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All Forum Posts by: Corey Williams

Corey Williams has started 10 posts and replied 59 times.

Post: Re-introduction

Corey Williams
Pro Member
Posted
  • Developer
  • Fishers, IN
  • Posts 88
  • Votes 16
Thank you Chad Jarrah . Thank you Linval T. For the links. I'll be sure to check them out.

Post: Re-introduction

Corey Williams
Pro Member
Posted
  • Developer
  • Fishers, IN
  • Posts 88
  • Votes 16
I joined BP in 2008 but it's been a long time since I've been committed to visiting the site, reading and commenting on posts. I'm looking to network close to home as a start. Contractors, wholesalers, lenders, developers, investors, etc... If you're on this site and you call Central Indiana home then we should connect. With over 20 years of experience in real estate I'd love to write a new chapter and I would like your help. Right now I'm getting reacquainted with this site and will be looking to define my goals and business plan over the next few weeks. In the meantime feel free to reach out.

Post: how to find utilities hook up location on a developed lot

Corey Williams
Pro Member
Posted
  • Developer
  • Fishers, IN
  • Posts 88
  • Votes 16

Depending on how long ago he developed the lot you could check with the local Planning Department. If it was recently they will have a set of plans that he had to submit to get his permits. This won't be an "AS-BUILT" set of plans but at least they would show you where they were supposed to be built. Anything submitted to the city is public record and you can get copies of whatever you need.

This is just another option. Billy's comment was also a great option and you can even contact the sewer or water department because they would have had to approve the developer plans before he built it so they should know where they are.

Post: Entitlements.

Corey Williams
Pro Member
Posted
  • Developer
  • Fishers, IN
  • Posts 88
  • Votes 16

Entitlements is essentially getting permission from the municipality to build what you want on a site with regards to use, density, building height, setbacks, traffic impacts and environmental issues. Each municipality has their own ordinance that defines the process to entitle you to build your project and most of them are different.

The quick answer is to locate a site then determine if it is a parcel in a city or county, then contact the Planning & Zoning Department that has jurisdiction and they can guide you through their process. Essentially this is my job. Our acquisitions department locates sites throughout the midwest and east coast and lets me know how many units they desire. Then I contact the Planning & Zoning Department, Building Department, Utility Companies, Highway Department, Board of Health, etc., basically any department that I can think of that would need to review our plan. Some municipalities are more user friendly than others. For instance some P&Z Depts. consider themselves a "one stop shop" and they have a nice neat little packet that explains the entire process to you. Others have poor communication between the different departments and you are own your own to obtain every reivew and approval you need.

My first question is always, what is the current zoning? Then, is multi-family allowed in the current zoning? If the property is zoned properly then great, move on. If not then you will need to follow the rezoning process. Usually a boundary survey and legal description are required, beyond that it depends on the municipalities requirements. Sometimes that's all you need, other times you need a detailed site plan and some elevations of buildings, depending on the size and scope of your project. Detailed plans are being required more and more. The reason is a developer used to be able to turn in a survey and say I would like to build apartments on this site and the city would say okay without knowing what they will look like or how tall they might be. Now days, neighbors and the adjacent public are becoming more outspoken about what gets built around them and the zoning process is the only time they get a chance to voice their opinion. So now developers have to make commitments about what they build, like, how many buildings/units, how much brick or stone, and these committments are then recorded as a requirement.

Even though all cities are different the rezoning process is probably the most consistant. Beyond zoning, it's a crap shoot as to the process and time frame required to obtain entitlements. Some cities can get you through in 6 months and others can take 2 years depending on how many agencies have to get involved.

I'm rambling a bit now and I know you were looking only for reference material which Jon pointed out the Urban Land Institute which is a great resource and the place you should start. After you poke around there a bit feel free to post more questions here. After all that's what this website is for and no better people to ask than those with experience.

Post: permitting for septic & water

Corey Williams
Pro Member
Posted
  • Developer
  • Fishers, IN
  • Posts 88
  • Votes 16

A quick google search gave me the following link with some general information regarding well and septic systems. Every State and/or County Department of Health is a bit different in their regulations. I searched North Carolina which I assumed is where the lots are.

http://www.bae.ncsu.edu/programs/extension/publicat/wqwm/wm1.html

Post: Owning large anchor tenant/ retail strip centers.

Corey Williams
Pro Member
Posted
  • Developer
  • Fishers, IN
  • Posts 88
  • Votes 16

The best organization for retail strip centers and development of them is the International Council of Shopping Centers. They have local chapters that meet frequently to discuss trends and deals. This organization is where you will find retailers, attorneys, developers, contractors, engingeers, architects. anybody who is anybody, it seems, is a member of ICSC and you can find them at ICSC.org. That's where I would start. Your question demands a very detailed answer but if you had some specific questions I could do my best to help you out.

As far as the "aged" building situation goes it depends on the surroundings. Some "old" retail centers are still in a very active areas and can simply be given a facelift. Others have fallen apart with the area and it takes a community effort to bring them back. Each situation is different.

The following link is to a part of town that I drive through frequently and is a prime example of how to turn an area around. The housing was and is still holding its value but the retail had vacated to the "new" developments. This may be a little more ambitious that you had in mind but sometimes it takes this kind of effort to make something work. http://www.binford71.org/index.html.

Post: When is it a smart development?

Corey Williams
Pro Member
Posted
  • Developer
  • Fishers, IN
  • Posts 88
  • Votes 16

the "quick" answer is a good deal meets your goals and objectives for return on investment. Everyone has a different idea or willingness to accept risk so to say there is one answer to your question is tough.

The long answer involves evaluating the site location, demographics, area jobs, college area, etc. I'm sure that you understand you can't build the Taj Mahl in the hood but you do need to define the type of project you want to develop and where you want to build it and if they will come once it is built.

The company I work for is very conservative and sometimes I get frustrated when we pass on a project that I know would have made money. Of course, it's easy for me to feel this way because it's not my money and they have been doing this since the early eighties and are very successful so it's hard to question their objectives.

Post: development fees

Corey Williams
Pro Member
Posted
  • Developer
  • Fishers, IN
  • Posts 88
  • Votes 16

I would see how 4% - 6% works with your numbers and the owners budget. You are absolutely right that the owner will want to minimize his budget (your profit) and you want to maximize it. If you are managing the construction as well I would look at bumping that percentage up a bit. The previous company I worked for had a construction department which kind of served as its own company. Their profit goal on just the construction management was 6% of the construction cost.

Prove your worth to the owner and he should see that you are worth every penny of the deal you work out.

Post: Do you need Assistance in Indianapolis?

Corey Williams
Pro Member
Posted
  • Developer
  • Fishers, IN
  • Posts 88
  • Votes 16

What kind of assistance are you looking for? Locating properties, areas or comps. Let me know what you need and I will certainly do what I can to help.

Post: development fees

Corey Williams
Pro Member
Posted
  • Developer
  • Fishers, IN
  • Posts 88
  • Votes 16

Perhaps you should outline an example or the scenario you are looking into. Your question has many different answers and with more detail we should be able to help you out.