A recent aerial photograph will be useful in assessing the development opportunities and value of a parcel. In the above case, the property is well located close to a regional mall and across the street from a Super Target and Lowes shopping areas. There are two major interstate highways for access and W T Harris Blvd, the road fronting the property has high traffic volumes.1. If you had a chance to develop this property to its highest and best use, what zoning would you recommend?
2. If this parcel is 7 acres, what would you do to maximize the value and development potential of this site?
3. What physical characteristics of the site may hinder the development of the property?
Just a few questions that would need to be answered before proceeding with a contract to purchase. This week, we will explore the elements of a due diligence report.
2 comments:
I'll take a shot.
1. Being situated between residential and commercial, my first choice for zoning would be a mixed use, maybe a live-work development. The road frontage makes sense for small businesses to feed off the traffic of the big boxes and the back side of the property could work for the residential component.
2. The live-work is much more suitable for a two story situation than straight retail. Business on the first floor for easy access and living on the second and third floors. Get the most salable square footage per acre.
3. It looks like you have a divided hwy. with a median on both roads. Adding a major entrance to the property that close to a major intersection is somewhat problematic. Mixed used is not as dependent on easy access as straight commercial.
Bill - you are right on point. This parcel in fact does have a vertical mixed use zoning approved. The mixed use includes: multifamily at 17 du/ac, 10,000 sf retail (max) and office. 4-story max. and shared parking. Will be a nice project.
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