RED Corner
Real Estate Development Training
A Blog with tips, tricks and resources for commercial realty.
RED Corner is your source for Real Estate Development training. This, being first in a series of educational posts about real estate development on a small scale, is an exciting result of my personal passion to see as many people as possible realize their dream of better understanding the industry, and even jump into the fray of becoming a real estate developer.
Developer
(you)
JV Partner Developer
(if any)
General Contractor
(know which type of license is required by the Jurisdiction)
A, B, or C license.
How fortunate I was that in 1998, James P. Rhue, of Colorado Springs, desperately needing a development assistant, hired me for the position. I was able to aid his business and learn his business using the on-the-job training method! Established in 1976, Shopping Center Enterprises, Inc. (SCE) was well known as a build-to-suit developer for Safeway Stores, 7-Eleven, Blockbuster Entertainment and Starbucks Coffee in Oregon, Washington, and Arizona. Also, Jim built shopping centers throughout Colorado. Without his willingness to be a mentor, I would not have realized my own dream to have become one of the few women developers in Indiana and Colorado. Jim passed away in 2019, and I will forever be grateful to him. He was a great friend.
I am an entrepreneur at heart, process oriented, and strive to adopt efficiencies leading to greater profitability. The past 12 months (2024) I have codified the development process in a step-by-step copyrighted manual that is now the basis for classroom teaching, and for field reference for the developer throughout the arduous process that is development. The manual which I will refer often to in the Education Corner. Please be checking back frequently to learn what you’ve always wanted to learn but had nowhere to go for the information! I welcome your comments and questions via email and will respond as quickly as I am able.
Section 1 – Establishing Your Development Team (before & after your site is under contract).
The first step towards achieving a successful outcome for your project is to select a group of people upon whom you must rely. They are from various disciplines, experienced, and trustworthy to offer excellent services and advice. These people include:
Architect
Civil Engineer
Structural Engineer
Your Real Estate Broker
The Seller’s Real Estate Broker
Title Company
Your Attorney (as buyer or seller)
The other side’s Attorney (as buyer or seller)
Mechanical, Electrical & Plumbing Engineers (MEP)
Water Metering Group
Periodic Inspector (usually the lender assigns this person)
Environmental Engineer
Soils / Geo-Tech Engineer
Surveyor
Green Building Consultant
Transaction Coordinator (will be you most likely)!
Project Expeditor (used infrequently)
You must also note the project data which includes:
Jurisdiction (City, Town, County, State)
Planning & Zoning Contact
Site address
Site zoning
Zoning allows for: ___________________
Site dimensions
Plat map / Survey
Due diligence documents available from Seller
If you are already overwhelmed, it is understandable, but do not be! The purpose of the manual is to teach concepts and practice steps to reach your end goal. Stay with me! Just with the little bit of information provided in this month’s RED Corner, start your own “pretend” project and use this information to begin understanding the first step. Email anytime…I’d love to hear from you. victoria@coloradorealtyadvisors.com