Commercial Real Estate Development
In commercial real estate, the term development is commonly thrown around. But what exactly is commercial real estate development?
Overall, the objective of a developer is to increase a property’s value, which often includes changing its use. A developer may build new structures, remove abandoned buildings, or renovate the current facility into something new, all with the goal of adding value.
Once the project is complete, the developer can hold onto the property as an income-producing asset or sell it for a profit and reinvest elsewhere.
Types of Development
Commercial real estate development projects all look different. Here are a few examples:
- Purchasing an old warehouse and developing it into a restaurant or event venue
- Buying a single-family home and converting it into multi-family housing
- Purchasing a plot of land and constructing an office building or condo complex
- Tearing down an existing structure and using the land as an income-producing storage location for equipment, RVs, boats, etc.
A commercial developer must be well-versed in many aspects of real estate. They are tasked with selecting the site or building, obtaining financing for the project, understanding zoning, and overseeing engineering and construction. Most developers work with an experienced team to tackle the various aspects of a project.
Find a Broker
One of the first steps in a development project is connecting with a commercial real estate broker. Your broker will guide you through different investment strategies and usher you through the next steps, such as obtaining financing, narrowing down your preferred location, and touring properties.
Please contact Steve Longenecker at WeBrokerCORealEstate or 720-600-9513 regarding any commercial real estate needs in Longmont, CO, and our neighboring communities.
We give out $250 gift cards for referrals that become our real estate clients.
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