Land Development Ideas
Hello Everyone!
I have been reading this forum for a few months now. I have some houses here and there but until now no vacant land.
I recently got a small parcel of land on a very busy high way in a town nearby. The sorrounding neighborhoods are run down and depreciating. The city council and the planning commision has high interest and hopes that the area will revitilize and have various programs to help the area. I talked to the planner and he said there were some missing services in the area that he felt would be great in the location I now have. eg. Day Care, Retail stores.
My concern is what to build in this lot that may turn out to be profitable. Has anyone built homes that might be more attainable to people of lower income? Does HUD or some other Federal Agency help in the financing or development of these homes?
I could probably get a steel building in the lot, dress it up and make it a real nice retail location but... Do I lease it after it's complete? Sell it? What are the best methods to analyze and put together a plan for this?
Some details:
Lot is 350 x 300 feet
Frontage on main avenue is 350 feet
Is currently being used for storage (old cars)
Next to the lot is a tire place and grocery store.
Houses behind it.
Car Dealer across the street.
There are low interest development loans and other city programs for this area but are all based on matching funds (if I put in $100K they will lend 100K @ 4%)
Thanks in advance to everyone.
The only problem I see with this property is possibly environmental due to the storage of cars. You may be required to have an environmental impact study done. If this is a corner lot some of the national pharmacy chains (ex:CVS,Walgreens,and Rite-Aid) might be interested. And other retailers like Blockbuster and Dollar General might be interested.
How does one go about finding out if any of these companies might be interested on the lot?
There is a Walgreens a few blocks away on the same highway. Also a Dollar store in the same area so that may very well be a possibility. There are very little services in this area.
Thanks.