Name
Classroom Seminars: Session 4 - Topic 2: Waterfront and Marina Due Diligence – What Buyers and Sellers Should Be Aware Of
Speakers
Description
This presentation will discuss the typical engineering and entitlement due diligence involved in a marina property transfer or redevelopment and assist those buying, selling, financing, and developing to understand potential risks and help mitigate. Includes discussion of the site investigation needs and potential physical issues, permitting & entitlement status, legal documentation required for review, cost estimate of current value and of necessary repairs, and near-term improvements or studies that can bring more value to property.
Specific focus will be put towards describing key processes and identifying typical requirements and issues including:
- Identify types of parties involved in transactions or development: Existing property owners, new property buyers, loan & funding institutions, insurance, real estate and property underwriters, and property assessment;
- Discuss types of transactions or development: Sole ownership transfer, municipality or long-term lease, public-private-partnership, developer, property turnover;
- Types of issues to be aware of or avoided: Site investigations & data collection, entitlements & permitting, cost estimating for return-on-investment and needed repairs, available lease agreements and documentation, conceptual redevelopment planning, available grant funding available;
- Risk reduction measures: Professional counsel (engineering, legal, etc.), maintaining accurate records, providing adequate planning to know options, keeping current with maintenance, conducting market research, etc.