Sell or develop - how to best analyze?

[Maria V.]

Hi - first off, my apologies because I have asked this in a previous thread but this particular question has not been answered. Hoping it's ok to re-ask here...

My family owns a couple of commercial properties in an area in Boston that has increased dramatically in market value in the lat 10 years (gentrification, not too far from downtown/colleges/hospitals, etc.). Currently, we want to explore the development of one of the properties, which sits on approximately 14,000 square feet. The structure on it now is a one story building used as commercial office space and leased to various tenants. We have done a little bit of digging and know that based on the zoning code, it is zoned local convenience, meaning we can develop a mixed use property with residential uses on second story and above. (We would have to seek zoning relief and go through a project review as established by the zoning code in order to build what we want, which is an estimated 22 units at an average gross area of 1,200 per dwelling unit.) This gives you an idea of the scope we are considering.

But another option could be just to sell it outright and use the funds to develop our other properties. Given our options, does anyone have any suggestions on what our next steps should be in determining what would work best for us (develop vs. sell)? As I mentioned in my original post, we are complete newbies but do feel we are sitting on something potentially lucrative. Should we hire a RE Strategy Consultant - and how much might that cost? Upon some quick research, I feel like we need to do two things:

-Hire someone to do a feasibility study

-Pay for a property appraisal/market evaulation to see if it's worth selling now, or developing and reaping the rewards later.

Would a RE Strategy Consultant be able to help with both items?

Would love some thoughts/suggestions.