What’s the right site feasibility study for your project?

Real estate developers and investors find multiple sites and deals to analyze daily. And they have a lot of questions that an experienced architect working with the local authorities can answer, such us:

“What can we build here? Can we change the land use or subdivide this parcel? What is the allowable building area and height? What are the hidden restrictions? How much will this cost?”

Here is what we have learned about the different types of feasibility studies:

I. Quick Feasibility Study

In a quick study, the architect or owner representative will review the local zoning and planning codes as well as any easements or setbacks. They will identify the type of allowable use, the allowable building envelope and calculate the maximum building footprint.

PROS: This approach is fast and inexpensive. You will wait for the findings 1-3 days depending on your architect’s availability.

CONS: The downside is that within this timeframe, the local planning officials may not respond to the inquiry to validate the findings.

We recommend to perform a quick study when you are just taking a first look at the site and follow up with more detailed research later.

II. Standard Feasibility Study

In addition to what’s included in the quick study, a standard study gives you a peace of mind when you get validation from the planner that your findings are correct. During the time allowed for correspondence with the local authorities, the architect can begin the building massing studies, which is a first step to starting the design and providing more accurate floor areas.

PROS: Accurate answers to your question, reducing the risk in your project.

CONS: You will have to wait 1-2 weeks to get these answers.

This is the recommended level of study to perform when you have the time, and we advise that you do build in this time into your schedule.

III. Premium Feasibility Study

When you want to not only see what is possible in terms of use and area, but also create graphics to share your vision with others, the premium feasibility study would be worth looking into.

PROS: You will walk away with a vision to share with investors and potential tenants. The architect turns the site requirements and restrictions into concept site plans and attractive renderings illustrating your vision.

CONS: This study can take up to a month and will be more expensive than the first two options.

Even though this is not as fast as the first two study levels, it is a great option to see how to maximize the value of the site through design. As an added bonus, the deliverables of this study can also prepare you for a pre-applicaiton meeting with the city officials, which would result in a list of requirements needed to receive entitlements for your project.