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| The Politics of the Deal |
The Ideal Partner
06/01/2004
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There is no formal strategy landowners can pursue to find the right development
partner for a proposed project. But Lisa Weitzman, a principal at Hidalgo &
Co., says we would be well served to speak with other trusted advisors,
particularly our private banker, who may know both the reputations and financial
standings of local developers. Accountants and lawyers also make valuable
resources, as do friends and acquaintances who have been through the development
process.
 Experts in the development field agree that before choosing a
partner, we should compile rudimentary information about our property to guide
our initial discussions. Assuming we already know the basic topography of the
property (Does it border a stream or major road, for example? Is it steep or
flat? Are there extensive wetlands?), and whether there are any existing
structures that must be either demolished or renovated, the first step is to
learn how the property is zoned and what types of development the zoning code
permits. Building condos in an area zoned for light industrial developments
might not prove the ideal strategy, while planning to build a shopping center,
even in an underserved residential neighborhood, will most likely not pass
muster with even the most liberal local zoning boards.
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