I have a question about new-build and City revitalization?

[John Spencer]

I have talked to the city near me, they have a plan for redevelopment. How will the city  control the redevelopment? How can I get in on the action? There is a small piece of property  near the light rail station, that is zoned for mixed use. I think it is prime fora deli and apartments. The property is about 1000 feet from the station. People could get off the transit pickup lunch and get back on the the next train. Or whatever.

[Marshall Downs]

Most cities want to be developed, but are not necessarily redevelopment ready. There is a big difference between a municipality commissioning a study and passing it along to developers and actually having the staff that's knowledgeable enough, available enough and has access to the proper people and tools to spur development. We will have a far easier time getting projects done in the community with the latter.

That being said, a developer can work almost anywhere depending on how badly they want the project.  I would set up a meeting with someone in the community development department and ask about the parcel. Inquire about the zoning and specifically the residential density. Do they own it or have a relationship with the owner? Any info out on the environmental condition? Are their tools for development available such as Brownfield or TIF? Is it by chance in an Opportunity Zone? What is the project approval process? How long does that usually take? Etc.

I wouldn't take a project to a board until I've done the following:

- Run thorough numbers (conservative, average, aggressive)

- Gotten some level of comfort on the environmentals 

- Obtained control either through purchase agreement or option

- Obtained renderings and floorplans

- Have at least budgetary construction figures

- Financing preliminarily arranged

- Secured counsel

- Determined target market 

- Ensured any gaps in my development team are rounded out by a    partner, vendor or consultant

At the end of the day most cities are looking for us to lead this process, but if they are truly pro-development they will have the ability to help developers remove obstacles to projects.