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"ContraVest Goes Commercial with Creation of New Firm"

Orlando Business Journal, November 3, 2003
By Laura Stevens, Contributing Writer

ORLANDO -- ContraVest Construction Co. doesn't keep all of its eggs in one basket.

"Diversification has always been a strategic plan of ours," says Gerald Ogier, owner of ContraVest. "That gives stability to our company."

Now, the company best known for apartment construction is poised to apply that same diversification strategy to its products: It is moving into other areas of the commercial construction arena with the creation of Center Contracting Co. of Central Florida.

The new venture comes complete with some solid background in the business of building.

"When we go to a client to say we are now in the commercial business, we have a construction track record of having built a billion dollars worth of apartments," says Ogier.

Unexpected numbers

That cumulative dollar figure came as a surprise, even to company executives. "We always just add up all of the products as we move along," says Ogier. "We looked down, and here we had built a billion dollars of apartments."

They did it using some internal diversification: providing development, construction and management, rather than focusing on a single area. "Our company is based on a triad," says Ogier.

Developing the site is the first leg.

The company looks for the right location. Once the site is selected, Contra-Vest puts together a design team of consultants, says David G. McDaniel, executive vice president and partner.

"Once you have a plan on paper that everyone is comfortable and pleased with, executing it is just as important as developing the site," he says.

The second leg involves construction.

"In that leg, we have developed a reputation in the industry for a very strong multifamily builder," Ogier says.

The third section is property management. "Property management brings the economics to reality," says Ogier.

The three-pronged approach has led to projects such as Courtney Palms, a large multifamily complex in Brandon with multiple amenities: business centers, walking trails, lakes and fountains. The units themselves have crown molding, tile floors, built-in shelves and computer desks and vaulted ceilings.

"We've been working with (Contra-Vest) for over eight years now," says Gilbert Cubbage with Case Pomeroy Properties in Jacksonville Beach. "We've completed over 4,000 apartments with them. Everybody in that whole organization is a very quality-oriented person."

Ed Wright with Colonial Properties Trust in Birmingham, Ala., has worked with ContraVest for the past six years on properties in Sarasota, as well as in Hilton Head, Raleigh and Charlotte, N.C. He praises "their high level of understanding of the business, straight forwardness.

"They've always performed well."

'Natural offshoot'

The creation of Center Contracting Co. of Central Florida and the entry into other areas of commercial construction was a logical next step, says Ogier. "We have clients who have that need. We have the ability in-house. And we see it as an economic activity."

In fact, he says, building a hotel is really very similar to building a multi-family apartment complex.

"You simply cross the line out of residential and into commercial," he says.

The new venture includes teaming with Ed Evans, a partner in Center Contracting Co. of Central Florida. "We were looking to advance our expertise in the commercial contract area, and Ed afforded us the option to do that," McDaniel says.

ContraVest will not pursue developers in Florida who already work with Evans, who has his own firm. "But, we will pursue additional work that he's not involved in, in Florida and outside Central Florida," McDaniel says. Also, Evans' contacts will prove useful in securing national contracts, McDaniel says.

"We are very excited about the opportunity to diversify in Florida," McDaniel adds. "We're looking to make a similar push on the commercial side."

After all, says Ogier, "It's really a natural offshoot.

"It's not like we decided to go into the computer business or something."