For over a century, Korman Communities has been at the forefront of innovation in the real estate sector. Indeed, many of today's industry standards were originally pioneered by Korman. So many of today’s innovations are centered around technology, and Korman is a leader in providing its guests and residents with advanced technologies in its apartments, furnished suites, hotel residences, and hotels such as fast and reliable Internet access including WiFi6, smart home capabilities with energy management and entertainment technologies like BYOD capabilities in the living spaces, contactless services at check-in, streamlined reservation and payment systems, mobile key, mixed-use spaces with business technologies, and more.
The Korman spirit of innovation is part of a long tradition of creative thinking while always being responsive to the guests’ and residents’ needs. Consider the practice of including appliances as standard housing amenities. This is a standard today and not considered an innovation by today’s standards. But in the mid-20th century, it was Korman who first introduced the notion that washers, dryers, refrigerators, dishwashers, and wall-to-wall carpeting should be components of every apartment. Today, these amenities are an integral part of residential real estate standards and a testament to Korman's ability to address a fundamental need through innovative thinking.
Steve Korman, who founded Korman Communities in 1995, initiated the concept of furnished apartments and short-term leasing in the 1960s. This innovation was sparked by a potential customer's request during a tour of the Plaza, who inquired about the possibility of renting one of ten custom-designed furnished models on a monthly basis. This is an example of innovation responding to customer’s requests by renting furnishing apartments, expanding amenities and services, and shortening the length of stay in leasing agreements, all coming about in response to a customer’s need.
Innovation in real estate development, people-first concepts, and limitless possibilities have always been the driving forces behind Korman. The company's approach has never been to conform to conventional methods. Instead, Korman has remained committed to the pioneering spirit upon which it was founded.
Steve Korman articulated the philosophy: "A Korman building can become a day older or a day better. We are dedicated to improving our properties each and every day." This statement underscores Korman's dedication to maintaining its buildings, property, and facilities to the highest standards of quality while offering the most advanced and forward-thinking amenities and services.
However, being pioneers carries significant responsibility. To establish new real estate industry standards, Korman endeavors to envision greater innovations and meet residents' needs before they are even vocalized. Korman Communities has always been guided by its mission statement, QUEST, written in 1995 by Larry Korman, co-CEO of Korman Communities, when this new Korman company was founded. QUEST is an anagram for KCI’s core values: Quality, Uniqueness, Excellence, Service, and Teamwork. Should an innovation not align with these principles and vision, it is either refined or not pursued further. These core values ensure that all innovations from Korman resonate with both the internal team and external stakeholders, including residents, partners, and investors.
Innovation Updates on the Horizon
Korman Communities is continually advancing in real estate innovation by emphasizing and enhancing the sense of community and luxury amenities across its properties. One key aspect of Korman's approach is the provision of furnished apartments and corporate housing, offering a "home away from home" experience. These accommodations are designed for shorter stays, ranging from 30 days to 6 months, catering to the evolving needs of modern residents.
A prime example of Korman's innovative projects is the development of the AVE Navy Yard in Philadelphia. Korman is transforming a segment of the Navy Yard into a vibrant micro-community that provides both residences and places for commerce, shops, stores, and offices. This initiative aims to foster a profound sense of belonging among all occupants, creating an environment that feels genuinely like home. Further details on this project highlight Korman's commitment to breaking new ground and setting benchmarks in real estate development.The redevelopment at the Navy Yard is specifically designed to encompass an array of facilities and services that contribute to creating an all-inclusive neighborhood. Korman integrates essential services and luxury amenities within its developments to achieve a sense of community. Including office spaces, gyms, spas, and eateries within its apartment complexes, thus providing a comprehensive living experience. These features not only meet but exceed real estate industry standards, particularly for extended-stay apartments. Korman's focus on crafting living spaces that epitomize the concept of neighborhood living redefining the expectations for residential communities.
In addition to fostering community, Korman is dedicated to incorporating sustainability in real estate development. Recognizing the critical role of sustainable practices in the longevity of real estate ventures, Korman also leverages technology in property management to implement environmentally friendly solutions. The commitment to sustainability enhances the efficiency of Korman's properties and aligns with broader goals of promoting ecological responsibility and long-term viability in the real estate sector.
The Future of Innovation in Real Estate Development
With innovation for a new standard of living already in the works, Korman is now turning an eye to a big question: “What’s next?” Though no one can foretell the many changes in real estate, the Korman team is working under two premises.
1. National expansion.
Individuals increasingly embrace mobility, often relocating across the country for both personal enjoyment and professional opportunities. The prospect of residing in properties managed by a distinguished real estate firm such as Korman significantly enhances the experience, offering comfort and reducing stress. Korman is broadening its footprint nationally through its AKA and AVE brands. In 2024, AVE plans to launch new properties in notable locations, including Santa Clara, CA in the heart of Silicon Valley; White Plains, NY, a thriving area just north of NYC; and Scottsdale, AZ (aka Paradise Valley). This expansion reflects Korman's commitment to meeting the evolving needs of modern residents, providing high-quality, flexible living solutions across the United States.
2. Increased service offerings.
Residents are demanding more and different services. For instance, before 2020, working remotely was less popular than it is today. Since the pandemic, people seeking housing want to be sure that they can comfortably and efficiently work in their homes, either part-time or full-time. This shift has led professionals to evaluate apartments, townhouses, and condominiums through a work-from-home lens. Korman is responding to this need with flexible spaces, mixed-use spaces, and larger more efficient dedicated workspaces in the residences and public areas. There’s little doubt that other services will become important to the next generations — and Korman will be on the cutting edge of delivering on those expectations.
Innovation poses a challenge primarily for organizations that have yet to integrate creative thinking into their core processes. Korman, however, embeds innovation at the heart of its operations, a strategy that has fortified its reputation as a reliable and growing real estate partner.
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