Commercial real estate development is about taking ideas on paper and turning them into real property. It’s a process that delivers a product in order to meet some form of consumer demand. But the development process is intricate.
Real estate development involves participation from a wide variety of professionals, including: architects, landscape architects, civil engineers, site planners, attorneys, environmental consultants, surveyors, title companies, lenders, architects, general contractors, and subcontractors, among a variety of others.
Phase 1: Site Selection & Due Diligence
The initial phase of commercial real estate development involves a tremendous amount of research and analysis to determine if a proposed development is truly viable. A successful retail site must meet market demand, satisfy tenant requirements, satisfy lending conditions and regulatory requirements, and must accommodate the consumer.
Phase 2: Purchase
After the completion of all the tons of due diligence required in Phase 1, we assist the client through execution of the contract.
Phase 3: Development
Getting a commercial development off the ground often starts with bringing in a number of consultants including architects and civil engineers. Their role is to ensure the most viable development plans and processes are going to be put into place, resulting in a successful and under budget development project.
Phase 4: Construction
Now that your development plans have been submitted and approved, your permits issued, and you’ve closed on the property, it’s time to start building. This is where the contractors and builders will bring the commercial development to life.
Phase 5: Management & Sales
The “final step” in the commercial real estate development process: tenants move-in. As it implies, this means the property is prepared for the tenant to set up shop and eventually open for business. The project has officially gone from conceptualization to construction to handing over the keys.
In the case of residential multi-family developments or single family homes, units are leased or sold.