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Choosing a Toy BoxSM Condo Project Location
A lot of work goes into choosing a market, and then a site for our Toy BoxSM Condo projects. Many markets are analyzed based on their relationship to existing Toy BoxSM markets, population, recreation opportunities, transportation network and other demographic factors that are important in deciding where in the Midwest Toy BoxSM Condos should go. Markets studied are ranked and rated in priority order.
Once a market is chosen, then the work begins to isolate a geographic area (or areas) within the community that will be suitable for a Toy BoxSM Condo location.
Proximity to our likely customers, their playgrounds and the roads that take them to and from their Toy BoxSM Condo are all significant parts of the decision-making process.
Land must be found in our target area that is (or can be) properly zoned for use as a Toy BoxSM Condo project. Often, there is an educational process for local planning and zoning officials so that they may guide us to the correct zoning classification. Toy BoxSM Condos do not readily fit into many traditional zoning categories.
Local real estate brokers play a big role in assisting us in finding specific properties that will be candidates for a Toy BoxSM site. We often continue our relationship with a local broker by utilizing his resources for sales of finished Toy BoxSM units and management of the Toy BoxSM Owners’ Association.
Negotiations for one or more properties are conducted with awareness of the market value of land in the community and the additional costs that may have to be incurred on each site to make the property ready for construction of Toy BoxesSM .
Once a site is placed under contract, due diligence on the property begins. We also remain alert for other site alternatives that may surface in the meantime.
During due diligence, our engineers review the site for practical feasibility and layout and our attorneys review the legal aspects. We study the environmental history of the property and determine that clear title can be obtained.
If all looks good, we proceed to prepare for closing on the property and placing the site in a horizontal property regime (condominium). This requires site plan and floor plan drawings and other information that can also be used for submission for approvals from local government entities.
Finally, all approvals in hand, we close on the purchase of the land and obtain construction permits. At this time our marketing program is put into high gear so that we may pre-sell as many Toy BoxSM Condo units as possible for delivery as soon as construction is complete, usually in four to six months.
Now the work begins!