Whether a real estate agent, investor, or developer, there are plenty of reasons to monitor activity in and around areas you concentrate on and beyond. Many will see the below linked story about a $6 to $10 billion major development being planned near Phoenix, think they can’t relate, and move on with their day. What I’m interested in is those who realize the many opportunities it brings to many people connected with real estate.
Plans of this magnitude will take years to come to fruition, which gives months or years of opportunities to be involved in a plan to go along with them. Brokers, lenders, designers, and contractors will have chances to bid and propose away. Meanwhile, developers, builders, and investors can begin looking at nearby properties and opportunities. New commercial development is certain to bring hospitality, restaurants, retail, and service businesses to the area. Residential is a possibility since chances are people will be interested in new development and proximity to jobs, shopping, entertainment, and a transportation hub.
Another element to becoming aware of major projects as soon as possible is how many people and companies nearby may not be aware of the progress of a new plan. Consequently, they may be more receptive to a sudden offer before all of the facts are in. For example, a nearby owner of vacant land may not yet be aware that it is near an eventual multi-million dollar development, and accept what they perceive as a generous offer. They may not be aware of the ease of getting a zoning change approved as it relates to a new nearby project representing significant economic impact for the state, county, and municipality.
Although the development described in the below linked article is near Phoenix, projects such as the one featured could be in the proposal, voting, or approval stage in many other communities around the country. Being ‘first in’ to know about them with time to explore opportunities before your competition can and should be a major advantage. Having little or no competition on proposals and bids makes life easier. The right research can put you and your team in the position of being in front of the line while other people wonder “How did you do that?”.
Additional possibilities may include finding a tax incentive or a federal, state, county, or municipal grant. Special loan programs may be available, while other incentives may be on a first-come, first-served basis. Let’s collaborate and explore some potential opportunities you may be missing!
(Here is the story: https://www.abc15.com/news/business/real-estate-investor-unveils-multibillion-dollar-development-plan-west-of-phoenix )
