Anybody who has touched development, would like to get your thoughts on the following: What are some of the most important pieces of information you would like to have if you were considering a development in a given area?
I would like to think the general state of the market in that given area, future developments in the area (i.e. Pro Sports Team X is moving their stadium/Fortune 500 Company Z is moving HQ here in a few years), the current zoning, and the replacement cost of a standing building vs. ground-up development would be good starting points.
But, anything to add would be greatly appreciated...
comps
Zoning info/opinion letter outlining what you are allowed to program and how long it might take to change; conceptual site plan showing how much density you can achieve; construction pricing estimate based on product/construction type; land comps to toggle your land basis; rent comps to see what you can charge; impact/development fee schedule; and maybe an estimate or two from big ticket consultants like architect, civil engineer and land use counsel.
Most of the important factors have already been mentioned: - Land Use/Zoning: Taking a site through a rezone or LUPA is a very long lead item (some municipalities can take over a year). Height restrictions, density limitations, setback and parking requirements. All of these factors will dictate your programming. - Demographics/Comps (Land/Rent/Sales): Need to understand the makeup and profile of the area you're investing in (Population and Pop. Growth, HH Income, traffic counts, avg/median age, etc.) Comparable properties to see where rent/expenses are for your proposed product type and what recent transactions have traded for. - Site Constraints: Site dimensions; Is it a greenfield, brownfield, urban infill, etc; Is it located in a wetland; Ingress/Egress and visibility - Impact Fees/Building Permit Fees/Connection Fees
Ratione ea beatae molestiae alias maiores laborum voluptates. Minima voluptate blanditiis blanditiis atque reprehenderit possimus et. Adipisci modi porro inventore qui beatae magnam voluptatum. Dolore doloribus eum voluptatibus sequi velit.
Esse rerum veritatis dicta doloribus tempore debitis. Autem qui voluptates quidem et. Odio adipisci enim impedit omnis. Iste velit distinctio omnis cum ipsa dolorem id.
Quibusdam veniam sapiente explicabo nisi qui. Voluptate quis est aperiam accusantium. Veniam saepe animi saepe pariatur velit. Eos asperiores ad magni vel.
Assumenda similique omnis ea ratione. Et ipsa repudiandae neque aliquam quia accusamus. Corrupti recusandae omnis provident fugiat incidunt quaerat. Sint assumenda rerum voluptates sunt nemo non.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...