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Updated over 6 years ago,
redeveloping mixed use property
This is my first BP post! I've got two parcels (.37 of an acre total) centrally located in the pedestrian area of a small but growing town in Southern Oregon. (Pop. 6k but it's not the complete boonies as 100k+ people live in close-in communities.) About half of it consists of four individual buildings that are leased to various retail tenants. The remaining half has an unnecessary (per existing city code, though they are considering changing that) parking lot and two very old residential units. I would like to understand the highest and best use of the property as a whole and to come up with a long-term plan to get it there. I'm hoping that the long-term plan will allow for an intermediate step of replacing the existing residential units and developing the parking lot.
If there is one thing that I know it's that I don't (yet) even know what I need to know. The city is great but I speak only the most rudimentary planning language. They suggested that I hire a land use consultant but couldn't refer one. I'm waiting to hear back from my lender to see if she can. Is this the best first step? If so, how do I vet potential land use consultants? Are they some sort of magical unicorns who speak planning and contractor-ese and will provide a detailed, specific, and GOOD plan? Do they reduce my role to crunching numbers, choosing designs, and hiring and communicating with the contractor and lender? Does this naive suggestion elicit uncontrollable laughter from the experienced developers who are reading it?
Will someone tell me exactly what I need to research, understand, and to take on myself, in order to make a project like this successful? (I do have a decent understanding of investing. I've bought, sold, and hold multiple SFR in addition to these commercial units. I don't have much experience with rehabs, contractors, codes, or planning departments.)
Thank you!