Overcoming the Challenges in Commercial Real Estate Development

 Posted on December 00, 0000 in Commercial Real Estate

If you have any experience at all in the commercial real estate development sector, you know there are challenges at every turn. There are burdensome, ever-changing, and multi-layered regulations that can slow down or even halt your project. Financial complications are also common, especially when using a commercial lender. How can you overcome these challenges and improve the chances of a favorable outcome in your development project? The following explains, and provides some detailed information on how a real estate attorney can help.

Government Regulations Before you can begin your project, you must meet all zoning, land use, and permit requirements. In order to complete this step, you must be prepared to submit detailed designs and an in-depth plan for your project. It must meet all state, county, and federal requirements. This includes fire codes, plumbing codes, electrical codes, waste disposal standards, energy conservation codes, and stormwater management requirements. Certain projects, such as those that may endanger a species or are to be developed near wetlands, may need to obtain additional clearance through the Environmental Protection Agency.

In short, you must carefully consider every detail and aspect of your project - large and small - to ensure you are compliant with the various regulations. More than that, you have to be diligent in your examination of the project and its potential obstacles. Otherwise, you risk potential fines, cease and desist orders, lengthy project delays, and/or costly alterations. Financial Regulations Regulations for commercial lenders have become increasingly restrictive over the last several years. A number of factors are considered, including cost, projected risk, and plausibility of project completion. Even environmental factors are now considered to determine the risk of loaning to a developer. As such, any failure to adhere to regulations could result in difficulty securing a loan. Yet, even if you have everything in place, you could struggle to find funding. This is because lenders are becoming concerned over slow economic growth and how it affects the housing and development industries.

How an Attorney Can Expedite and Smooth the Process As a land developer, you likely understand the importance of delegation. You also likely know that there are some things better left to those that are experienced and qualified in a particular field or industry. This is exactly why you should turn to an experienced commercial real estate lawyer. Skilled, experienced, and backed with in-depth knowledge, they can help smooth and expedite the approval process for your project. This ensures you have the time and energy you need to focus on what you do best. If you are searching for a seasoned commercial real estate lawyer with an extensive background and understanding of the regulatory process in DuPage and Will Counties, Lindell & Tessitore, P.C. is the firm to call. We can help you plan for and effectively navigate the complexities you are likely to experience in your project. Learn more about our dedicated services by scheduling a personalized consultation with our Naperville commercial real estate attorneys. Call us at 630-778-3818 today. Sources:

http://www.nytimes.com/2016/10/04/business/dealbook/scrutiny-of-commercial-real-estate-loans-chills-small-lenders.html

http://extension.illinois.edu/lcr/officials.cfm

http://library.amlegal.com/nxt/gateway.dll/Illinois/willcounty_il/titlexvlandusage/chapter154subdivisionregulations?f=templates$fn=default.htm$3.0$vid=amlegal:willcounty_il$anc=JD_Chapter154

https://www.dupageco.org/EDP/Regional_Planning/4920/