All Forum Posts by: Andrew Thomason

 I shot you a message. If you have time, please take a second to review it. I am curious to know more.

I appreciate the replies. I met with the Architect today and created an initial site plan. The route is to get a couple of additional partners that have more experience. Here are some additional details. 

Land Price: Around $1,800,000. This hasn't been agreed to yet. I am working on a unilateral contract with a duration of 9 months.

Being built: 36-plex on the back side. Frontage will be parceled out into 2 commercial buildings. 1 for a drive-thru.

ACV: We think between $15-17,000,000.

We dont think zoning will be too much of an issue. Our civil has great relationships with the city. The land is also underutilized.

Here is the scoop. I have an opportunity to purchase class c land from my in-laws. It would be a deferred payment to them after 5-7 years. It is 2.32 AC and in a prime location in the fastest growing city in Iowa. I have no experience in land development, however my business partner does. They are wanting a premium price for the land.

1. How much value would getting a site approval plan add?
2. If we took the project the distance.. The project would be quite large in value, which I don’t have the financing or business history for. Is it a better idea to partner with a developer or raise capital? Thanks in advance.