Need help to further along a development idea

2 Replies

Maybe this will just stay an idea in my head, however the cliffs notes version.  There is a state govt entity (University) here in town that is spurring on a multi million dollar development as part of an expansion on their property.

I have found 3 empty lots within 4-5 blocks of the University (owned by it) and also found where part of a public space was platted years ago for housing however for some reason the govt stopped and turned it into a gathering place.  (If my grand project wouldnt fly - I'd like to pursue the possibility of building a smaller multi family project on one of the empty lots -- a 6-8 unit building should fit along with parking and maybe space for a basketball court or sand volleyball court or the like)

Here's my idea -- there has only been private rehab of the couple old apt buildings near the school and some of the run down houses -- however nothing built "new" as far as I can tell in decades.  I'd like to propose to the local city gov't selling part of their greenspace with the agreement, that the developer would fix up the greenspace and make it a bit safer, with newer equipment, better lighting, security etc....and also build new apartments on the aforementioned transaction.  Hold for a couple years or more if it's lucrative, then sell out to a larger investor once construction is complete and the facility is fully leased.

If I put up the aerial maps this project might make more sense, however there are quite a few people from my area on this board so dont want to give away everything.

Now - what people would see as my limitations -- lack of cash -- I'm a normal guy at the moment with a couple investment properties, equity in them, enough cash to get me by in the bank, and having never done a project of this magnitude

Positives -- I think this is a really great idea if I could get in front of the right people and sell it -- win win for the city - takes an area that hasnt seen anything newly built in decades, puts a nice development on it, provides more needed housing in the area and with the improvements to the green space should make a place more of the community could use - not to mention the increased tax revenue for the local govt.

What would be my next step -- attempting myself to get a rough sketch up of said project?  Finding a big money guy (I know a couple, however doubt they've even done something of this magnitude) to help me out?

Hope  you dont feel I'm asking for too much direction - however this is a dream at the moment, would love to see it fulfilled and you just can't find a how-to manual anywhere on how to proceed.

Appreciate any of the feedback --- found this site about a month ago and have enjoyed all of the late night reading.

I would check with the University first.

They own this land according to you and are likely holding it for future expansion. If the university has been growing at a good pace then they already have plans for the space.

Sometimes they will sell with a ROFR ( right of first refusal ). So they will let you do only certain options with the land and then buy it back at a later date to do what they want with it.

I guess I should clarify -- the City owns the greenspace I was speaking of.....as a backup plan I was thinking something could be put on one of the 3 vacant lots (small multi family project) if the University would approve.

But I believe the key in getting the large project/dream at this moment -- would be to get the University behind the idea as well.  

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