Tips on land purchase for senior housing development

[William Yeh]

Hey BP. My group is currently looking to purchase a piece of land for the development of a senior housing community in a suburb outside of the core San Francisco Bay Area (independent + assisted with potential for memory care and SNF down the road).

We've already reached out to the city with regard to the entitlement process and are baking into our LOI that all entitlements must be satisfied in order for the deposit to become nonrefundable. Namely, we've included environmental surveys, build and design permits and CEQA. This is opposed to a fixed timeline for the contingency period.

To those that have been down a similar road, any tips on deal structure, contingencies, timelines, etc? Thanks in advance.