August, 2024
At Park Lake Development, we understand that site selection is the cornerstone of successful commercial real estate development and are committed to harnessing the transformative potential of responsible development. Our mission is to propel communities forward, creating sustainable and thriving neighborhoods that enrich the lives of residents. Founded on the principles of transparency, sustainability, and community focus, we stand as your trusted partner in shaping the future.
The Importance of Thorough Site Selection
Selecting the right site for development involves a meticulous process, considering numerous factors to ensure the success of your project. Here are key elements we analyze:
1. Demographics: Understanding the population characteristics of an area is crucial. We analyze factors such as age, income, employment rates, and population growth to ensure the site aligns with your target market. According to the U.S. Census Bureau, Central Florida’s population has continued to grow, with a 1.6% increase from 2022 to 2023, reflecting its vibrant and dynamic nature.
2. Accessibility: Easy access to transportation networks, including highways, public transit, and airports, is vital for any commercial development. According to a 2023 report by the Urban Land Institute, properties within a half-mile of public transit have a 37% higher value compared to those further away. Ensuring your site is accessible can significantly impact its attractiveness and value.
3. Market Demand: We perform thorough market and feasibility assessments to evaluate the demand for different property types across various regions. As of Q1 2024, the Orlando MSA’s industrial market has a vacancy rate of 6.5%, reflecting a period of rapid new development completions paired with a slowdown in leasing activity (CoStar). By closely monitoring trends, such as the industrial development wave over the past few years, we can pinpoint opportunities and strategically address potential challenges.
4. Site Suitability: Assessing the physical characteristics of a site, including topography, soil quality, and environmental concerns, is essential. A thorough zoning and land use review ensures compliance with local regulations and alignment with your project’s goals.
At Park Lake Development, our site selection services encompass:
- Zoning & Land Use Review: Ensuring your site complies with all local regulations and zoning requirements.
- Market & Feasibility Analysis: Providing in-depth insights into market conditions and project viability.
- Site Acquisition: Assisting in the negotiation and acquisition of prime sites that meet your project’s criteria.
Let PLD Help You
Choosing the right site can make or break a commercial real estate project. At Park Lake Development, we combine data-driven insights with a deep understanding of Central Florida’s market dynamics to help you make informed decisions. Let us partner with you to unlock the full potential of your next development.
Connect today to learn more about how our site selection services can help you achieve your project objectives. Together, we can create sustainable and thriving communities that enrich the lives of Central Florida residents.
