Real Estate Development
NBD provides full project management services from design to construction to sales
Bare land to building land
The Process
Real estate development is a business process, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of developed land or parcels to others. Real estate developers are the people and companies who coordinate all of these activities, converting ideas from paper to real property. Real estate development is different from construction or housebuilding, although many developers also manage the construction process and engage in housebuilding.
Normally an experienced real estate developer becomes interested in a property because its location is suitable for a specific development type. He, she or they possess a vison of the land which starts the development process in motion. Some developers want to see the entire process through to construction and the pass through to the end user. Sometimes the land owner becomes a developer out of a curiosity to know what the highest and best of the land is. Third, fourth, and even fifth generation land owners have seen the highest and best used of their family land change from agrarian to commercial or residential as their community grows. Sometime a community will grow inward as an industrial or commercial building’s highest and best use becomes residential through demolition or retrofaction.
There are two primary land conversion formats
The Initiation
Real Estate development is a complex process which requires the participation of many professions several of whom will become part of the project management team if the development goes forward. NBD provide full project management services from design, to construction to sales.
Project Analysis
The first step in the development process is the Feasibility Study. Throughout the development process many technical questions must be answered through consultation, research, and good old common sense.
The key component of the preliminary analysis is the Feasibility Study is the Highest and Best Use Analysis which includes the Current Market Analysis and the Preliminary Development Analysis. NBC identifies and coordinates the analysis professionals needed for the feasibility study and the highest and best use analysis including geological engineers, civil engineers, appraisers and marketing consultants.
For example, it doesn’t take a geological engineer to see that the land is moving but it does take one to know if that can be mitigated and at what cost. It doesn’t take a supply and demand analysis to know the residential market is out of balance when homes are being bid up. But it does take one to know how long that situation will last.
Development Team
The development team starts with the design team including architects, designers, geological, civil and mechanical engineers and construction mangers. NBC identifies and coordinates the professionals needed to produce the tentative and final maps and the original and redesign schematics for the proposed development.
