself Up to Penthouse Status by Rebecca Rodriguez
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PARC ROSSLYN
Since 1991, Paradigm Construction Co. has been a leader in multi-family, residential properties in the Washington, D.C., and mid-Atlantic region. It has a hard-to-beat resume with more than 8,000 urban, high-rise residential apartments and condominiums under its tool belt. Fall 2010 3
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EDEN STREET n May 2008, Paradigm completed the Highland Park Apartments Paradigm’s management division is an industry leader in residents’ in Washington, D.C., featuring seven stories, 229 condominiums, services. It develops systems for quality reporting to institutional 16,000 sq. ft. of retail space and three levels of underground parking. investors, and in preserving and maximizing asset value through day The Kenyon Square Condominiums, also in Washington D.C., to day operations for owners. were completed in February 2008. It is seven stories high, and Sloter graduated from Lycoming College with a Bachelor of Arts in features 20,000 sq. ft. of retail space, and three levels of underground Chemistry-Management and received his Masters in Business Adminparking. istration from the University of Pittsburgh. Prior to initiating a career “We specialize in multi-family construction,” said Michael Foster, in development, Sloter’s background was in construction lending with president of Paradigm Construction Co. “We are noted in the Wash- Pittsburgh National Bank. ington metro area for being at the top.” The company has 80 employees and annual revenue of $170 million. Paradigm is comprised of separate development, construction, and It was formed when Foster and other partners purchased the national property management companies. It offers a full-range of real estate development Washington, D.C. branch and also formed Paradigm services to residents, customers, and clients. Many projects have Construction in 1992. been done with ventures from pension funds, landowners, and local Foster said the long-term prospects of the company are problematic governments. due to the trouble with finding financing. Paradigm Construction Co. acts as a general contractor in the con“Our near prospects are not good,” Foster said. “We have been struction of apartment and condominium projects for both Paradigm working hard and diligently to pursue projects and we can’t get third Development Company and third party owners. Paradigm undertakes $100 parties to agree.” million per year in general contracting and construction management Foster explained that 75 percent of their work comes from other work of which approximately 30% is Paradigm Development affiliated. developers and those developers are finding it hard to get financing Founder and CEO of all three companies, Stanley Sloter, has said from the banks. Paradigm’s reputation is built on its ability to design complex residential “The banks have got to start lending money,” he said. properties and complete projects within budget. Some developers working with Paradigm are using U.S. Dept. of The company’s focus on producing quality housing has shifted to Housing and Urban Development (HUD) financing, some are putting entail green building practices. in other equity, and others are thinking of waiting 18 months before “We’re one of the leaders of green building. We only do certified, breaking ground. multi-family green building here in Arlington,” said Foster. “Everything “I don’t see us starting new projects until 2010,” he said. “We have about is lead silver certified.” 65 million in backlog and most of these projects take 18-24 months.” “We’re in a position of leadership in the industry regarding efficient It’s a tough situation unless developers can get projects financed. design, green building technology, and the integration of affordable And outbidding has been an obstacle for Paradigm. housing into market-rate residential locations,” the company’s website “We are outbidding,” Foster said. “But when you get 40 bidders that states. are in a lot less shape, they are taking projects and taking no money. Paradigm Management Company oversees the operation of over We are not going to do business that way.” 7,500, luxury garden and high density apartments, including 1,500 When it comes to supply-chain management, Paradigm has a “whole affordable units. The majority of these are located in mixed-income laundry list” of suppliers, Foster said, explaining that the company developments. Managing primarily Paradigm-developed projects, sticks to subcontractors they’ve done business with before. 4 Construction Leaders Today
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The company’s largest project was a $65 million high rise in Carlisle, Pa. It was completed in 2005. One of the reasons for the company’s ability to handle large-scale projects and for its success in the field, is its staff. They all have degrees in engineering or construction management and are in line with company beliefs. “We look for people with integrity and who are honest, hard-working KENYON SQUARE people,” Foster said. Paradigm is a member of Associated Builders & Contractors Inc., (ABC) and conduct seminars for ongoing employee training. They have also hired people to come in and conduct presentations on certain topics, Foster said. For Paradigm, quality is something that starts from the tiniest detail and runs through all avenues of the company. Each aspect is dependent on the other and that’s how Paradigm strives to deliver the highest-quality projects.
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