When a large commercial development plan is given the go ahead, many investors and developers are often sought to bring life to the development. This often requires complex business relationships to form, which causes many complicated legal matters to come into play. To successfully invest in commercial real estate, it is essential to build the investment on top of a solid legal foundation.
A city council recently approved a development plan for a Phoenix area mall. Among the goals of the plan is to bring private investors and developers to the area. Underused properties, planners hope, will be marketed and sites with high development potential will be converted into commercial properties.
The plan are also includes better transportation to the area. The plan focuses on a possible expansion of the light-rail system and an improvement to the area’s streets in order to attract more Arizona residents to the shopping mall area. What’s more, planners hope the area will make use of a Planned Unit Development, which can give businesses more flexibility when bringing new uses to the site.
Large commercial developments can open up the possibility for many to invest in the new businesses. Before deciding to invest, however, many choose to arm themselves with legal expertise so that they can make decisions that are both financially lucrative and legally sound.
Choosing to invest in commercial real estate is a big step for both businesses and individuals. Oftentimes, it can be intimidating and nerve-wracking. However, knowing that their investments conform to commercial real estate law can help put many investors and developers minds at ease.
Source: AZ Central, “Phoenix OKs development plan for Metrocenter mall,” Betty Reid, Mar. 21, 2014