CRESCO was hired by the owner of the property to dispose of over 100 acres of land that was previously undeveloped, had no access to public utilities, and was covered with over 70% wetlands. Additional challenges included lack of access to the property, high local municipal taxes and assessments, and a poorly configured site for development.

Approach

• Hired by the property owner to address each of the challenges for the site and put a plan in place to begin improving the site conditions to a point where it could be marketed to the development community.
• Met with various contractors to assess the cost of an initial due diligence campaign that would quantify the exact impact of the challenges prohibiting the sale of the site.
• Evaluated numerous comparable sales in the area to determine the value of the property on an “as is” basis versus determining the future value of the site following the completion of the site improvements.
• Initiated conversations with the local municipality to understand the vision of the current administration and align the goals of the property with that of the community.
• Met with neighboring property owners to assess their willingness to sell their property and combine it with the subject site to enhance the value of the subject site as well as the general surrounding area.

Results

• Gathered enough information about the subject site, as well as two (2) contiguous parcels, to understand the properties full potential. As a result, we were able to dispel previous misconceptions about the site conditions as well as convey to potential Buyers the full development and economic possibilities of the site.
• Received an offer to purchase the subject site and closed within ninety (90) days due to the bulk of the due diligence materials being concluded prior to going into contract. Also working with contiguous property Owners to add their properties to the subject property in the near future.