|
RE * VIEW
<br /> SUMMER 2001
<br /> Published by the Real Estate, Land Use
<br /> ♦ and Environmental Law Practice Group
<br /> 131
<br /> How
<br /> BUSINESSES CAN Mik)CIMIZE
<br /> REDEVELOPMENT OPPORTUNITIES lit
<br /> ,.,,,..,„,,.,..,..-4-1..., „GRIFFITH
<br /> because it involves a discretionary decision of i- s
<br /> Most business people assume that itis easier to develop in a the local government It is designed to provide
<br /> cornfield.on the edge of town than it is in a'brownfield"in the flexibility for large-scale projects. For instance,if a
<br /> center of town. In many cases,that is true. However,given the commercial corner has been slow to redevelop,the city may consider a
<br /> focus of local government on turning around underutilized or polluted PUD designation to reduce parking requirements and increase develop-
<br /> sites,business people and corporate property managers should look to ment density to encourage developers to acquire the site. By doing this,
<br /> redevelopment as an alternative.The best redevelopment sites are parcels the site turns over to a higher and better use and increases local tax
<br /> that have good visibility,access and proximity to population density. base. Usually the trade off for higher development is more landscaping,
<br /> more amenities,and the like.
<br /> WHERE TO START
<br /> To begin your search,talk to local officials in charge of redevelop- START WITH GOOD
<br /> ment The head of the local economic development agency(EDA)or "LAND USE" RECONNAISSANCE
<br /> housing and redevelopment authority(HRA) in a target community Always review the city record. Ask for copies of the comprehensive
<br /> may be most useful. Often,EDA and HRA staff will provide technical plan,land use map,zoning ordinance,environmental controls,as well as
<br /> expertise or public financing to help move sites with significant develop- the prior history of the site and even the prior history of nearby sites.
<br /> ment constraints. Take a planning approach to land development You want to
<br /> Local real estate brokers,real estate advisors or real estate attorneys "know as much as the other guy." Review the sources of authority for
<br /> can be other sources for identifying good redevelopment sites. development These indude the comprehensive plan,zoning map,zon-
<br /> ing controls,subdivision regulations,environmental quality regulations,
<br /> CONSIDER THE ADVANTAGES AND storm water regulations,wetland regulations,and parking requirements.
<br /> DISADVANTAGES OF REDEVELOPMENT Meet early with planning,engineering and building staff. Keep
<br /> It is typical for business people to shy away from the risks assod- notes of meetings,document resolution of key development issues.
<br /> ated with development or redevelopment projects. This is not without Revise development plans without giving away the deal. For instance,if
<br /> justification. Often the best sites in the urban area will require removal planning staff wants increased landscaping and reduced signage,and
<br /> of constraints,such as blighted buildings,pollution or access problems. signage is critical to success,increase landscaping.
<br /> Most redevelopment projects take more than a year to bring to ground-
<br /> breaking. ASSEMBLE THE RIGHT TEAM
<br /> On the other hand,working with local officials on a redevelopment Putting together a qualified team is essential to any development or
<br /> project may actually open the door to expedited governmental redevelopment project This team will usually indude an architect,
<br /> approvals,public financing,land assembly and a host of other tools to engineer,landscape planner,and development attorney. More involved
<br /> attract redevelopment. Another opportunity that a redevelopment site projects may require the expertise of a traffic engineer,wetland engineer,
<br /> provides is good proximity to existing support services,workforce,public fiscal consultant,and frequently,a graphic artist to prepare drawings and
<br /> services and infrastructure. renderings of the project
<br /> Business people who understand redevelopment opportunities and
<br /> GETTING THROUGH the rigors of land development practice can add value to existing real
<br /> THE DEVELOPMENT REVIEW PROCESS estate assets and locate new sites for business expansion. The key to
<br /> In most cases,business people favor sites that are already zoned success in this arena is patience,the right team of experts and the good
<br /> and subdivided for their corporate or business use. Consider"rezoning' judgment to know when to go the distance for a prized site. In
<br /> and"planned unit development"as a way of obtaining an advantage
<br /> over competitors in terms of location.
<br /> Rezoning typically involves a discretionary decision by local officials to RILL( il ll l l iii., 1,11101,1,1,i iv ill, Larkin, I I, itinarn, l) Iv-,i
<br /> change the dassification of land from one zone to another. In other cases, Iin.I0rctl, l.kl. I lc 1�,:R.�;��,in III( as,,,t,f real(,111(_,1,111k1
<br /> rezoning may take the form of a text amendment to clarify that a certain ,,t,1tlt,tll.tl,,\,,„,,�,tinicili.tl 1,,„,..ntl.alnt;tli,n.n i\e laa.
<br /> I Ic I,�I
<br /> commercial,retail or service use is allowed in a zoning district
<br /> rvrl��tnnenr nai incl un l'hasc II 01- LIII ut \mcrIL t
<br /> Rill run hr ic,tchULI it `)S?-,irk--i No iii ,,i_iriltith2IhftILcut ,
<br /> The planned unit development(PUD)concept is like rezoning
<br /> --ern I.r,lin,hiot(ntan,,at,::Lu:dqrec,Lel LARIUN, HOFFMAN, DALY&LINDGREN,LTU. ° I
<br />
|