Commercial land development

[Account Closed]

I'm looking at a property that currently has partial commercial zoning and the rest residential zoning. I'm considering buying, building my primary on the back residential portion and holding the commercial for long term investment as town is expanding out towards this property. But the portion zoned commercial only accounts for 15% of the total tract. This property has been on the market for a while, several years in fact, and the price has been cut about 20%. I've never purchased a piece of land and am wondering what all questions I should be asking as far as is the commercial portion even developable? Could I possible be able to rezone some of the residential and make it commercial? Commercial acreage is already going for roughly 75k per acre. From the current price to me it looks like you're only paying the going rate for the commercially zoned portion and you're getting the other residentially zoned portion for free, which makes me think I'm missing something about the viability of the commercially zoned part. Any help or guidance as to what I should be asking to determine the value, or what things I need to be cognizant of that can kill commercial viability of land. Thanks Patrick

[Chet Mazur]

This is a trying one. There is a lot to look at with a project like this. I would try to see if there are any experienced development consultants that know the ins and outs of the city and its codes to advise you.

From (demand, path of progress, leed  time to demand) the sound of things I would expect the pricing to be the other way;pay for resi,commercial free.