Potential development opportunity?

[Imran Sabir]

Hello everyone! Been reading these forums for a while, first time posting. 

So let's get right to the point: I have a half acre lot Chicago (Rogers Park). Building was crumbling, so had it demo'd and fenced in. 

I purchased this property a few years back attempting to rezone for commercial use, but to no avail. It's currently zoned at RT-4 so I'm thinking it may be best to use for construction of a midrise apartment complex. I have pretty much all liquid tied up in here, so would be looking for institutional/private funding. 

I've never done a project of this size. Would it be wise for me to pursue this? I'm looking to get a feasibility study done. I've contacted 2 national firms, and their quotes came back in the 20-30k range, which I honestly feel is way too much. Any guidance on this topic would be appreciated. 

Thanks!

[Imran Sabir]

Originally posted by @Seth Holmen:

Feasibility study on if it’s a good rental market? What sort of information are you looking for? Confirm zoning and allowable use and building cost? 

Hi Seth - appreciate your response. 

Yes, that's part of it. What I'm also interested in is depth of the market for new construction rental apartment development, overall marketability for 21-28 rental apartments, determining geographic boundaries, permitting/potential rezoning, neighborhood demographics, demand forecasting, market-rate rental analysis, and current/future project under construction that may pose competitive influence upon future residential development. With a clearer picture of the above, I would feel much more comfortable making a go/no-go decision.