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Hello,
I am curious to know how others who are experienced in developing real estate would begin a large scale project. Strategizing a business plan is giving me a headache. Here is what I do know: I have a parcel of land that is in a strategic location. It was already approved for a 300+ condominium unit, but the developer lost his financing. The condo market is weak, but there are renderings for a hotel, and lets remember the city approved these projects,,,anyway's a hotel with 20"000sq.ft. of retail space would do nicely, in fact the retail space has already been approached by companies such as Starbucks and CVS.
I am told it would cost about 35 million to put up a hotel. That's a lot of money. What I also have going for me is my connections, I could find ways to cut down construction costs through the people I know. Plus I know people who can run it, do hiring, staffing, etc.
Now here is my question; what type of company, corporation, reit, or whatever do I start with to find investors? Can I start an LLC and then turn it into a reit? I would appreciate any info, just imagine it's a great piece of land and it could work, now where do I start?
thank you.
I am curious to know how others who are experienced in developing real estate would begin a large scale project. Strategizing a business plan is giving me a headache. Here is what I do know: I have a parcel of land that is in a strategic location. It was already approved for a 300+ condominium unit, but the developer lost his financing. The condo market is weak, but there are renderings for a hotel, and lets remember the city approved these projects,,,anyway's a hotel with 20"000sq.ft. of retail space would do nicely, in fact the retail space has already been approached by companies such as Starbucks and CVS.
I am told it would cost about 35 million to put up a hotel. That's a lot of money. What I also have going for me is my connections, I could find ways to cut down construction costs through the people I know. Plus I know people who can run it, do hiring, staffing, etc.
Now here is my question; what type of company, corporation, reit, or whatever do I start with to find investors? Can I start an LLC and then turn it into a reit? I would appreciate any info, just imagine it's a great piece of land and it could work, now where do I start?
thank you.
.
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