Summary

282-286 Grand Street is a shovel ready, vacant site that sits on a 4,383 sq ft lot with 50 ft frontage in a C4-4A zoning district. There are approved plans in place for a 23,600 sq ft, 20-unit residential rental building with commercial space on the ground floor and cellar. The ownership hired Development Site Advisors® to arrange this site as a joint venture development opportunity. 

Problem

The partners of this site began the development process in 2017 and managed to complete the building demolition. However, the parties involved were unable to agree on the project's timeline. The property has been in the family for several generations, and they intend to keep it that way, so there was no incentive to sell. Completing the project was imperative.

Solution

After learning about the history of this development, we proposed a solution to resolve the partnership dispute. We suggested finding a new partner who would not only buy out the current partner but also take the lead on the development of the rental project. Once the partner agreed to be bought out and we were exclusively retained, we generated 13 offers and identified an experienced, reputable developer with cash ready within a few weeks. As of May 2020, the two parties will proceed with a contractual relationship once the construction financing is secured.