A Colorado company is reportedly selling a large parcel of land with buildings to a real estate company based in another state. The real estate company operates by buying and then developing large parcels of commercial property, and it intends to create a retail development on the property being purchased, according to reports.
Reports indicated that Current USA, Inc., is selling a commercial campus that measures 77-acres and includes manufacturing space, a call center and a retail outlet. The timeline for the property transition has not been reported, but it has been stated that the real estate company intends to make the site a mixed-use project.
While details about use of the site and buildings, which cover 660,000 square feet on the property, are limited, it does appear there are plans to establish some retail development at the location. Signs advertising for retail tenants have been noted, and reports indicate that the real estate firm has been negotiating with possible tenants.
Other possible uses for property might include industrial, residential or office environments. One spokesperson said that some or all of the existing structures on the property could be torn down to make way for new development.
When converting a purchased piece of property to new development, many legal and financial issues can arise. Zoning and coding becomes important as the new owner attempts to conduct different types of business on the property. Land use and other laws also come into play, and something as seemingly simple as adding to a parking lot or tearing down a building can come with complex permit requirements.
Understanding legal requirements before buying real estate helps investors and others see a return on efforts sooner rather than later. Working within the legal scope before you even buy property lets you plan development to maintain legality and budget.
Source: The Gazette, “Home of longtime Colorado Springs business might give way to northside retail center,” Rich Laden, Sep. 04, 2015