Archived

This topic is now archived and is closed to further replies.

Soren

Urban Development for Dummies

Recommended Posts

This site is dangerous because it gets you thinking anything is possible.

Can anyone give me some insight into how difficult it is to buy and rehab downcity space for mixed use? I realize this isn't a normal do-it-yourself kind of project, but I'm curious. An ideal building would be something with a smallish footprint, suitable for 1st floor retail and upper floor mixed office/residential.

Issues? Costs? Political Impossibilities?

Share this post


Link to post
Share on other sites


This site is dangerous because it gets you thinking anything is possible.

Can anyone give me some insight into how difficult it is to buy and rehab downcity space for mixed use?  I realize this isn't a normal do-it-yourself kind of project, but I'm curious.  An ideal building would be something with a smallish footprint, suitable for 1st floor retail and upper floor mixed office/residential.

Issues? Costs? Political Impossibilities?

<{POST_SNAPBACK}>

depending on your resources, I would say its not too difficult. Properties are probably rather hard to come by right now however. The numbers might not be working now either without some scale to the project, but it is certainly possible.

Fantastic idea, though! I'll brainstorm with you on this in this thread later on...

Share this post


Link to post
Share on other sites

One of the forum members, AriPVD, has worked with Buddy on up to Buff Chace on all sorts of issues. You should get some advice from him, as I assume he has had some insight during his time with Cornish during the Peerless development.

Share this post


Link to post
Share on other sites

One of the forum members, AriPVD, has worked with Buddy on up to Buff Chace on all sorts of issues. You should get some advice from him, as I assume he has had some insight during his time with Cornish during the Peerless development.

<{POST_SNAPBACK}>

Thanks!

Share this post


Link to post
Share on other sites

I would think assessed values of any property would be something you could find out through the city.

Share this post


Link to post
Share on other sites

I would think assessed values of any property would be something you could find out through the city.

<{POST_SNAPBACK}>

Yep, try here:

http://providence.univers-clt.com/

Assessed value is a tough indicator of the market right now, however. On the southside and westside, commercial properties are going upwards of twice assessed values, and I can only imagine what the market for downtown is right now...with all the news real values are probably gaining percentage points per day...

Share this post


Link to post
Share on other sites

The problem with the market right now is everyone has $$ in their eyes. When you see Rising Sun, DownCity, the new tower proposals, it doesnt take a dummy to know even crappy building values are rising. Problem is, many sellers want to take your post-development profits up front.

I suggest you keep an open mind about location. Be sure that you can buy and rehab for a $ that allows a profit. Run your numbers upside down and backwards, double them, run many proformas. Gather lots of info on the current mkt, but also the possibility of rising interest rates and lower sales prices, if you're thinking of condos. Apartments may be a little more resilient.

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 members

    No registered users viewing this page.