Site selection is a critical step in the success of a development project, the success of a long-term real-estate investment and the success of the businesses located at the property. Site selection impacts the life-cycle of the property and should factor in the initial cost of the real estate, the overall cost to develop the property, the cost of operating the property and the impact of the local, state and regional communities toward the acquisition's success.
Step 1: Inititial Project Plan
Step 2: Site Selection Plan
- Project requirements.
- Site acquisition budget.
- Relocation budget.
- Project financing.
- Project schedule.
Step 3: Conduct Site Search
- Identify site selection team members.
- Develop work flow including schedule, approval process and budget.
- Establish detailed site criteria.
Step 4: Evaluate and Compare Qualified Sites
- Research properties to find those that fit the site criteria.
- Conduct site tours.
- Request property surveys, site plan and other pertinent information about the site.
Step 5: Acquire Site
- Narrow down qualified lists into the top choices.
- Conduct detailed site evaluations.
- Prioritize acquisition of sites based on how well sites conform to site criteria.
- Leveraging market knowledge, make an offer on preferred site.
- Perform due diligence.
- Finalize ownership and financing structure.