Michael Pierson
Developer's Perspective
Since 1976, Michael Pierson has been developing timeless, one-of-a-kind custom properties that have commanded top sales figures in each market in which he has built. Over his 44 years of experience, Michael has formed a keen insight into the luxury real estate market. He intimately understands the subtle nuances of market opportunity.
Confidence, timing, knowledge and experience - these are attributes exemplified by Michael Pierson which provide investors with a sense of trust so critical to a successful partnership.
PROFESSIONAL SUMMARY:
A highly skilled executive with more than 44 years of professional experience in the real estate and construction industries and a proven track record in successfully developing and implementing strategic plans; driving company growth and profitability; marketing for new business ventures; mentoring and managing staff; streamlining and overseeing operations; identifying and securing investors via personal contacts and networking; and analyzing, forecasting and financial planning for new investment opportunities. Strategic implementation of complex entitlement and government approvals. Specialized market experience includes hospitality, high-end residential, mixed use urban in-fill, commercial office, and historical buildings markets.
KEY CAREER ACCOMPLISHMENTS:
- Founded and grew various new companies and divisions, which have consistently generated 22 – 40% annually to investors.
- Exceeded existing square foot sales prices in every market entered.
- Consistently set both sales and re-sale records in highly sophisticated and complex real estate markets.
- Developed and sold the most expensive spec house in the U.S. in 2000 (according to Sotheby's). The home was the first in Aspen history to achieve a sales price of over $1,000/sf.
- Kapalua-Maui, Emerald Point Corporate Retreat set a record at $7.2M- a $5M increase from the previous top dollar sale. This project held the record high sales price on Maui for over ten years.
- Sand Castles at Baby Beach in Lahaina Maui sold at $9M or $2,250/s.f.
- Michael Pierson Company is a highly recognized brand in the Aspen, Telluride, Maui and California markets.
PROFESSIONAL EXPERIENCE:
Michael Pierson Company, INC., La Jolla, CA: 2003 - present
President/Principal:
- Developed a strategic growth plan and vision to promote the firm’s revenue and profitability.
- Researched and analyzed market trends, identified sales opportunities and open up a Property Management Division to manage luxury vacation rentals that generated $2.5M annually in revenues.
- Oversaw finance and operations to ensure quality, service and cost-effective management of resources.
- Built a network of investors through personal contacts and sponsoring events.
- Developed financial and profit analysis models to evaluate investment opportunities.
- Negotiated complex entitlements, permits and variances with city and county officials. Many projects were located in National and State Historic Designated locations.
- Developed design concept, orchestrated development teams of architects, interior designers, mechanical, electrical and plumbing engineers, and other consultants; as well as managed project budgets and staff.
- Reviewed details of construction planning, cost estimating and marketing
- Evaluated proposals from consultants, contractors and vendors
- Negotiated contracts and change orders
- Supervised all FF&E activities of interior designers, purchasing agents and installation companies, from design selection, bidding through installation.
Abbott Pierson Development, Maui, Hawaii
Abberdon Development Group, Telluride and Aspen, CO: 1986 – 2003
President/Managing Partner
- Designed, constructed and sold high-end properties in Maui, Aspen and Telluride, ranging in size from 4,250sf to 19,000sf with values ranging from at $2.65M to $28M.
- Responsible for the development and construction processes, which included the design, planning, entitlements, selection and supervision of all consultants and contractors, preparation of construction budgets, schedules, FF&E selection, cash flow projections and marketing.
- Coordinated and directed project management and purchasing responsibilities throughout the projects
- Developed and defined project implementation strategies, addressed project risk, resolved major scope issues and interfaced with Project Controls/Capital Finance on funding-related issues.
- Built relationships with stakeholders to ensure strong team dynamics, provided frequent communication and coordination to accomplish common goals and objectives.
- Managed and approved cash flow spending, including identifying and forecasting exceptions as well as anticipated savings.
- Continuously managed and delegated workload among team.
