David Hecht
Founder and Principal
Formwork Design and Development
Formwork Design and Development is an integrated real estate development company focused on mixed-use and urban infill projects, primarily in the Greater New Orleans region. Its work includes mixed-use buildings in the French Quarter and Warehouse District, the redevelopment of the former Brown’s Dairy site, and several housing- and hospitality-focused projects.
What are you most excited about for the coming year?
Formwork is developing a shared workspace in a historic warehouse along the Lafitte Greenway. We conceived this project almost like a hotel, in that we strive to create a unique sense of place and a high level of service. We also recently completed an affordable housing development in partnership with a shared-housing provider. By providing a higher level of service, we’ve removed much of the friction from living with roommates and delivered much-needed housing to our community, without public subsidy.
What is the biggest challenge facing your industry today?Â
Cost. We’re getting hit from all sides in a way that increases the price of space, especially housing, and puts downward pressure on investment and innovation.
COVID-19 disrupted the supply chain, caused material cost increases, and led to a general increase in subcontractor costs. A tight labor market, a shortage of skilled workers and the rebuilding demands created by Hurricane Ida further exacerbate this challenge.
Policy also plays a role in in development costs. Given the cost to build, the resources in our region and the demand for additional supply — especially across most sectors of the housing market — supportive policy is critical to the viability of new projects. Measures such as the timely issuances of permits, coordination across agencies and land use policies that encourage housing creation can meaningfully reduce the cost of development.
