So, you have a few acres. They used to be in an undeveloped or underdeveloped part of town. Now, the city has grown around you and others are starting to develop the land neighboring yours. Should I go it alone and try to create a master plan and build? Should I hire a land development consultant?
Land development is a daunting task. Many landowners who have recently come into property holdings or whose situations have changed due to the growth of their communities find themselves in unfamiliar territory.
Some of the questions that are frequently asked by newcomers to the land development world include some of the following:
- What should I build here?
- Should I zone for commercial or residential?
- Does my property have any restrictions or limitations on the type of development that can take place here?
These and so many other questions are what make property development such a high-risk venture. However, high risk sometimes means high rewards. Using a land development expert can help mitigate your risks and maximize your gains. When it comes to land use and development strategies, a consultant can help walk you through the issue that may arise from regulations, environmental concerns, neighbors, and other variables that affect costs and profits. Jay Puig with Compass Real Estate Investments recommends using a land development consulting firm like theirs to handle the complex issues that come from property development. “We perform market and absorption analysis to guide landowners, financial institutions, and project owners toward successful developments. We collaborate with interested parties, planning and zoning authorities, and other subject matter experts to maximize a project’s potential and mitigate risks,” said Jay. “A firm like ours works closely with the local jurisdictions and design, engineering, and construction teams to ensure the efficient and expeditious design and processing of plans.”
Land development consulting firms perform due diligence before acquisition or engagement of local governments. Essential items that are thoroughly analyzed include:
- Allowable uses per zoning regulations
- Marketing Analysis
- Absorption Rates for lots or units
- Adequacy of water and sewer
- Handling of stormwater
- Adequacy of dry utilities (electric, telephone, gas, cable)
- Topography from an earthwork and marketing perspective
- Possible relocation of existing services
- Subsurface soils investigations
- Environmental considerations
- Preliminary costs and scheduling for development
Understanding the best and most advantageous land use, and what entitlements due a client’s property are, will allow a project to go from zoning-to-preliminary-to-final plans reviewed, approved and permitted in a timely fashion.
It is vital to understand what obstacles lie ahead and mitigate them before the inception of a project. Hiring a consultant can only improve your chances of a profitable outcome. Hiring a consultant like Compass Real Estate Investments could be the wisest land development choice you make.
Land development is a daunting task. Many landowners who have recently come into property holdings or whose situations have changed due to the growth of their communities find themselves in unfamiliar territory.
