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Capital Park, Victoria, BC. credit: Concert Properties
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Recognizing opportunities is a necessary part of the real estate development process. Opportunities exist in all types of projects, from multi-family residential to industrial, but they may require out-of-the-box thinking and they certainly require commitment to achieve success with the project. But once the big idea manifests, what then?
Successful developers do their homework to thoroughly assess and evaluate development opportunities. They make sure they understand what buyers and renters are looking for as well as what municipalities, neighbours, and special interests may require. David Podmore of Concert Properties explains: “Prudent developers start with an assessment of the proposed development site to determine the suitability of the property for the intended uses, including an assessment of the proposed use to be accommodated under current zoning, or the likelihood of obtaining support for amended or change-of-use zoning to accommodate the intended use. This requires consultation with the relevant approving authority and, in most cases, the neighbours and broader community.”
The homework continues as developers must consider development and processing fees, community amenity contributions, approval timelines, community demographics, and more, which come together, eventually, into a pro forma.
For more on evaluating development opportunities, read Podmore’s “Preliminary Opportunity Assessment and Evaluation” in the Fall 2018 edition of Input. Download Fall 2018
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