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Hire a Development Consultant
Community organizations without prior real estate experience cannot manage a real estate development from start to finish on their own. Therefore, once a clear project concept has been established, a community based organization should consider engaging a development consultant to find a site and attract financing, thus sculpting the concept into a real development project.
Initially, a development consultant may explore design alternatives and refine the project’s financial projections. The consultant can identify sources of development financing, and persuade property owners, agencies and other key players to commit to the project. As the development project gains momentum, the consultant may assemble a project team, including a development partner(s), architect, attorney, contractor, and lenders and coordinate site acquisition, financing, and permitting to move the project to ground-breaking and construction.
The cost of development consultants may be funded with planning grants if available to the community organization or may be added to a project’s development budget and paid from construction financing. Hiring a development consultant relieves a community organization of managing the development of a real estate project which can span several years.
