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MEDC's strategic focus aims to position Michigan on the leading edge of economic development. Supporting and growing the talent in Michigan is a key focus in accomplishing this goal. The Developer Toolkit and Build MI Community initiative provide technical assistance resources to real estate entrepreneurs and access to real estate development gap financing for incremental redevelopment projects. The organization is committed to eliminating barriers to accessing MEDC tools and services to better serve real estate entrepreneurs with limited experience, building a strong pipeline of developers in Michigan.
Through the steps outlined below, the goals of the toolkit are to:
In this webinar hear from two real estate developers as they share their journeys and provide insight for new developers, as well as gain knowledge of MEDC’s community development tools, including the Build MI Community Grant Initiative, a new tool that provides access to real estate development gap financing for small scale, incremental redevelopment projects.
In this webinar, hear a conversation with the State Historic Preservation Office (SHPO) to discuss the diversity of ways to approach historic preservation in the State of Michigan. The conversation centers on how communities can approach historic preservation, respective to their community desires, needs, and capacity. Also listen to the historic preservation efforts of City of Mason Community Development Director Elizabeth Hude and developer Jenifer Acosta, Vice President of Real Estate Development with Renovare.
A recommended first step when getting into real estate development is to seek assistance. The following resources provide information that will help a new real estate professional get started, know what funding could be available, and learn how to start gathering the information needed to begin your journey into the development world.
Partner Support:
It is strongly encouraged for anyone new to development to find a mentor who has several years of experience in the field. No one is ever truly an expert in the development world, and time and experience matters. The following resources will help you get started on identifying potential mentorship opportunities.
Mentorship Resources:
Before getting too excited and thinking a project is ready to go, it is in your best interest to do some pre-development homework. This can save you time and money. From financing to site plan review, pre-development work will benefit the applicant in the long run. Review the identified resources below to get started.
Site Selection Resources:
Site Design
Architecture
Municipal Approvals
Environmental
Finance
Market Analysis
At this step you have gone through the legwork to get the project started and approved and are now in the implementation phase. This includes building permits, zoning approvals, financing and eventually a certificate of occupancy. The resources below will help you move along in this step.
Construction Resources:
Construction Management
The project is complete, now what? While you have gone through all the steps to have a project approved and now have a certificate of occupancy, maintenance is key in this step. The upkeep of the property and finances associated with the development are keys to success. Consider the identified resources below to find ways to ensure your project remains successful.
Marketing, Lease Up and More:
Property Management (videos)
The MEDC pro 101 guide forma addresses the major components of a typical commercial and/or mixed-use project. If you have real estate that you are considering developing or redeveloping, completing a pro forma analysis can help you evaluate important elements of the project. For example, a pro forma analysis can determine how many residential units or how much commercial space can or should be included based on how much revenue is needed to cover costs associated with operating the project.
View the Pro Forma 101 Guide
View BrochureBuild MI Community Grant Initiative
The build MI Community Grant Initiative is an incentive program to better serve real estate entrepreneurs with limited experience and build a strong pipeline of developers in Michigan. This initiative provides access to the real estate development gap financing for small scale, incremental redevelopment projects.
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