Land Developement
I have a friend that has inherited some land at an exit point along I95. An estimate of the value of the land is 1.5 million. He does not want to sell the land but wants to develop it and keep it in the family. I would like to invest in the development of the land but neither one of us is sure how to proceed. Would someone like to outline the beginning to end steps of this project or maybe just the first few steps.
Thank you.
Nancy,
Thank you for replying. Develop would mean all of the options that you see along an interstate. Fast food, gas stations, hotels. Maybe some type of long term lease agreements that would provide continuing income to family members. It may be that there is no place for me in the process, which is fine.
Ken
SORRY, THE DRAWING DIDNT COME OUT THE SAME ONCE I SUBMITTED IT.
THE TURNAROUND WOULD BE IN THE LAST LOT ON TOP, ALL THE WAY TO THE RIGHT.
ROAD BEGINS AT THE BOTTOM OF THE ONLY LOT ON BOTTOM
You will need to get a site plan drawn before you estimate costs. I hear $250/linear foot of road is a good number to use to estimate roads, curbs, stormwater, etc..., but not grading. I know a lot of developers who estimate $20k/lot or so, but that is for much higher density (3 to 4 units/acre).