DISCIPLINE KNOWLEDGE
Development Conceptualization
Evaluate how property developments/investments are conceptualized, designed, delivered, and managed to maximize their value and return on investment
The development conceptualization process is where all projects begin. A successful project can not be created if there is no need and basis in which to begin in the first place. We are taught of two approaches to beginning development: the front door and back door approaches. The front door approach is described as a site looking for a need, whereas the back door approach is the opposite. It can generally be easier and more advisable to use the back door approach because looking for a site is simpler than attempting to figure out the highest and best use of a site already acquired.
This phase of development is where site analysis and due diligence payoff to identify demand in the area. From here the developer must figure out the best way to create a unique project that sets itself apart from similar ideas.
In LDEV 687 (Development Feasibility and Design) we were given a list of questions and considerations that must be done when completing your due diligence for a land purchase project or acquiring existing income producing commercial properties. In the assignment below I separated the list into the separate categories (Environmental, Social, Locational, Physical, Legal/Regulatory, Financial) I believed the bullet point belonged in.