Many commercial real estate ventures require approval
7/14/2016 | Real Estate Blog
It is not enough just to purchase a piece of property and begin development. Many commercial real estate ventures require the approval of the city, county and/or municipality in which the project is taking place. For example, a company is set to purchase an old Kraft Heinz plant here in Pennsylvania and is more than likely facing an uphill battle to receive the needed approvals to demolish the plant and build warehouses.
One of the major hurdles the company will face is a possible increase in traffic in the area from both commercial trucks and other vehicles. The amount of this traffic in the area is at critical mass already according to locals. The company says that the new development will not increase the traffic, but instead will simply be replacing the traffic that was created by the presence of the plant when it was fully operational.
Upper Macungie Township’s planning and zoning director reports that the traffic issue has not yet been reviewed, which will need to be done prior to approval. That is not the only approval that the company will need, however. Opinions are divided on whether or not the demolition of the food plant and replacing it with warehouses is a good idea. However, it might guarantee that jobs are available for the community. These are just a few of the issues that need to be discussed and resolved before the company can even consider moving forward with its plans.
Commercial real estate ventures can be exciting and profitable endeavors. However, dealing with the legal and business issues surrounding getting them off the ground need to be handled first. Having the advice and assistance of the right people through this process could make all the difference.