Found a Great Site. Now What?

Found Property.  Now What? You found property. It has a fantastic view of downtown. The gross land area is 62,500sf or                                                                                                         1.434 acres.

So, what are some of the questions that you need to be asking of yourself if you want to develop this site?

(1) What is the reason for interest in this piece of land?

(2) What government entities have jurisdiction over this property?

(3) What is the highest and best use of this property?

(4) I know the gross size of the area but what is the net size of the property (developable area)?

(5) What is the price of the property and requirements of the transaction?

(6) What is the zoning for this property?

(7) What is the zoning/land use of the surrounding properties?

(8) Has the owner put any other conditions on the land?

(9) I notice that there are power lines above the property how should they be dealt with?

(10) What is the utility capacity of the site?

(11) How do I rate the location for the intended market segment?

(12) Is the land owner willing to sign an Option Agreement?

(13) What are the site constraints and opportunities?

(14) Does the city or any quasi-governmental agency have any development incentives?

The above questions are typical of what a real estate developer must ask of his or her self as a way to initially evaluate the potential of the site.

Keep these questions nearby. So, when you find property, you will know that these questions need to be asked and answered prior to purchase.

STAY CONNECTED.

Jackie Peterson
J&T Peterson Development
[email protected]