- Developed and maintained policies and procedures for all functions carried out by project managers. Continually improved operations to drive efficiencies in execution of projects.
- Responsible for coordinating operations, marketing, finance, legal and other project functions to develop realistic Performa’s for capital investment funding.
WESTGROUP INC., Los Angeles, CA: 1982 – 1985
Westgroup is a national real estate design-build development firm specializing in the acquisition and management of hospitality and historic properties.
Principal/Partner
President of Westgroup Design and Construction
- Directed all tenant improvements, renovations, and ongoing building maintenance, created the strategic business plan to grow the new construction division; lead business development and marketing; recruited staff; negotiated contracts and leases; established operating policies and procedures; and managed the division’s profit & loss.
- As a profit-sharing partner reporting directly to the president/CEO, supervised and provided leadership to a staff of 15 direct reports and over 100 indirect reports.
- Managed and represented Westgroup’s interest in design-build projects ranging from $5-40M.
- Responsible for the selection and management of all consultants and contractors to bring projects to an on-budget and on-schedule completion.
- Conceptualize design build projects developing design specifications, cost and construction schedules.
- Managed projects through construction to ensure compliance with specifications and governmental agencies.
- Implemented cost controls, monitored and enforced schedule goals and project quality.
PACIFIC ARCHITECTURAL DESIGN, Los Angeles, CA: 1976 – 1982
Los Angeles-based design-build firm, which engaged in developing and renovating a wide variety of high-end residential, multi-family and commercial/retail projects.
President/Founder
- Founded the firm in 1976, developed the strategic growth plan to meet revenue and profitability objectives. Grew the firm to $7.0M in annual revenues with a staff of 40 serving clients nationwide in less than six years.
- Established firm finance, operations, HR and marketing policies, procedures and systems.
- As founder and Co-Owner was intimately involved in the architectural design process and earned a reputation for quality, unique creativity and complete investor satisfaction.
PROJECT EXPERIENCE:
Luxury Residential:
Aveline La Jolla Village, CA
18 Luxury Village Homes. Sold out July 2019. $44,000,000. Average price per unit $2,450,000
Sandcastles, Lahaina, Maui, HI
$9M Oceanfront home. Six bedroom, 4½ baths. Lahaina, Maui. Sold January 2007 w/ $9.3M back up offer.
Mala I, Lahaina, Maui, HI
$7.5M Oceanfront Home. Four bedroom, 4¼ bath. Lahaina, Maui. Completed in May 2008.
Mala II, Lahaina, Maui, HI
$7.5M Oceanfront Home. Four bedroom, 4½ baths. Lahaina, Maui. Completed April 2007.
Abberdon I, Telluride Mountain Village, CO
$4.75M Custom log and stone home measuring 8,400 square feet in Telluride Mountain Village completed 1996.
Abberdon II, Telluride Mountain Village, CO
$11M 11,000 Square foot custom log and stone home in Telluride Mountain Village. Land and Architectural package sold February 1999. Construction completed December 2000. Abberdon was retained as a consultant. Sold in 2006.
Abberdon/A.G.H, Aspen, CO
$12M Custom log and stone home measuring 14,000 square feet in Aspen, Colorado. Sold in the Fall 1999 at full asking price ten days prior to Certificate of Occupancy.
200 Elk Park Road, Telluride, CO
$2.6M Custom home in Telluride. 4,250 square feet. Sold September of 2001. This sale remains the highest price point ever garnered for a Telluride Ski Ranches home.
Abberdon III, Aspen, CO
19,000 Square foot French country home on eight acres. Ski in/ski out in Aspen, Colorado. Land and plans were sold as a package 2005. Estimated value $25M
Emerald Point, Kapalua, Maui, HI
$7.2M Corporate retreat on the 12th tee of The Bay Course at Kapalua, Maui, HI. Sold at full asking price.
Pearl I & II, Kaanapali, Maui, HI
Pearl I completed and sold in 1991.
Pearl II land and plans were sold as a package in 1993.
