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:
ļ There is an overall redevelopment or master plan in place that acknowledges a specific project or area, and how that ties into the community.
ļ Leadership within the community, both public and private, is supportive of the master plan and its goals.
ļ Design guidelines are in place.
ļ Appropriate zoning is in place.
ļ The community has control of the property.
ļ The development process within the community is clear and directed, perhaps with one point of contact.
ļ Community management and key decision makers are āon the same pageā, so the development process doesnāt get bogged down in an inability to come to consensus.
ļ All incentives that are available for this project are defined, and there is an understanding of how, and who can use them.
ļ A developer ātarget listā is organized, reflecting the specific project and the developerās capabilities.
ļ A concise RFP is developed, with clear directives and a method for weighing responses.
ļ Each RFP response is evaluated for how it supports the master plan esthetically, financially and fulfills a market niche.
