Where to Grow Your Business: Selecting a Site

As your business evolves, you can renovate your facility, add the latest technology, and even expand the building. However, you can’t pick up the building and move it, making site selection an important and permanent decision. When choosing the location of your business’ future success, carefully weigh all the following factors.

Location, Location, Location

Be sure to consider the site’s proximity to customers and clients and access to interstates, highways, public transportation, and airports. If your facility will be client-facing, assess the site’s visibility and accessibility. The site also needs to be large enough to accommodate parking for employees, and if applicable, customers.

Cost Factors

There are a lot of costs associated with land development, many of which can be unforeseen or unexpected. Thorough research and exploration are key to anticipating challenges and ensuring a complete and accurate project budget.

Environmental conditions, soil quality, utility availability, stormwater management, topography, and vehicular access can all impact the cost of a project. Overlooking these factors can lead to redesign efforts, delays, and significant cost increases. Alternatively, you could lease a build-to-suit facility from a developer, which transfers these responsibilities and risk to an experienced partner.

Entitlement

Every project faces unique entitlement requirements and navigating them successfully is the key to progress. Jurisdictional approvals can impact timelines, budgets, and ultimately overall project viability. Public appeal rights in some areas add another layer of complexity. Understanding the jurisdictional authorities and requirements early — and having a partner who knows the landscape — helps avoid delays and keeps your project moving forward.

Zoning & Restrictions

Verify that the site is zoned for your intended use and determine if it requires special permits or conditional approvals. Restrictions, such as easements, liens, or encumbrances, can affect development plans. Research future zoning plans that may affect the area. Or partner with a real estate developer and leave these headaches to them!

Infrastructure & Utilities

Consider the condition of the infrastructure, their reliability, and adequacy to meet your business operation needs. Several factors can affect the placement and availability of utilities, such as water, sewer, electricity, gas, and internet. Local or state authorities may require off-site road improvements, such as lane additions, road widening, signals, or other improvements as a condition of approval.

Environmental Conditions

How will the site’s soil, water bodies, vegetation, and wildlife be affected by the site’s development? Does the site require remediation to protect against erosion, noise, or waste? Does the site’s soil quality and topography affect the plans for your facility? Is the site in a flood zone, near an earthquake fault line, or other potential natural hazard? Environmental approvals can often become a line item in a project’s entitlement schedule. Addressing these questions early supports compliance and sustainability — and partnering with an experienced team makes this process far less daunting.

Population density, predicted growth trends for the city or region, and presence of direct competitors may affect the potential of your business operations. The area’s workforce availability and skill levels may impact your employment options, and income levels and consumer behavior may influence sales and revenue aptitude. Understanding these dynamics helps position your business for success.

Future Potential

Plan for growth from day one. Evaluate nearby developments to determine if they may increase the area’s property value and ascertain if long-term growth plans exist for the region and how that may impact your business. It is important to understand what projects are being planned in the area and what the municipality’s long-term vision is.

Your Partner in Site Selection

Thankfully, you don’t have to make the site selection decision alone. With 20 years of real estate development experience, CVP Development is here to guide you through every step.