Prestige Building Company
Russell Maynard established Prestige Building Company (PBC) in 2007 as a subsidiary of the Michaels Organization, a 40-year-old family of companies that includes eight separate businesses operating throughout the United States and overseas. Maynard has been in the construction industry for approximately 30 years and applies his experience and expertise to managing diverse and challenging new construction projects in the multifamily housing market.
“I first got involved in construction and it was a luck of the draw opportunity for me,” Maynard explains. “I took a job and realized that it was a good fit. I started in the field and over the years, I worked my way up the ladder. I took some courses from trade schools to improve my management skillset and from there, realized I could do as well behind a desk as I could in the field.”
Maynard works with a staff of approximately 50 people, including eight project managers and superintendents. The business boasts a strong administrative staff, as well as skilled and experienced estimators. The crew specializes in government projects, performing housing contracts on military bases, for low-income and senior housing, as well as student housing.
A growing footprint
Maynard’s team has worked all over the United States, from at home in New Jersey out to California and locations in between. “I have projects going on in California and we have finished five out there so far,” he elaborates. “I have ongoing projects in Louisiana, projects in Texas and Arizona and we have broken ground on our project in the U.S. Virgin Islands.”
Recent work includes an 80-unit senior affordable housing project in Wilmington, Del. The project on Walnut Street was designed to meet the needs of families in the Wilmington area; features include off-street parking, laundry, community rooms and full kitchens for residents. PBC worked for the Delaware State Housing Agency on the project. The crew will be constructing another in Laurel, Del.
The team broke ground in April on the Renaissance at Allendale project, which is part of a local revitalization effort in Shreveport, La. The Renaissance will be a modern affordable housing community, developed by the Housing Authority of the city of Shreveport. The completed project will offer 20 two-bedroom apartments and 20 three-bedroom apartments for families earning less than 60 percent of the area’s median income. The community will feature a community center and a playground for families.
PBC has recently gone international. “We have started a new project, Sugar Estates, in the U.S. Virgin Islands,” Maynard explains. “This will be a really nice affordable senior project cut into a mountain. We are constructing two buildings at four and five stories with 80 units in total. We are excited to expand our footprint, but we are planning for a logistics nightmare. Between working on the side of a mountain and going through customs, we have dedicated a full logistics team for the project.”
Good for growth
Territory expansion is a major component of the company’s growth plan over the coming years. PBC is set to enter the Washington, D.C., and Maryland markets in 2015. Maynard also has his eye on work in Nevada. His team has already worked in surrounding states. While Nevada was hit hard by the recession and housing collapse, there is some positive growth in the region and PBC will begin to pursue opportunities there in the next year.
“We are projected to double or even triple our capacity in the next few years,” Maynard explains. “The Michaels Organization, our parent corporation, is a huge developer. With the support of the company, we are building a strong presence in affordable housing and will soon join them as a leader in the national market.”
The support from the Michaels Organization has helped anchor the business, although PBC stands on its own legs in terms of performance and reputation in the industry. Throughout the recession, Maynard was able to keep his team intact. Business did slow down for a few years, but the company was able to maintain overhead and wait for the market to turn around. Now, the company has a large and growing backlog of projects in the near future.
“We have a great team and we are confident that as long as we surround ourselves with good people, everything will fall into place,” Maynard explains. “I take a lot of pride in our team and the quality of the finished product we offer. When we are done, we know that the residents who live in the homes we build have a good place to live; some people are not as fortunate as others are and we are there to help those who may be in a rut right now.”
Maynard and his team are dedicated to the market that, while not as lucrative as market-rate housing, offers far greater personal reward. Prestige Building Company will continue to serve the underserved by constructing quality residential communities for low-income families and seniors.
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