Contruction Today - July/August 2017 - 43
'We focused with
[them] on creating
a site that was truly
IREG's projects also include
high-end single and multifamily projects.
all project types to this site," he recalls. "It gave great benefits to us
from a property standpoint."
But the location presented IREG with some challenges. "We had
to do wetland mitigation," Fambro recalls. "It was a big undertaking
from a timing standpoint to get the development done."
The site also did not have utilities. "We actually worked with Aqua
Texas to install all of the water and sanitary sewer systems," Fambro
says. "We also have public roads that we installed.
"There's really a lot of moving pieces in putting a development
together," he says, noting that Montgomery County will maintain
the community's roads and stormwater system going forward.
ed the company in 1995 after launching a homebuilding company
five years earlier.
Under his leadership, IREG has built and developed more than
15,000 units that have a combined value of more than $1 billion.
These have included low-income housing, senior housing, high-end
single, high-end multifamily and assisted-living projects.
Fambro, who joined IREG 13 years ago, carries more than 10 years
of experience in financing of multifamily communities. He has managed the development of over 5,000 units that have combined costs
of more than $500 million.
He predicts a strong future for IREG, even with challenges. "Every deal is getting a little tougher with construction cost increases," Fambro says. "That makes developments more challenging."
But IREG will persist. "We're going to plug away and be even more
diligent than before," he says. "We also make sure we don't sign up
deals that are tough to get built."
Right on Track
IREG is building the infrastructure and multifamily housing portions of the project, and will construct the independent-living and
assisted-living facilities. "We're the general contractor for the entire
site," Fambro says. The company prefers the GC role because it gives
it more control.
"All the streets are paved right now, but we'll have all the amenities in by first quarter of next year," he predicts. The multifamily
portion will be finished in January 2019.
The company has partnered on Woodland Lakes with many
subcontractors it has worked with over the years, as well landscape
architect TBG Partners.
"We focused with [them] on creating a site that was truly walkable," Fambro says, adding that the community will have a central
plaza and ponds, as well.
Based in Southlake, Texas, IREG specializes in property management, architectural and engineering management services in the
Dallas-Fort Worth area. President and CEO Richard E. Simmons start-
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