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Development Guide for Storage- Garage-Business- CondosDevelopment Guide for “Storage Condo Projects” This guide provides an outline of the “thought process” used when developing a storage condo project. Of course, it also applies to garage condos, business condos, and all the other creative names of storage condo projects. This guide served as the foundation of the StorageShopUSA™ development model. As the industry emerges we expect significant contributions from other developers as they share their experiences and knowledge.
The development guide is an overview of the storage condo development process. The guide is best supplemented with the storage condo development manual which helps you understand more of the details. The step by step procedure will provide specific guidance and insights for a development. Once the development process has started, the site evaluation checklist keeps you on track with what is important as you plan the development. Lastly, the final development proforma is the blueprint to start constuction. Where to begin
What is the best location
What about price
Zoning
Site Improvements
Size
Restrictions
Special features/uniqueness Site selection summary
II. Building Design and layout
Design considerations
Why separate traditional wood frame structures? Building structure and foundation Exterior building design
Interior design
Office/bath build-out Electric Plumbing
Heating and air conditioning Miscellaneous design considerations
Fire ratings, existing, egress lighting Parking requirements Design summary
Building layout Gross vs. net buildings/acre Fire separation between units Fire lanes Storm water management Site topography Site grading Sewer and water extentions Landscape Streetscape ADA accessibility Phasing and condo expansion
IV. Construction
Educate the subcontractors Construction bids Price for each phase Don’t change the plans Duplication V. Buyer personas – who is buying and why
VI. Financing Good idea, but….. Have a business plan Can the buyers get financing?
VII. Marketing Understanding the buyer What if you are wrong What about the rental market Be careful to who you listen to Buyers like the price but like duplex idea All things equal…buyers…. Would you rather own a condo or a house?
VIII. Development costs and profits Cost breakdown How to determine the price of the units Building cost Engineering Profit Project management Soft costs Cost overruns Risk
A development guide is nice but, there is more to developing storage condominiums than what meets the eye. Good insight is hard to come by. It takes experience and success to provide information that is ultimately useful. Everyone has opinions. The best thing to do is subscribe to the "Storage Condo Insider". This will provide continued insights that can help guide you through a development. We are not the only ones that will be providing input and insight - other experienced and successful developers will be asked for their input as well. If you are serious about learning more and maybe venturing into a storage condo development - then stay connected! Get more detailed information then the development guide.
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