Development of hospitality, multifamily, and income-producing real estate.
About the Firm →FERO Development is a U.S. real estate development firm focused on hospitality, multifamily, and income-producing assets. The firm was founded in 2025 by Viktor Zaboienko and draws on more than a decade of commercial and operational work on development projects in Ukraine, Indonesia, Thailand, and Turkey. FERO Development leads projects across all stages — from site analysis and due diligence through concept, financial modeling, capital structuring, construction, and operational launch.
AYOMA Forest
Wellness Sanctuary
AYOMA Forest Wellness Sanctuary is a luxury countryside wellness resort in New York State, to be operated by an international hospitality brand. FERO Development is assembling a team of established hospitality and construction partners to deliver one of the most significant resort developments in the region.
Project details and participants will be announced as the project advances.
Landowners
You own a site and need to know what to build on it. We run a highest and best use (HBU) analysis, study the market, and turn the site into a concept with a commercial strategy: what to build, for whom, and what returns it should generate. If the project holds up, we’re ready to lead it as developer — or come in as a partner, with the land as the owner’s contribution.
Capital Partners
You have capital and are looking for a developer who can see a project through. We work from site selection onward — concept, financial model, project structure, team assembly, and delivery management. Work and responsibility are defined from day one.
Investors
You’re looking to enter projects already in motion. We open access to developments at early stages — our own and those of our partners. Terms of participation are discussed individually.
Developers
You need the commercial side of a project covered — whether end to end or as a single defined task. Developers bring us in for both: some need the commercial layer built from scratch — positioning, pricing, sales, operating model; others have it working in-house and need one specific output — benchmarking, market analysis, a financial model review. We cover the part that’s missing, at the scope the project requires.
01 Concept-driven developmentA project is defined by its concept, not by the site or by an intention to build a particular product type.
Work begins with market analysis, competitive set review, target audience definition, and price segment positioning. From that data we build the concept: asset type, positioning, product mix, and pricing strategy. Density, unit or key count, space program, and the architectural brief follow from the concept — they do not precede it. A decision made before the analysis remains an assumption, however obvious it appears.
02 Analysis and financial model before commitmentEvery project goes through financial validation before architectural design and capital raising.
At this stage we produce the market study, highest and best use (HBU) analysis, operating pro forma, cash flow model, and return calculations. A project advances to the next stage only once the model confirms target returns. Budget, schedule, and architectural brief are built on validated numbers — the math precedes the commitment rather than accompanying it.
03 Expert ecosystemFERO leads the project and engages specialists for each discipline.
No development team covers the full range of development competencies in-house. Specialists are engaged for land use and entitlements, legal structuring, design, construction, project management, hospitality operations and revenue management, property management, marketing, and sales. Partners are selected for experience with the specific asset type in the specific market — not for general reputation. Coordination and accountability for the outcome remain with the firm.
04 Design driven by the operating modelAn asset is designed around how it will perform once it opens.
The operating model, revenue structure, guest or resident profile, and operator or management company standards are defined before architectural design begins. These parameters drive floor plans, the ratio of primary to commercial space, building circulation, and MEP requirements. This sequence eliminates decisions that look right in drawings and fail in operation.
05 Conservative underwritingEvery project is modeled on a conservative case.
The model is stress-tested against the key variables: absorption or lease-up pace, occupancy, achieved rate or rents, construction cost, cost of capital, and timeline. A project moves forward only when the downside case still works. When the model fails the stress test, the concept is revised — not the assumptions inside the model.
06 Single point of accountabilityOne party is accountable for the result, regardless of how many are involved.
FERO Development retains control of concept, budget, and schedule at every stage — from initial site assessment through operational launch. The firm serves as the single decision-making point for the owner, the capital partner, and project investors.
For project inquiries, capital partnership, and investment opportunities.
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