Site Selection

Site selection is a critical step in the success of a development project, the success of a long-term real-estate investment and the success of the businesses located at the property. Site selection impacts the life-cycle of the property and should factor in the initial cost of the real estate, the overall cost to develop the property, the cost of operating the property and the impact of the local, state and regional communities toward the acquisition's success.

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STEP 1: INITITIAL PROJECT PLAN

• Project requirements.

• Site acquisition budget.

• Relocation budget.

• Project financing.

• Project schedule.

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STEP 2: SITE SELECTION PLAN

• Identify site selection team members.

• Develop work flow including schedule, approval process and budget.

• Establish detailed site criteria.

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STEP 3: CONDUCT SITE SEARCH

• Research properties to find those that fit the site criteria.

• Conduct site tours.

• Request property surveys, site plan and other pertinent information.

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STEP 4: EVALUATE AND COMPARE QUALIFIED SITES

• Narrow down qualified lists into the top choices.

• Conduct detailed site evaluations.

• Prioritize acquisition of sites based on how well sites conform to site criteria.

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STEP 5: ACQUIRE SITE

• Leveraging market knowledge, make an offer on preferred site.

• Perform due diligence.

• Finalize ownership and financing structure.