How To Selection A Property For Development

The Real Estate Espresso Podcast

How To Selection A Property For Development

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Taking It From the Top

Every potential real estate investor has faced this question at some point, ‘how to select a property for development?’ The answer is not as straightforward as it seems, as there are many variables to consider. The key lies in understanding and evaluating several key factors that determine the project’s success.

Zone Permissions and Requirements

Firstly, the project needs to conform to specific zoning rules and regulations. Apart from the number and types of buildings you are allowed to construct, these regulations also dictate parking requirements, egress standards, height restrictions, and so on. If the project doesn’t fit well within these guidelines, it might be more appropriate to look elsewhere.

Utility Assessments and Considerations

A key aspect often overlooked in the process is assessing the adequacy of utilities like water, sewage, electric, and more. Real estate development goes beyond constructing buildings; it’s about ensuring that future occupants have access to all necessary amenities. These requirements are not apparent and require due diligence such as sourcing commitment letters from utility providers.

Checklist Item
Zone Permissions and Requirements
Assessment of Utilities
Soil Stability and Geotechnical Survey
Stormwater Management
Environmental Due Diligence

Ground Conditions and Impact on the Build

Another essential criterion is the ground condition, identified through a comprehensive geotechnical survey. This will not only confirm the soil stability and water table levels but also influence the foundation, stormwater management strategies, and the overall sustainability of the development plan.

Managing Stormwater and Environmental Challenges

Stormwater management is a significant aspect of property development and should conform to set parameters. The property’s environmental footprint should not compromise the neighboring properties or adversely affect the community’s ecological balance.

Bottom Line

All the factors mentioned above, and more, form an essential part of the due diligence process when selecting a property for development. Making informed decisions improves prospects for a successful and sustainable project. As your property selection guide, Victor Menasce invites you to take advantage of the experience, take the necessary steps, do your research, and make some great things happen.

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