Real estate development , or property development , is a business process , encompassing activities that range from the renovation and re- lease of existing buildings to the purchase of raw land and the sale of developed land or parcels to others. Real estate developers are the people and companies who coordinate all of these activities, converting ideas from paper to real property . Real estate development is different from construction or housebuilding , although many developers also manage the construction process or engage in housebuilding.
15-459: The Fordham Company is a real estate development company founded in 1988 and based in Chicago , Illinois . The company's chairman is Christopher T. Carley . As of 2015 they had developed over 16,000 residential units. The company owns several skyscrapers and buildings in downtown Chicago including "65 East Goethe," The Fordham , and The Pinnacle . The Fordham Company also began development of
30-465: A defined rural community. The survey of a township was essentially a subdivision survey, because the plan of the township was registered and the lots (sometimes called sections) were numbered. The description of a whole lot for legal purposes is complete in the identification of the township and the lot within the township. A legal land description in Manitoba, Saskatchewan, and Alberta would be defined by
45-533: A potential development is sometimes called speculative development . Subdivision of land is the principal mechanism by which communities are developed. Technically, subdivision describes the legal and physical steps a developer must take to convert raw land into developed land. Subdivision is a vital part of a community's growth, determining its appearance, the mix of its land uses , and its infrastructure, including roads , drainage systems, water , sewerage , and public utilities . Land development can pose
60-458: A project's economics; attorneys to handle agreements and government approvals ; environmental consultants and soils engineers to analyze a site's physical limitations and environmental impacts ; surveyors and title companies to provide legal descriptions of a property; and lenders to provide financing. The general contractor of the project hires subcontractors to put the architectural plans into action. Purchasing unused land for
75-530: A team of professionals to address the environmental, economic, private, physical and political issues inherent in a complex development project is critical. A developer's success depends on the ability to coordinate and lead the completion of a series of interrelated activities efficiently and at the appropriate time. Development process requires skills of many professionals: architects , landscape architects , civil engineers and site planners to address project design; market consultants to determine demand and
90-536: Is labelled as such while land outside the townsite is labelled as being in New Westminster District. The Main subdivisions are District Lots that represent parcel sales to settlers mostly in the time from 1860-1890. District lots are numbered from DL1 to over DL3,000. These District Lots are still represented on the cadastral maps of British Columbia. Later these lots would be subdivided to form blocks and residential lots. A typical address would thus indicate
105-473: Is universally required that the instrument of conveyance ( deed ) include a written description of the property. Legal land description [ edit ] Canada [ edit ] In many parts of Canada the original subdivision of crown land was done by township surveys. Different sizes of townships have been used (e.g. Québec's irregularly shaped cantons and Ontario's concession townships), but all were designed to provide rectangular farm lots within
120-752: The Dominion Land Survey . For example, the village of Yarbo, Saskatchewan is located at the legal land description of SE-12-20-33-W1, which would be the South East quarter of Section 12, Township 20, Range 33, West of the first meridian . A legal land description in British Columbia Fraser Valley Lower Mainland (Metro Vancouver) is defined by land surveys based out of New Westminster. Land in New Westminster Townsite corresponding to present day New Westminster
135-609: The Town and Country Planning context in the United Kingdom, 'development' is defined in the Town and Country Planning Act 1990 s55. A development team can be put together in one of several ways. At one extreme, a large company might include many services, from architecture to engineering . At the other end of the spectrum, a development company might consist of one principal and a few staff who hire or contract with other companies and professionals for each service as needed. Assembling
150-616: The 2,000-foot-tall (610 m) Fordham Spire project, which was purchased by Shelbourne Development and renamed the Chicago Spire . The Spire was never completed. Fordham was also involved in the development of the unbuilt Waldorf-Astoria Hotel and Residence Tower . This real estate article is a stub . You can help Misplaced Pages by expanding it . Real estate development Developers buy land, finance real estate deals, build or have builders build projects, develop projects in joint ventures, and create, imagine, control, and orchestrate
165-436: The most risk, but can also be the most profitable technique as it is dependent on the public sector for approvals and infrastructure and because it involves a long investment period with no positive cash flow . After subdivision is complete, the developer usually markets the land to a home builder or other end user, for such uses as a warehouse or shopping center . In any case, use of spatial intelligence tools mitigate
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#1732876637036180-488: The process of development from beginning to end. Developers usually take the greatest risk in the creation or renovation of real estate and receive the greatest rewards. Typically, developers purchase a tract of land, determine the marketing of the property, develop the building program and design, obtain the necessary public approval and financing, build the structures, and rent out, manage, and ultimately sell it. Sometimes property developers will only undertake part of
195-739: The process. For example, some developers source a property and get the plans and permits approved before selling the property with the plans and permits to a builder at a premium price. Alternatively, a developer who is also a builder may purchase a property with the plans and permits in place so that they do not have the risk of failing to obtain planning approval and can start construction on the development immediately. The financial risks of real estate development and real estate investing differ due to leverage effects. Developers work with many different counterparts along each step of this process, including architects, city planners, engineers, surveyors, inspectors, contractors, lawyers, leasing agents, etc. In
210-415: The risk of these developers by modeling the population trends and demographic make-up of the sort of customers a home builder or retailer would like to have surrounding their new development. Legal description (Redirected from Legal description ) [REDACTED] The examples and perspective in this article may not represent a worldwide view of
225-417: The subject . You may improve this article , discuss the issue on the talk page , or create a new article , as appropriate. ( August 2020 ) ( Learn how and when to remove this message ) In surveying and property law , a land description or legal description is a written statement that delineates the boundaries of a piece of real property . In the written transfer of real property, it
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