Project and land use feasibility analysis is simply the process of evaluating unimproved or improved real estate to determine its potential. Whether the objective is rezoning, development, leasing, or sale, it is vital for the owner or purchaser to have a clear vision of available options. The starting point is a strategic assessment of the asset, its current status, its value, its potential and a plan to realize this potential. The principals of CenturyPacific have completed dozens of these evaluations and consider it their stock in trade.
Project & Land-use Feasibility Analysis services include:
Site or Building Analysis
Representative Projects:
Urban Development: The "Ditty Block" was a 218,000 square foot parcel located in the Bellevue, Washington Central Business District. The parcel was zoned for high-density commercial development and could accommodate up to 2,200,000 square feet of improvements. The property had been in the owner's family since 1928. CenturyPacific was retained to assist the owners in developing a comprehensive strategy for development and disposition of the parcel. Acting as the development advisor, CenturyPacific managed the various land-use and assemblage issues and sold the property for $20,000,000. The block is now the site of the Lincoln Square project.
Industrial Site Redevelopment: CenturyPacific was retained by the Cugini family to entitle and sell the former Barbee Mill site, a 24 acre parcel, located on the Lake Washington waterfront in Renton. The entitlements process took nearly 3 years to complete but resulted in a Preliminary Plat for 115 residential units. CenturyPacific marketed the plat for sale and it is now under contract in the $34,000,000 range.
Large Parcel Analysis: CenturyPacific was retained to evaluate three large residential land assemblages in Colorado, New Mexico and Arizona for The Conservation Fund. The size of these parcels ranged from 1,000 to 30,000 acres with a variety of improvements. The analysis considered site characteristics, infrastructure costs, financial feasibility and land-use constraints. CenturyPacific also structured an acquisition proposal and assisted The Conservation Fund with acquisition negotiations. It has also assisted this client with the evaluation of a former steel mill (Milwaukee, WI), a mine site (Victorville, CA), a 4,000 acre wetland site (New Orleans), a New Orleans office building, a former appliance factory (New Britain, CT), numerous business parks and many other such assets.
Manufacturing Building: Microsoft owned a 260,000 square foot software manufacturing facility near Seattle. CenturyPacific completed a value estimate and disposition strategy which was used in the sale of the manufacturing business unit. The evaluation identified a surplus piece of land which Microsoft sold for a significant profit. CenturyPacific also assisted Microsoft in negotiations with the purchaser of the software manufacturing business.
General Experience: The professional staff at CenturyPacific have analyzed hundreds of sites and buildings for development potential and financial feasibility over the past several years. Steven Wood, CenturyPacific's Managing Director, is the former head of operations for Glacier Park Company. This former affiliate of Burlington Northern owned over 1,200,000 acres of property in 22 states. Mr. Wood, both as an employee and consultant, had responsibility for assessing the value, developability and timing for this extensive portfolio.
About Century Pacific | Principals | Capabilities | Project Listings | Representative Clients
Strategic Partnerships | Contact Us | Download Our Brochure
Suite 1680 | 1201 Third Avenue | Seattle, WA 98101-3029
phone: 206.757.8890 | fax: 206.757.7890 | email: centurypacificlp@dwt.com
warranties & disclaimers
© 2002 Century Pacific, LP ALL RIGHTS RESERVED