Since most significant redevelopment involves a developer, business districts and communities must consider how they can position themselves to attract the right developer. Securing developer interest in a redevelopment opportunity can be more challenging due to the potential economic constraints or seemingly endless hurdles that must be overcome. You have the potential to be more competitive in securing a developer when:
There is an overall redevelopment or master plan in place that acknowledges a specific project or area, and how that ties into the community.
Leadership within the community, both public and private, is supportive of the master plan and its goals.
Design guidelines are in place.
Appropriate zoning is in place.
The community has control of the property.
The development process within the community is clear and directed, perhaps with one point of contact.
Community management and key decision makers are “on the same page”, so the development process doesn’t get bogged down in an inability to come to consensus.
All incentives that are available for this project are defined, and there is an understanding of how, and who can use them.
A developer “target list” is organized, reflecting the specific project and the developer’s capabilities.
A concise RFP is developed, with clear directives and a method for weighing responses.
Each RFP response is evaluated for how it supports the master plan esthetically, financially and fulfills a market niche.
