Updated over 4 years ago on .
High-Rise Multifamily Development Project Need Help
A little background of the situation for context:
A partner and I have been brought onto a development project in a massively growing market in Colorado. We were in the right place at the right time. I have property management experience (Owner of a Short-Term Rental Management Company), rehab experience, buying/selling experience, etc. but no high-rise development experience. I have first rights to a land lease with the owner of the land (literally the perfect location in the city with 270 degree views of the mountains) and the family has owned the land for over 100 years so they are grandfathered into all zoning. They have no height restrictions, use restrictions, code restrictions, etc. as long as they remain on the title for the land, so we have agreed to set up a 99 year lease with the first rights to renew. I got with a local developer who recommended I pay to have a market/rent analysis done, which I did, and it came back showing profitability of a 50-story, 500 unit multi-family tower that can go in on the site.
Now, I have little to no experience in the procedures/process to get something like this moving. I have a team of Architects, Builders, Lawyers, etc. already set up and doing initial planning but the amount of capital and experience is something that i'm just not privy to yet. I'm curious if anyone has done something like this before and who would know a thing or two.
My next step is going to be getting this proposal/Pro-forma out to all of the interested capital groups that reached out to me when I first took on this project and see what everyone is offering.
Thanks in advance!