Value-Add on New Development

Some times planning and zoning does not have the same idea for “best use” of land as you do. Being able to be flexible (to an extent) can create a win-win scenario.

The city did not want 100% MF on the corner of a fairly busy road (~35,000 cars passing each direction per day). We compromised and agreed to have the frontage 6.1 acres as mixed-use and the back 16 acres for 3-story garden style MF (340 Units).

We are still in the permitting process, but have already gone under contract with the hard corner with a national company and have two other national companies looking for some of that space as well. Patience and long due diligence periods are necessary to be able adapt to changes.

John Monteiro, BS Economics, MBA Bernard Koszyk, CPA, CA Anna Kelley - ReiMom Jeff Satz, PMP Tandy Robinson, CPA

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