In October, the Department of Housing and Community Development (DHCD) and Virginia Main Street (VMS) team welcomed Joe Borgstrom of Place + Main Advisors to Virginia to conduct a series of workshops focused on what it means to be a “development-ready” community. Each training provided participants with a deeper understanding of real estate development and showcased how being development-ready should be considered a strategic investment in the sustained vitality of local economies, ensuring that any community can remain dynamic, competitive, and resilient in the face of evolving challenges and opportunities.
From housing to hospitality, retail to restaurants, office spaces to public spaces – the landscape of real estate and economic development is constantly changing. Whether participants were just starting in the realm of real estate or had years of experience under their belt, Joe outlined a basic framework and broke the development process down into three distinct phases so that community leaders could better understand the role and power they have to make positive changes.
1 | Planning
The clearest pathway to an efficient development process is to dedicate time creating a thoughtful redevelopment plan. The planning process must be inclusive and engage a diverse set of stakeholders like residents, property owners, and businesses to build a unified vision for the community. By undergoing a planning process that does not have the pressure of a project at the ready, a more balanced and carefully measured discussion can be had without fear of “losing” a project.
2 | Pre-Development
The pre-development process is a critical time when all of the planning and preparation at the municipal level is put to the test. Clear municipal processes have been identified, zoning is in place, and now the community wants to see something consistent with the approved master plan happen with the site. This stage will determine what becomes of the site, what it looks like and how it impacts the rest of the community.
3 | Development
The development process is the last stage of the timeline and is where planning and pre-development pay off in the successful completion of a placemaking project. However, while the major public hurdles have been met, communication remains critically important between the development team and the community. Regular meetings should still take place to ensure all parties are meeting their respective obligations.
“The essence of “development-ready” communities lies in highlighting the importance of strategic planning, efficient zoning regulations that mirror community priorities, a transparent and streamlined development process to foster trust, and the pivotal role of economic development combined with community marketing to promote sustainable growth and business opportunities.”
Joe Borgstrom, Principal, Place + Main Advisors
To learn more about all of the important steps between these three phases, click here to view a brief guide to city-led real estate redevelopment created by Place + Main Advisors.
If you missed the in-person workshop, check out the following resources to take a deeper dive on how to become a development-ready community:
- What Does It Mean to Be Development Ready? – Presentation
- Pro Forma 101 – Presentation
- Pro Forma 101 – Glossary of Terms
- Property Marketing 101 – Presentation
- Property Marketing 101 – How to Properly Market Your Properties Handout
Virginia Main Street 