What Makes a Great Development Site?
First and foremost, location is paramount. It might seem obvious, but the data behind a location tells the real story. We meticulously analyze traffic counts, daytime population, and average household income to understand its potential.
Next, access is crucial. Properties situated at signalized intersections or those offering easy access from both directions of traffic are significantly more valuable. This ensures a smooth flow for customers.
Visibility also plays a vital role. A store needs to be easily seen from the road by passing traffic to capture attention and draw in customers.
Utilities are another critical consideration. A property with readily available water, sewer, and other essential utilities, either on-site or nearby, holds much greater value than one requiring extensive infrastructure development.
Finally, we look at development challenges. This is a broad category, but it encompasses everything from the property’s topography to potential contamination, wetlands, and zoning regulations. The easier it is to develop a site without significant hurdles, the more attractive it becomes. Even factors like road frontage and the ability to add curb cuts for access are carefully evaluated.
It’s fascinating how two properties that appear similar on the surface can have vastly different values due to these underlying factors. Understanding these nuances is key to successful retail development.
If you’d like to discuss your real estate questions and needs let’s connect!
Emma McDaniel Lunning, CCIM
864-576-4660
emma@mcdanielandco.com
