Recently, the local council approved a rezoning request to pave the way for the development of 600 homes and luxe apartments opposite Interstate 85, according to the Charlotte Observer. Wallace Cheves, NC’s casino developer, got the approval for his housing development project after a 4-2 vote by the Kings Mountain City Council. The new housing units will occupy more than 80 acres near the $273 million proposed casino. According to Cheves, the planned Catawba Village housing development will attract casino employees and individuals locked out of the Charlotte-Gastonian market. Catawba Village homes will cost between $300,000 and $400,000, while apartments will have a monthly rent of $1,500. If you’re looking for ways to enter the real estate market, becoming a property developer might be the right option for you. However, you must be patient and understand what’s involved in property development projects for you to succeed. Purchasing Land
At this stage, developers investigate available land depending on their loan approval status. This process entails conducting a feasibility study for your project before purchasing any property. You want to be sure that your proposed housing or commercial property development plan is practical. For this reason, consult a town planner and architect. A good planner will help you determine your project’s viability while an architect drafts concepts that fit your expectations. If you’re working on a large project, ensure you hire a project manager or quantity surveyor to calculate land and construction costs. Once you have identified a suitable site for developing housing units or commercial property, negotiate the prices and sign a sale contract.
Understanding The Process of Pre-Construction
Ideally, pre-construction comes after the planning and designing phase, but it’s critical to know what you’re getting into beforehand. During pre-construction, you will obtain quotes from building contractors, prepare a budget, hire a project management team, and find ways to finance your development project. This is also the phase, you must think of site preparation. In addition to consulting soil engineers for testing, you’ll need to outsource land clearing services in North Carolina. These contractors will remove debris, clear bushes, get rid of tree stumps, and select trees to pave the way for grading and paving.
Planning And Designing
This phase entails designing plans that meet zoning codes in the City of Charlotte to avoid legal issues. Besides hiring a reputable architect, you’ll need the services of a town planner. Town planners do not offer feedback on property designs only but also prepare development applications. They also handle other requests like objections and cases in the court of appeal. Services of land surveyors also come in handy because you’ll need title boundaries for your land and expert opinion on how neighboring properties affect your project.
Property development creates numerous opportunities for investors looking to build wealth and maintain consistent streams of income. As a property developer, you’re also assured of a quick and safe way to build a portfolio that demonstrates your credibility. However, to enjoy these perks, you must know all the property development phases, from acquiring land to planning, financing, and construction.
