That's how most people feel when they hear the term land assembly. Most people know it means purchase of 2-3 or more homes in a row to build more density housing but in fact it's very detailed topic for most people to understand hence developers have several professionals in staff to asses project viability and development process. The reason for this blog is to encourage questions and deepen the understanding if situation arises on your block. Here are few considerations:
a. Not all land assembly's will be successful due to seller's circumstances or the layout of the land as potential building sites are not created equal.
b. Many challenges include zoning limitations, soil types, topography requirements and/or in some cases required retaining walls.
c. Apartments require 15 - 20% deduction from the saleable square footage due to elevators, stairwells and common areas.
d. Fish protection act, heritage conservation act and agricultural land limit what if could build anything on certain parts of the city.
Developers make a lot of money from a project. Not so fast, below are some costs associated with any project.
As a home owners first step is to learn about the OCP aka Official Community Plan in your area found on City website ? Next, what are the obstacle a developer would encounter as aforementioned ? All owners want to sell or there us one hold out? What is happening in your area ? Also on City website there is NCP aka neighbourhood city plans that is an indication developers will wants to build in your area. Next step hire a professional to represent your interests not the developer.
Here is a link to issues affecting owner's interests to start the research process if answer is Yes to questions above.
