Can you tell us the story of how Monocacy Builders LLC began?
Like many of the boldest ventures in history, Monocacy Builders, LLC found its roots out of need and necessity. When Plamen ‘Rocco’ Ayvazov emigrated to the U.S. from Bulgaria in 2006, he worked several low-paying jobs to pay his rent and make a living. It wasn’t long before Rocco discovered a passion for construction and building development. He jumped at the opportunity to learn this field hands-on and thrived. Not long after, Rocco’s desire to achieve the ‘American Dream’ became a significant goal in his life. He realized that it was indeed possible and decided to go for it!
Rocco’s first buy and remodel was a residential property located in East Stroudsburg, PA. During breaks, after hours from his ‘day job’ and every weekend, Rocco would be working on his newly purchased investment. After many months of hard labor and sweat equity, he completed renovations on the property. Rocco originally purchased the single-family home for $38,000 and later sold it for $253,000. He was proud of what he had accomplished and couldn’t wait for the next flip.
What sets Monocacy Builders LLC apart from other construction companies?
Monocacy Builders LLC is a family-owned and operated company focused on making a positive impact on the local community, right here in the Lehigh Valley. Coming from humble roots, we have the desire to help the community thrive, whether building new homes for families or developing properties for businesses to expand their own growth, Monocacy Builders LLC takes pride in its work and craftsmanship. For Rocco, each project that he takes on is personal; he worked hard to grow his company and be successful. By developing new buildings for people and businesses to call home, he hopes that others will also achieve their own dream of success.
Additionally, Monocacy Builders has a vested interest in preserving as much history of the original property as possible when building new construction and incorporating that historical significance into the new design. Retaining the past is significant in providing for a successful future.
What is the reason the company was drawn to focusing on building multi-unit rental projects as opposed to other types of construction?
Monocacy Builders LLC focuses on multi-family construction because it provides multiple housing units in the most cost-effective manner to the community. Providing multifamily living allows for savings to be passed on to the residents who live there. Whether they are single individuals or families, providing modern, energy-efficient, and attractive homes at an affordable price is extremely beneficial and helps to promote further growth along with a strong desire to live and work in the community.
What made you choose the Lehigh Valley as the location to build your company?
When Rocco emigrated to America, he and his wife, Dian, settled in Bath, PA, living with a relative. One of his first jobs was making American flags at the former Mary Fashion Manufacturing building, a garment business that was one of Bath’s largest employers and a town landmark. Years later, he bought the empty building and transformed it into modern apartments, retaining features of its industrial past including Mary Fashion signage on the building’s exterior, the large American flag mural, and the ‘tree of life’ – symbolic to the town that first welcomed him.
Since then, Rocco and Dian have stayed in the Lehigh Valley, putting down roots in Bethlehem, where they raise their family (two sons ages 20 and 7). The oldest attends Northampton Area Community College and the youngest attends elementary school in the Bethlehem Area School District. Rocco and his family love the rich history of Bethlehem and the Lehigh Valley, the vibrant downtown Main Street and all that this community offers to its residents and visitors. Rocco’s oldest son also works for him part-time, continuing the local family business. Because of his love for the area, it made sense for Rocco to not only live here but to work here, too – playing a key role in furthering both the residential and economic development of the place where he calls home.
How has being an immigrant-run business shaped your business model?
As a proud immigrant owning and operating a business, Rocco feels strongly that Monocacy Builders LLC offers a unique perspective, and it remains a major factor in his business model today. Arriving in this country with very little, working his way up the ladder to become financially independent, and then starting a business of his own, his journey has been a humbling experience and one that he is extremely proud of. It has instilled in him a sense of wanting to do good for others so that they can, in turn, make their own dream a reality. Providing both affordable residential and retail spaces in the region that he calls home is a driving force for his company.
Can you share the details of a specific project that you are excited about or especially proud of?
One of the most exciting projects that Monocacy Builders LLC has taken on, is the former historic Boyd Theater, located in downtown Bethlehem. The once bustling entertainment venue sat vacant and dilapidated for years. Monocacy Builders LLC partnered with DLP Capital to purchase the building and are excited to bring much-needed new life to this part of the city. A mixed-use building, consisting of 205 apartments and 27,000 square footage of retail space, the property will significantly increase the number of residents and businesses in the downtown area. Equally important will be taking care to preserve much of the Boyd’s rich history, including the original signage letters, seating, film projectors, exquisite chandelier, and additional items. These significant artifacts will make their way back inside the new property. The goal, as with many projects that the company takes on, is not to erase history, but to preserve as much as possible and incorporate that into the new development. Rocco and his team are working diligently to complete this project in May 2024.
What is the biggest challenge you are facing in your industry in 2023?
The global pandemic has significantly changed the landscape when it comes to the construction and development industries. Monocacy Builders LLC experiences many of the same challenges that others are facing, including supply chain issues and an increase in the cost of goods and fuel costs due to inflation. High demand can also affect developers’ timeframes and contractors’ availability. Proper planning, revisiting, and adjusting timetables and a realistic scope of work are all essential to minimizing challenges and completing projects on budget and in a timely manner.
What is the best advice you would give to any new or future business leader about maintaining success?
Monocacy Builders LLC believes that in order to continue to be successful as a business, it is essential to surround yourself with success-minded, positive individuals. Rocco comments, “Create a team that believes in your ‘why.’ Share your knowledge. Ask questions. Then, go for it. Don’t take no for an answer. Never give up. Repeat.”
