New Avenue was recognized by the San Francisco Business Times as one of the Top Fastest-Growing Private Companies in the Bay Area. With 175.5% growth from 2011 to 2013, New Avenue placed among the top 50, ranking #46 in the publication’s Fast 100 annual list. This prestigious ranking will appear in the October 24 edition of the Business Times.
New Avenue’s mission is to help homeowners renovate their homes to add an accessory dwelling—such as the in-law apartment, a backyard cottage or a converted garage. New Avenue developed a software platform to bring efficiency and transparency to the home-building process. With an integrated project delivery process, New Avenue empowers and educates homeowners, allowing for easier collaboration with their designer and contractor.
“I am excited about our continued success and growth,” says New Avenue CEO and Founder, Kevin Casey. He adds, “We want to change the way people live. We see the direction is shifting and people – both Baby Boomers and Millennials – are creating opportunities in their backgrounds with small homes. We are the only business in this space, providing a solution for the myriad housing issues using technology.”
According to a recent National Association of Realtors study, 14% of U.S. home purchases last year involved a multi-generational household. Additionally, the 2010 Pew Research report indicated 20% of people 65 and older live in a multi-generational household. Aside from the economic gains in supportive housing, another benefit, as proven in several studies, is increased levels of happiness and an improvement in quality of life.
Casey realized early in his career the opportunity in this type of shared housing. While earning his MBA at UC Berkeley, he discovered that 30% of all homeowners wanted an accessory dwelling but did not pursue the housing option. Homeowners either didn’t know how to or they thought it was too difficult.
New Avenue uses data and structure to streamline the development process. The entire project team collaborates on a shared, online project workspace that centers on communication and the budget. Furthermore, New Avenue saves homeowners from the stress of uncertainty by providing them with true historical costs and details of what they may expect to encounter in their own projects. Year-to-date, 100% of their construction projects came in either on or under budget.
Based on their accelerated growth, New Avenue is likely to expand their business to a national platform by the end of 2015. The tech startup was honored last night with the other leaders of the Bay Area’s “Fast 100” at an awards reception at the San Francisco Marriott Marquis.