If you’ve found the perfect spot for your next big project, way to go! You’re about to add a huge investment to your life, but before you can get started you have to go through the complex commercial real estate development process. The path of turning great ideas into even greater developments can get bumpy, and there’s a lot to cover. Luckily, with the right team, your big ideas can become big things sooner than you think. To get you ready for your next project, here’s what you need to know.
Commercial real estate development is the process of taking land and conceptualizing, designing, and constructing the buildings that we live and work in. From apartments to business offices, a well managed and successful development process is vital for not only our daily lives but our economy too. This process can be broken down into three main phases, with each phase including many steps.
Site Selection and Assessment
The first step to commercial real estate takes a tremendous amount of research and analysis. Whether you’ve already picked your site or are looking to get help finding the perfect spot, there are many factors to carefully consider, including property size, visibility, traffic flow, demographics, surrounding infrastructure, accessibility, nearby competition, and more.
Once the location has been selected, this first stage of commercial real estate development breaks down into:
- Due Diligence & Research
- Site Investigation Reports & Feasibility Study
- Municipality and Lender Required Reports
- Preliminary Budget Establishment
Development and Entitlement
Once an idea has been turned into a well-analyzed site with all risks carefully considered, it’s time to step into development. This stage includes varying skills and expertise, including that of civil engineers, architects, and consultants. It breaks down into:
- Community Outreach
- Municipality Submittal and Review
- Zoning, Site Plan, Design
- Entitlement and Permit Process
- Pre-Construction Planning
- Construction Drawings/Plan Submittal
- Budget Finalization
Once plans have been approved and permits have been received, it’s time to start building. In this stage, your big plans finally begin to take shape. The construction stage breaks down into:
- Construction Coordination & Management
- Survey Staking
- Grading & Earthwork
- Foundation & Pad Development
- Building Construction
- Interior Work
Ready to Start Building?
A lot goes into the commercial real estate development process, but if implemented effectively, the end result is a lucrative, valuable, and beneficial commercial real estate property. To watch your development ideas turn into the real thing with ease, contact CenterPoint Integrated Solutions today. For commercial real estate development in Denver and nationwide, CenterPoint Integrated Solutions will have your back every step of the way.