All Forum Posts by: David Minor

@raymond thanks for the tip. But I'm on mobile frequently and at least on my phone it's hasn't worked.

@joe I'm assuming you're speaking from experience. Have you done any commercial redevelopment of this scale? It contradicts what I have heard from others including a fellow I met with a fairly impressive track record of developing property on the east cost. I am always looking for perspective.

and any opinions on my letter content - here's what I am planning on mailing

"We are interested in purchasing your property located at [property address]

We are serious buyers and are prepared to pay ABOVE market value for your property in its current condition.

Please contact me at [phone number] or by email at [email]

I look forward to hearing from you. "

Standard business format letter short, sweet and to the point is what I'm thinking. 

Once the property is under contract I think I would then want to start trying to find a JV partner to help finance the cost of feasibility and site planning because the city planning lady told me we would need to also have our own traffic study done on one of the major roads leading to the site so they can evaluate improvements that may need to be made to the roadway to support development on the new site

...... someone has to give Vinick a little competition don't they? lol

@Daniel 50k in remediation expenses on a deal worth 1.4 million seems like a pretty minute hiccup on that deal I can't imagine the profit margin on that deal would be slim enough to collapse a deal over 50k... but I understand what your saying for sure and is a very valuable point. 

There are some parts to this story I unfortunately have to leave out due to NDA's but I am certainly evaluating and considering the very real cost of remediation that could be required to complete the deal. My gut instinct is that the location of the property is important enough to the city that they would be inclined to be very interested in redeveloping the property. When I spoke with the city planner regarding rezoning of the property she seemed pretty interested in seeing if it was feasible to do the project. 

At this point my biggest concern is improvements to city road ways that would need to be done in order to support the traffic flow that would be present with a development of this scale. 

@Eric I have done SFH for several years but as far as development on this scale - no sir. However I am no stranger to building businesses and building teams to get things done. I am certain the potential is in this deal that if I can get enough momentum that it will attract the team members needed to complete the deal.

The property is in tampa. We will only put properties under option  contracts until we complete due diligence and fesability on the sites. 

More then clean up I'm worried about taking title to the property too early and having to cover owning the land before we absolutely have to. 

Environmental is a non issue and would actually be benefitial since Florida has big tax incentives for redevelopment of brownfield and would  likely be something we would be pushing to have the land classified as since it also eliminates alot of the legal issues of redevelopment as well. 

@Greg great suggestions. One of the properties is owned by the federal government currently so it will probably be a bit of a challenge but we could also live without their land until they decide to sell. 

@greg how did you approach the owners of the properties? I want them to understand I am serious about purchasing the property but I know that most owners get solicited with trash offers all the time and secretaries are normally pretty used to screening anything that might seem like a sales call. 

I have located land that has been used until this point as industrial and in my opinion is at the end of its life cycle. I would like to rezone for a mixed use development. All of the properties would total approximately 60 acres of land. 

The city would allow for the rezoning. 

To keep it short - and perhaps to short my question to those of you who have done development like this is where should I start?

Thanks in advance for your advice!