Common Redevelopment Q&A
The Veridus Group has been fortunate to assist several communities across Indiana in redeveloping sites in downtown areas. We have discovered that redevelopment in downtown areas are not the same as developing greenfields. This can create some confusion for individuals who may not be used to the time and costs associated with development efforts in these two distinct areas. Over our time of working with various municipalities, we have seen a few questions that come up from time to time.
Utilization of a Community Development Corporation
The painful process of buying a home in a seller’s market is something most of us can relate to. We see our dream home on the way to work, but on the way home, the front lawn sign reads “SOLD.” So, we scour for the most qualified real-estate agent in hopes that they can better manage the search for and purchase of a home. Such pain is something that not only affects individuals, but municipalities as well.
The Role of Real Estate in Local Government
In the past, local governments have viewed real estate in one of two ways; public or private. Public property includes all the property owned by the local government used to provide community services, including administration, police, fire, public works, etc. Additional public properties, like parks and trails, add to the quality of life for the residents and help connect and build community. But as these properties are tax-exempt, local authorities look to privately-owned parcels for required community funding.
Reducing Risk for Site Selection Consultants, Corporate Executives and Developers
In light of the recent Amazon HQ2 contest taking place across the country, people are actively seeking to better understand the deciding factors involved in a major organization’s process for selecting a site. When a company needs to expand or relocate its operations, it is primarily looking to find a place where its business operations can perform efficiently and effectively. But with so many communities shouting about their assets, high-ranking quality of life and available sites and buildings, how do site selection consultants, corporate executives, developers or even the communities themselves know which site could be the best fit to help them achieve their goals? The answer is to engage experts to conduct comprehensive reconnaissance of each potential site and/or building.
What is Verisite?
Verisite is the result of a partnership that brings considerable industry experience. It is the combined expertise of three tenured firms that have designed and built the proprietary platform and process for Verisite site certification. Working together, these firms offer the unique and calculated perspective, expertise and experience for the Verisite Site Certification program. As a result, Verisite has finally established the universal definitions and designations for site certification, offering a new, trustworthy standard for property owners, developers and communities that utilizes a consistent and standardized set of criteria to determine all aspects of a site’s readiness for development.
The Value of Site Certification
Many people have asked, “But is it worth it? How do you certify successful (re)development?” These are very important questions that I think many consultants in the economic development industry do not answer well. What VERISITE is not saying is “do it and they will come.” What VERISITE IS saying (and requiring, for that matter), is to conduct the comprehensive analysis by well-known professionals and site selectors, then follow-through on marketing! One thing that I often get when I tell people I am an economic development consultant is, “Oh, I’ve paid people like you to do studies. But they just sit on a shelf – it’s not worth it.