Assemblage for Development with multiple parcels and owners
Are there any reference or strategies for assembling and dealing with putting together a project with the requirement of multiple owners? Deciding if best to approach with blind offer, or explain their land and why desired… I’m worried about not being able to secure enough adjacent parcels to get to scale and am curious if anyone here has experience doing it and how they do?
[{"id": "iq4dn1l", "text": "It\u2019s always a challenge, they\u2019ll likely figure out what\u2019s going on and talk so keep that in mind when negotiating. If you\u2019ve spoken to the owners and they are willing to sell and have given you a price that\u2019s a great starting point. Aside from that run your numbers and have supporting comps to show value. It\u2019s not uncommon for one or more of the individuals with the less desirable portions of the assemblage trying to hold out for more money if they know their property is necessary for the assemblage. \n\nAssemblies are typically challenging by nature, it can be difficult to see a single contract through, let alone multiple contracts with moving parts that are dependent on each other. May not be a bad idea to establish a relationship with a broker that\u2019s experienced in assemblies, otherwise get a good attorney and start negotiating.\n\nAs for resources, here\u2019s a good quick article from CCIM that may prove helpful. Good luck.\n\nhttps://www.ccim.com/cire-magazine/articles/wrapping-land-packages/", "replies": [], "depth": 1}, {"id": "iq5n674", "text": "In a nutshell, developers usually have significant resources and they\u2019re willing to execute an option with a landlord to buy at a specific price for a set period of time. Option amount is nonrefundable once potential seller accepts. Similar buyer technique for permitting phase of property/project. Friend sold $6M land deal to developer for future condos, 18 months later developer had to increase his deposit to $300k non-refundable.", "replies": [], "depth": 1}, {"id": "iq679u0", "text": "Helping a client of mine buy postage stamp  lots for an assemblage. They\u2019re probably halfway to completion, and each owner has been more irrational than the rest. This isn\u2019t a fun process and you should be ready to spend a lot of capital over a number of years, while nurturing relationships consistently.", "replies": [{"id": "iq67dye", "text": "One strategy to keep listed sale price down was to purchase property for X and an easement for Y. X is only purchase recorded.", "replies": [], "depth": 2}], "depth": 1}]