Real estate development is all about making the land pay. Knowing what you have, and what you can do with it, is the first step. In support of that, Streetwood provides zoning and land use analyses that tell you what the zoning permits, how much you can build, and what you can expect in terms of net leasable, net sellable square footage, loss factor, and what the cost and time implications can be. Very important information that helps frame the entire development enterprise from Day 1.
The client was looking for a long term plan to add value to a property they have owned for decades. Like many older properties, it’s underbuilt for the underlying zoning. There was also an opportunity to acquire development rights from a neighboring property. I delivered what the client needed to see the potential in the property, successfully acquire the additional development rights, and secure the right to cantilever over the adjacent building.
Two years later, we were back at it, this time evaluating the acquisition of several adjacent lots, as well as using all of the development rights previously acquired. Time and the market will tell.
In the right circumstances, I work on deals as a principal, which was the case here. This is a terrific opportunity to develop two contiguous sites an overlooked neighborhood. As it turned out, leaving the sites separate, instead of merging them, was the most advantageous approach on this one because it yielded a better mix of unit sizes and types, as well as a much more flexible exit.