In business development, sites that take too long to assess simply will not be considered by companies looking to expand and invest.
The Detroit Regional Partnership’s Verified Industrial Properties program, or VIP by DRP, continues to take steps to reduce the amount of time it takes for companies to identify, vet, and develop large industrial sites in the Detroit Region.
VIP by DRP is advancing more than 25 industrial properties to the next stage of site readiness – physical site studies. This includes sending third-party civil engineers to the sites to systematically conduct a series of studies that are often required by companies as they evaluate sites.
“This is a huge differentiator between VIP by DRP and other site readiness programs across the country – our civil engineers are now boots on the ground directly assessing properties,” said Shannon Selby, Vice President of Real Estate at the Detroit Regional Partnership.
These physical site studies can include testing soil conditions, mapping out wetland boundaries, and other environmental assessments required to develop the site.
“We have deployed more than $1.4 million to improve these real estate properties through physical site studies which better positions them for development.”
Through its easily accessible online portal, the VIP by DRP program features 57 available industrial sites that are 10 acres or larger. It provides detailed reports, including drone footage, on the properties in order to reduce the time needed to assess each site.
In all, the program aims to ready 120 vacant industrial sites of varying size and geography in the region for development. Backed by state and federal funding, the program can invest up to $216,000 per site to help advance it through three stages of site readiness: desktop diligence, physical site studies, and project support.
Typically performed prior to physical site studies, desktop diligence entails civil engineers compiling available research and information on the properties across 12 weeks. They then generate a report that includes utility capabilities, wetlands, current zoning, and other information on the site.
Support for prospective buyers includes providing funds to conduct additional site studies, creating a site plan, or even investing in project management as they ready the site for development.
“Site assessment takes time and money, so we’re working to complete as much as that work as we can on the front end, including physical site studies,” said Selby. “That way, prospective developers can come in and review what we’ve done and decide if a property works for them.”
