A land owner or project developer seeking to create a plan to maximize the value of their property is faced with multiple questions in the course of preparing a development or business plan. Examples are:
- What is the highest and best use of the property?
- Is the property zoned for the highest and best use?
- Within the applicable market area, how much competition exists and is proposed for the same or similar uses?
- What is the current market demand for the use?
- What form of financing is available for the project?
- Based upon the business plan and financial forecast, are the projected profits worth the financial risk?
- How does one select the best and most suitable team of architects, engineers, contractors, realtors, financial consultants and attorneys based upon the specific real estate project envisioned?
- What are the necessary and industry appropriate agreements which should be agreed upon and executed during each step of the process?
- What should the land owner or project developer expect by way of responsibility and allocation of risk from each member of the development team?
- If an investor or partner is to be part of the land ownership or development entity, how should the rights and responsibilities be allocated between the parties and which types of written agreements must be signed to ensure the understanding between the parties is clearly and accurately documented?
Sanchez Law has 30 years of experience in the Sarasota and Manatee County areas, working with all members of a development team and providing legal advice to land owners and project developers on commercial and residential projects.