Small Business Journal, “Networking Scene” – Fall 2000
Pamela Bundy, President & CEO of the Bundy Development Corporation realized a lifelong dream recently when she closed a $2.2 million financial commitment from the Bank of America to assist her three year old development company pass the last hurdle in confirming the necessary financial and building permits to complete a 13 unit condominium project.
A former Operations Manager for the Southland Corporation & Pepsi Co., Ms Bundy credits her patience and willingness to seek advise from a variety of mentors, industry specialists, financial advisors and the Howard SBDC for helping her achieve this break through project.
Her original 1997 business plan called for the purchase, renovation and sale of 8 to 10 units per year. After two years of successfully meeting that goal, Bundy Development was ready to grow from a home-based operation with no employees to a full-fledged development company.
Seeking out the assistance of the Howard SBDC as a result of a personal referral, Ms Bundy patiently worked with SBDC counselors to refine her plans and financial projections. As the sole owner and shareholder of Bundy Development, she credits the SBDC with “being there at several important transitional stages” where critical decisions had to be made.
Her second stage business plan included an excellent analysis of the booming residential housing market and contained the critical strategic plan to transform the development company from a focus on multiple small-scale single-family projects to larger multi-family projects.
Through a series of refinements and referrals to industry resources for training and technical advise of selecting her professional team, Ms Bundy was able to refine her management strategy to maximize the utilization of independent contractors and professional service providers in project management, marketing, and project engineering. She was also able to identify and retain her first full time employee and commercial office location near her Logan Circle project site, while keeping her overhead and financial projections under control.
The upscale residential development wrapping the corner of 13th and “0” Streets just south of Logan Circle is appropriately called “The Castle on Logan Circle” because of its classic turn-of-century gothic architecture and panoramic view of the rapidly redeveloped circle area Presently nine of the 13 units under development have already been pre-sold. Her next project, the Bundy Palace, a 20-unit combination of lofts and condos is already underway.
The architectural and planning services are being provided by Eric Colbert & Associates; the real estate sales and marketing by Thtt, Taylor & Rankin, Real Estate LLC; and the general contractor and builder is Malin Construction, Inc.
The luxury condominium project is offering a mix of one and two bedroom two-story units from the $170,000s to the $330,000s depending on location and amenities. For details, contact the marketing agent at (202) 234-3344 or visit Bundy Development’s web site at www.bundydevelopment.com.