How do you add value to a site with no sewer service, the wrong zoning and serious ground water challenges?
Atwell Team Members Turn Surplus Real Estate into Revenue
Tuesday, December 22, 2009
A Big Three auto manufacturer sold 150 acres of surplus property for 2.5 times its appraised value - turning a non-performing asset into a healthy profit - after Atwell team members guided the client through a meticulous master-plan redesign and land rezoning process.
The land faced significant challenges to development. Part of a 300-acre site with a vacant manufacturing plant, it was zoned incorrectly and situated outside the local sewer district. Potential redevelopment uses were constrained by a public master plan that called for industrial/manufactured zoning.
Atwell team members guided the client through a painstaking 14-month effort to redesign the municipality's master plan and rezone the property. This same team also showed the client how to retain the most valuable land for its own use or a future sale.
With the issues resolved, the 150-acre parcel sold quickly, transforming it from a drain on the books to a revenue generator.