Apartments in The Heights property located in West Plain will cost a monthly rent of about $550 and $650, according to a report on KTLO. In a social media post, local entrepreneur Mark Bertel says he is extending his property development projects to Southern Missouri.
Bertel made his mark when he remodeled the Town and Country Motor Inn into apartments. Currently, he is developing The Heights property, which will have more than 110 studio apartments, a lounge, and a full-service restaurant. Bertel says his company, the Dels Corporation, will renovate the entire property, giving it modern designs while maintaining some of the old motel’s retro aesthetics. While renovations in commercial buildings account for most development projects, there are many things developers must consider.
Economic Feasibility
Performing an economic feasibility study is the most critical aspect to consider before you can start developing any property. This step helps you determine if your planned development project will be a success or not. To get accurate answers, you’ll need to calculate how much return on investment you wish to earn once the project is complete. Then create a model for calculating the costs versus projected profit margin. Doing so will help you identify potential pitfalls and how they affect your development process.
Pre-Construction
Pre-construction is among the last stages of the property development process. However, it is important to learn what is involved in advance so that you can plan accordingly. During this stage, developers perform a risk analysis, set up project teams, and create budgets. Other activities carried out in the pre-construction phase include soil testing and site preparation. With this in mind, you’ll need to hire land clearing Missouri contractors. Experts will remove unwanted trees and debris on the site within set deadlines to create room for grading and paving.
Thorough Research & Financing
If you’re new in property development, you might want to start a project you can afford. Unfortunately, doing so is not practical. To succeed as a property developer, you need to secure funds from other sources. So, evaluate the different property development funding options available and choose one that fits your needs. You can opt for construction loans, private funding, or bridging loans, depending on the type of properties you’re developing.
Developing commercial or residential property can be lucrative, but getting started is not an easy task. To become successful, you must understand your region’s zoning laws and how to secure development funds. You must also think of your project’s feasibility, construction costs, and how to market the developed property.