When it comes to development projects, front-end due diligence can make all the difference. While some developers may be tempted to cut costs early on, investing a small amount of money in upfront research is almost always money well spent. This proactive approach helps uncover potential issues before they escalate, which could save time and resources down the road.
Below are a few considerations we typically investigate when approaching a new development:
- Zoning restrictions: Zoning regulations set the stage for initial design parameters. If the current zoning isn’t compatible with your project goals, early awareness is crucial for addressing or modifying these restrictions. For example, proposing an industrial warehouse in a residentially zoned area can lead to significant opposition from the community. Knowing about zoning challenges early can help avoid costly missteps.
- Access to the property: Does the property have direct and convenient access, or is it limited in ways that could be a deal-breaker—such as restricted access points along major highways? Identifying these access limitations upfront helps shape realistic project expectations.
- Environmental hazards: Does the site fall within a flood hazard area? Are there wetlands or federally regulated waters? Is there evidence of hazardous materials? These are critical questions to ask early to avoid environmental pitfalls later.
- Topography or geology: Beyond the flat lines of a two-dimensional site plan, it’s important to consider topographic and geologic challenges that could impact project viability and cost.
One tool we find invaluable in this early diligence phase is a quick conceptual layout plan. This preliminary plan helps visualize how a building and parking areas could fit on the property. It’s a fast, cost-effective way to identify potential red flags before significant investments are made.
At the end of the day, early due diligence is a wise investment that has saved many of our clients from costly surprises. My key message: spend a little money upfront to assess whether your project objectives are feasible, rather than investing heavily only to discover major obstacles too late.
Ready to take the first step?
If you’re considering a new development, our team is here to help with early due diligence and conceptual planning. Let’s make sure your vision is viable and set you up for success. Contact us today to get started!