Wow. I’ve been waiting for this project for 5 years.
Is it possible? I hesitate to share all the details with you (since I know that’s a jinx!), but I’m so excited, I can’t quite shush myself.
There comes a moment in every real estate investor’s life when they want to lance the Great White Whale (thanks Moby Dick, a solid 4 chapters ONLY describing how “white the whale” was… geesh).
I had been following this parcel for 5 years, and it went under agreement twice, with big commercial developers, that I knew I had no chance of beating. But then – one by one – they backed out, one since they couldn’t get a drive through approved, and the other, being they couldn’t get their retail anchor tenant they wanted, to commit.
As I’d been working very closely with the economic development team in this town, they called me to inform me the property was available again – and I immediately didn’t waste a SECOND this time.
Have you ever had moments, where you hesitated – and the opportunity is gone? I’ve had plenty. Thus, the whole tagline in my office (#ShutUpAndDoIt!)…but this time, I jumped in.
And – it just so happens, that over the last 5 years, the town was doing everything it could to foster development, including, a zoning overlay, right in this very spot.
I truly feel, that as of now (still going through feasibility and due diligence!), we have the RIGHT location, at the RIGHT time, with the RIGHT team, and the RIGHT government to make this work.
And, in case you haven’t heard by now… I’m super, super excited. Condos on top, Restaurant, Retail and Office on Bottom – OUR office. And a Restaurant I’ve personally chosen. On Riverfront. At a busy intersection and a very visible “gateway” to the town. With parking and tax incentives. And Bonus depreciation. And… well, you see why I’m excited.
We’ll most likely be looking for partners and other possible relationships with folks on this one – if you’re interested, send an e-mail to me , and we’ll be sure to talk and see if it’s the right fit!
In an upcoming post – I’ll let you know how we run due diligence on a project like this – even I need to get out of my comfort zone every once in a while!