Skip to content
Land & New Construction

User Stats

7
Posts
1
Votes
Maria V.
  • Jamaica Plain, MA
1
Votes |
7
Posts

Advice for a newbie on RE development of existing property

Maria V.
  • Jamaica Plain, MA
Posted Aug 3 2016, 11:17

HI - not sure if this is the right group, but hoping it is. I just joined this site as I am researching options for developing existing property in a highly marketable area in Boston. We own a one-story commercial building, on about 20,000 square feet. Currently it is fully occupied with 5-6 commercial tenants. Mostly office space and a chiropractor. The area is in a hot market at this time and we have received several unsolicited offers. However, we are interested in exploring developing it into a residential multi-family building (either as condos or apt rentals - not sure yet). It is currently zoned or easily able to be zoned to a 3 story, 22-unit property with underground parking. This would be a large development project, and we are not sure whether to try and develop it ourselves or bring in an investment partner. As you can see, this is in the preliminary concept stages. We've spoken to city official we have relationships with, local, trustworthy business associates, an architect and contractor who all think it is a feasible idea. What are the things to consider when exploring developing on our own (which would entail personal collateral and cash investment) vs. with an investor partner?

Any general advice and things to consider on how to proceed with our options. Please forgive my ignorance, but that's what I'm here for - to learn from all you pros!

Thank you.

Loading replies...