Kaanapali, Maui, HI
$3M Custom Home. Completed July 1993.
Pauamana, Lahaina, Maui, HI
$600,000 Custom Condominium. Completed July 1993.
Kai Pali Place, Lahaina, Maui, HI
$1.5M Custom Home. Completed April 1992.
Woods Rose, Aspen, CO
$15M Plans and permits for 10,400 square foot home in Aspen. Sold in 1996.
Maria Lanakila Church Maui, HI
Completed restoration of Maui's oldest Catholic Church (170 years). Developed scope of restoration, set budget, assembled entire project team. Monitored entire construction through completion.
Hospitality:
Biltmore Hotel, Los Angeles, CA
Conversion of 1,022 guest room into 728 luxury rooms, construction of new French bistro-type restaurant, relocated all registration, 18,000 square feet of new "back-of house", administrative office, upgraded existing laundry facility, completely remodeled all public areas, kitchen, ballrooms and meeting rooms, elevators, mechanical, plumbing and electrical systems, major asbestos removal, installed complete fire/life security system, and new audio-visual system and new computer system. Value: $50M.
Kona Surf Hotel, Kona, HI
Renovation of 230 guest rooms, 10 suites and 2 super suites of the Hawaiian resort completed in 2½ months during peak seasons. Value: $2.5M.
Adolphus Hotel, Dallas, TX
On-going maintenance of Westgroup's Five-Star Dallas Hotel. Complete renovation of the Grill Restaurant, remodeling of lobby lounge bar and entrance, improved lighting design for Porte Cochere drive entrance as well as main lobby.
Newporter Inn, Newport Beach, CA
Renovation of a 300-room hotel. Addition of 100 rooms. Rework of all public areas and meeting rooms. Development of project scope, budget, selection of the FF & E, design for the 100-room addition, as well as the reconfiguration of the lobby and main public area.
Commercial:
Biltmore Place, Office Conversion, Los Angeles, CA
Conversion of approximately 276,000 square feet of the existing 1.1M square feet available into first-class office space. Constructed new core, complete structural reinforcement, new mechanical, electrical, plumbing, elevator and energy management system. Value: $13M.
One Bunker Hill Office Building, Los Angeles, CA
Complete renovation of an existing 12-story California historical office building. Approximately 250,000 square feet. Reconfiguration and remodeling of existing core area, construction of an 11,000 square foot new custom design "glass house" addition, restoration of existing of main lobby of ornate marble, bronze and ornate plaster ceiling. Installation of state-of-the-art HVAC system. Modernization of existing elevators with a new microprocess overlay system. Value: $10M.
Pacific Mutual Office Building, Los Angeles, CA
Renovation of an existing 12-story California historical office building. Approximately 400,000 square feet. Complete renovation of all store fronts and retail space; replaced 1,200 old double-hung windows with new single glazed aluminum frame type. Renovated all 30 public bathrooms, complete exterior paint, repair of damaged terra cotta exterior veneer to its original condition, restoration of main lobby, remodeling of all public corridors. Value: $5M.
Exchange Building Office Building, Seattle, WA
Complete renovation of the first floor lobby. New ornate detailed plaster ceiling, restoration of marble flooring, custom design etched glass storefront, custom designed bronze lighting fixture. Value: $600,000.
The following office buildings were on a constant tenant improvement program. My responsibilities involved the development and review of all design, budgeting and the construction management:
- 617 West 7th Street, Los Angeles, California - 225,000 square foot parking; 350-parking garage
- Security Pacific Bank Building, Long Beach, California - 115,000 square feet
- Security Pacific Bank Building, Pacific, California - 118,000 square feet
- Security Pacific Bank Building, Hollywood, California - 58,000 square feet
- Security Pacific Bank Building, Fresno, California - 58,000 square feet
- Pacific Mutual Building, Los Angeles, California - 400,000 square feet parking, 285-car parking garage
- One Bunker Hill, Los Angeles, California - 250,000 square feet
- Exchange Building, Seattle, Washington - 360,000 square feet
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