The family has owned a mix of commercial and residential buildings on a few city blocks for three generations. Over the years more property with a variety of uses has been acquired and now the family business has substantial holdings in one neighborhood of the city. Last year, a major redevelopment effort was launched by City officials for an adjacent area and a prominent developer has taken the lead in the project. The family wants to capitalize on the momentum for change, influx of investment capital in the adjacent blocks, and City support for development to maximize value for its properties. Property management is something the family knows but other than some small scale development projects over the years, there is no experience in major redevelopment, the politics of land planning, or the financing and business practices of real estate development. How do you move forward?
Urban projects are complex and involve equal parts political prowess, land planning know-how, real estate development expertise, and simple determination. Fairsted Advisors pulls the project pieces together and helps families identify opportunities and then create a roadmap to achieve successful outcomes. The best approaches combine analytical, legal, financial, land use, and marketing skills to achieve a vision for highest and best value in the particular circumstances for the families stated goals. That scenario will look different for each project and family and should include an assessment of risk tolerance and internal capacity for the project.