Credit: Steve Morrisette
The company also is very active politically, and members of Dragas’ management team serve on local and state boards for transportation, higher education, and economic development. A prime example is the effort to retain the Naval Air Station at Oceana in Virginia Beach, the city’s largest employer, when it was placed on the potential closure list by Base Realignment and Closure. A Dragas executive led a group of business leaders and citizens who lobbied for base retention, and he worked with local and state officials to help develop a strategy to defend the base from closure. Ultimately, the base stayed open.
Looking ahead, Dragas says that in 2009, the company will work to capitalize on its strengths. “I expect we’ll be able to maintain or increase our market share,” she says. “I think it will continue to be a challenging environment for the industry as a whole, but I think we’re well positioned to come out of it in good shape.”
Specifically, she says that for the first time, the company is considering buying existing multifamily apartments to rehab and reposition as condominiums.
“I see opportunity there,” she says. “I think some pension funds or REITs will come under pressure. Doing something like that may help us drive a little further down in terms of the prices we can offer in workforce housing.”
The Dragas Cos.
President and CEO: Helen E. Dragas
CFO: Robert C. Makin
COO: John Buckley III
Vice President of Design: Sue Plaster
Company Focus: Affordable homes for first-time buyers, in high-visibility locations
Employees: 67
Year Founded: 1968
Web site: www.dragas.com
Notable: The company has been successful through good markets and bad by closely adhering to extremely conservative fiscal policies, as well as maintaining its focus on first-time buyers.