A real estate development plan is a roadmap to the future with respect to a specific real estate location or parcel. There are many different definitions for describing a Development Plan which include:
- Establishing a detailed, short-term, medium-term and long-range plan that determines how the specific real estate parcel will provide services to the community in the coming years and plan for future growth.
- Identifying all positive and negative features and attributes of the specific parcel and how it best fits into the needs and requirements of the community.
- Analyzing and assessing the economics and feasibility of the proposed real estate master plan.
- Addressing issues such as environmental, physical facilities/city services, which will be required during the coming years. i.e. water, waste water treatment, fire, police, environmental studies/impact of subject parcel, present and future regulatory requirements, and project funding.
- Reviewing and analyzing a city's existing planning and zoning laws/regulations that impact, or may affect the specific parcel.