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Supporting the growing talent in Michigan is key to putting the state at the forefront of economic development. If you are new or currently in the process of the development experience, this toolkit offers a better understanding of the development process and delivers a roadmap towards success.
The Developer Toolkit initiative provides technical assistance resources, mentorship, and development support from all levels for real estate entrepreneurs. Our team is committed to eliminating barriers, better serving real estate entrepreneurs with limited experience, and building a strong pipeline of developers in Michigan.
Through the steps outlined below, the goal of the toolkit is to:
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
Now that your development is complete, it's your responsibility to maintain the property and ensure its longevity. Use these resources to enhance the long-term success of your project.
Marketing, Lease Up and More:
Property Management (videos)
Event Toolkit (documents)
Now that you’ve completed your first development, how can you better market your success? Have you considered ribbon cuttings, groundbreakings, press releases, or simply creating talking points? The resources below have been developed to help you effectively promote your completed project:
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
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