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How does a developer know whether a particular piece of land is affordable for a specific project? What specific areas of information should a developer investigate after site control is achieved? How does a developer manage risk by addressing project uncertainties before they become expensive problems? 

The business terms (price and timing of payment) for acquiring land for a development project are the most important decision that a developer makes because it is the only decision in the development process that the developer has complete discretion over making; if the project cannot financially support the terms, then the developer does not acquire. Determining whether a project can support the terms of acquisition requires a systematic approach to gathering information and anticipating project implementation issues. After achieving site control, the developer focuses on areas of project risk, continually evaluating whether the chances of success warrant proceeding further and how to implement the project most cost-effectively. If the risks are too high or future implementation measures are shown to be too expensive, the developer needs to abandon the project and treat expenditures up to that point as a loss.

Attendee Takeaways
  • Understand how to evaluate the economic viability of a real estate project using a hurdle rate that reflects the construction period and absorption characteristics of the project. 
  • Understand how the development plan for a piece of land and the costs of development determine residual land value and why acquiring at no higher than residual land value is critical for project success. 
  • Understand what “due diligence” areas of information need to be investigated after site control is achieved and how information in these areas will determine whether to proceed with, renegotiate, or abandon the site acquisition. 
  • Understand how to create a management plan with tasks and budgets that anticipates implementation early in the project planning before they become expensive. 

This webinar provides fundamental information about how to evaluate and manage the economic viability of a real estate project to developers as well as planners, designers, architects, lenders, builders, attorneys, accountants, marketers, engineers, public officials, and environmentalists.
Program Information
Date Presented:
June 13, 2013 1:30 PM Eastern
Length:
2 hours
Determining Project Viability: Residual Land Valuation and Predevelopment Task Management
Speaker Information
Charles A. Long   [ view bio ]
Individual topic purchase: Selected
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