Hello Every one,
This is 1st purchase of a mixed use lot. I am looking to build apts however the city requires me to build some commercial which I have no experience with. I am looking for some advice on what commercial should I build on this mixed use lot (offices, retail etc). There is about 50' of street frontage. What strategies or investigations should I undertake to help figure out the best commercial development.
Thanks for your help in advance!
@Rita Roy , I would start by finding out exactly what can/can not be built on the site based on local zoning codes. After you find out what's permitted and required, I would do some market research to see what type of use is in demand. See if there are any market reports that list vacancy/rent rates of various commercial uses. Even better would be talking to commercial real estate brokers. They work with businesses and property owners daily and could probably give you some good insight on what's in demand locally.
I would also talk with the local municipality to see what their thoughts are since they will likely have to approve your development.
With 50' of frontage, sounds like some ground floor retail could be good depending on traffic/pedestrian counts.