Understand how to navigate the due diligence process and avoid the pitfalls of property redevelopment.
Conducting appropriate due diligence is essential in any land acquisition. Developers must comply with a myriad of Federal, State and local regulations, including zoning, wetlands and other environmental requirements. It is important to be aware of deed restrictions, conditions to prior approvals, or other factors limiting development potential. A buyer should be mindful of and sensitive to the expectations and desires of municipal officials and surrounding neighbors. It is also critical to identify up front what physical limitations exist on a parcel, such as subsurface environmental contamination, to avoid or minimize unexpected delays and cost overruns during construction. Assembling the right Development Team is key for conducting an effective review of a site's history and future development capability during due diligence - and prior to acquisition. The land acquisition contract ordinarily should be structured to allow for a meaningful due diligence review. This topic will address these and other issues, and provide practical and insightful suggestions to help all parties navigate the due diligence process.
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