BOHO Centers
I am in the first phase of launching a new style of mixed-use development.
Having been involved in “Lifestyle” centers and creating other unique destination locations for affluent 30-40somethings. I am looking for advice on creating smaller, dense, Leed Certified, mixed use developments.
The goal of Boho centers is to create an authentic urban village. Boho pays a nod to several things. Bohemian, Boutique, and more importantly the powerful SOHO NYC model of development. A developmental history where you entice the fashion forward and artistic crowd to a off the path location with reasonable rents/amenities and build a destination that increases in value due to the unique character and cool factor..
Mind you, my goal is not to hearken back to the days when SOHO was downtrodden and dangerous…more to recent years…. just prior to MAJOR national retail chains coming in and gobbling everything up.
Imagine an 8-15 acre location with the density of Parisian streets. Café’s, bookstore’s retail, art galleries, dry cleaner, Walgreen’s…..
I have two sites that I am currently looking at. One in Orlando, Fl and one in Milwaukee, Wi.
Any feedback?
Hello, i can`t tell you about the developing part however, i can offer you the funding. If you could send me your e-mail address i can send you a pre-quad application for you to complete. It`s a short form you can send your contact information to **Please See My Profile** Please make reference as to what your project intell so i will be sure to receive your infor.
Thanks,
John
**Please See My Profile**
Are you saying you are inexperienced in land development yet you want to develop a parcel in Florida while you live in Virginia? Seems like a risky venture.
As for financing, the land developers I know pay the costs and fees out of pocket. That is why you hear stories of builders/developers walking away from (pick your number 50, 100, 500) thousands of dollars of sunk costs. A local guy I know just walked away from $60k in costs on a 4 lot subdivision. The land cost supported $700K houses and no one is buying 700k houses right now.
Best of luck,
Bill
Thank u ( : By entitlements- do you mean permits? We already own the land and there a house already on in that will be torn down.
Is there some kind of deal that allows people to sell it to builders and then put it in contract that we also get a portion of profit from each house sold?
developing a project, especially in the beginnining requires a lot of leg work...first you have to confirm that the current zoning on the property will allow for how many units you want, and also that there are utilities near by, i.e. water and sewer....after that you get with engineers who will draw your construction plans, this is when your first spend some real money...as far as financing a development, if you own the land out right and have good credit, it should be very simple to obtain a development loan from a bank with no money out of pocket, with using the land as collateral, however most banks will not do a development loan until the construction drawings are completed, and you are approved and permitted (all your entitlements), which can take from 6 months to a year, depending on the city that you are working with....hope this helps
Have you figured out what you would like to do yet, have you found a builder?
CONSTRUCTION LOAN
Due to the complex nature of construction loans.
Here are the procedures:
 A brief summary of the borrower’s development experience (resume). Especially if it is with a similar type of real estate.
 Details of land parcel: Location, size, acquisition date and cost, any debt on the land (will that lender subordinate to a construction loan).
 Does the prospective borrower have entitlements.
 Is the land properly zoned,
 Is there a tentative or final tract map on residential projects, etc.
 What is the anticipated timing for all governmental approvals and building permits?
 What exactly are they building:
a. detailed description of proposed improvements?
b. Size, number of units, etc.
 Construction Cost Breakdown showing:
a. Cost of land,
b. Cost of off-sites and infrastructure,
c. Soft and hard cost of construction,
d. Interest reserve requirements,
e. Estimated time to complete.
 We need to know the marketing plan for the project when it is complete:
a. Ease-up time (or sales time),
b. Who will be tenants?
c. What rents will they be paying?
d. What is the value of the completed project in terms of rent, proforma income and expenses, sales price?
 Personal financial statement and last 3 years 1040’s
You could have alot of fun with your 105 acres.
I just finished my first land development, or almost finished.
First and foremost. Find a local well respected engineering firm that has a GOOD working relationship with the town.
Good luck.[ Edited by NancyChadwick on Date 06/20/2006 ]
I understand the need for local involvement. But Galax is a small town of about 10k population. Think I can get away with bringing in an engineering team from Charlotte or Roanoke without pissing off the locals?
With the bayboomers scowering the countryside looking for land in the mountainsfor retirement property.. I would like this to be a high end development. my gut feeling is I need a more experienced team.
There are some Developers that might partner with you on your project, and there are some Developers that will work with you as the development resource and take a fee for their services.
I am familiar with a few resources if you are still looking.
I would advise similar to the prior answers- but a la carte:
1- you want a local participant -whether engineer or r/e broker, they bring much to your venture. Local engineers should also be less expensive.
2- Finance (if possible) through a local bank- ditto.
3- Unless you precisely know what you are doing - or are a financial mascochist- find a knowledgeable and experience
developer- partner.
4- Do an option type contract with the developer; you carry the land- they get the approvals- negotiate creatively there after.
Good Luck- this is what I do for a living.
I would advise similar to the prior answers- but a la carte:
1- you want a local participant -whether engineer or r/e broker, they bring much to your venture. Local engineers should also be less expensive.
2- Finance (if possible) through a local bank- ditto.
3- Unless you precisely know what you are doing - or are a financial mascochist- find a knowledgeable and experience
developer- partner.
4- Do an option type contract with the developer; you carry the land- they get the approvals- negotiate creatively there after.
Good Luck- this is what I do for a living.
If you sell to someone else you can 1031 out and defer cap gains. If you do mapping yourself and record final map you will likely loose your capital gains. This is costly. Check out dealer status tax implications. The value you have is likely in the land and its ability to be approved. You are likely better off optioning the property to someone that knows what they are doing and has the dollars to spend and cashes you out subject to your making a 1031 exchange.
looks like I double posted.. now where is the delete button to remove this one[ Edited by Viper55 on Date 02/17/2007 ]
Get a big developer to buy or sub-divide yourself.