Partner Margaret Glass recently participated in a panel discussion on “Due Diligence,” the third event in the “Vision to Reality” series on commercial development co-presented by the Preservation Resource Center (PRC) and Commercial Real Estate Women of New Orleans (CREW). Any commercial revitalization project begins with due diligence. The panelists covered what goes into the process, from environmental review to historic tax credit eligibility to ensuring clear title and proper zoning.
As Margaret noted in her presentation, timing is everything.
1. Consider what is needed for due diligence BEFORE signing a purchase agreement and build deadlines around that analysis.
2. Do a preliminary zoning check online, consider the need for a survey, consider the need for a subdivision or other specific government approvals and associated time delays.
3. Consider meeting with City Planning, Safety and Permits and/or other City staff to discuss your plans and confirm that you have sufficient time for any necessary approvals.
4. Consider building in a due diligence extension option just in case additional time is needed.
PRC/CREW “Vision to Reality” Series
Multi-talented teams are transforming vacant buildings into vibrant commercial spaces across New Orleans, but it takes vision, creativity and hard work. The “Vision to Reality” series provided an opportunity for people in the commercial real estate industry to meet some of the women leading the way and discover the many skills that contribute to a successful project.
The midday lunch-and-learn virtual classes showcased the many ways women contribute to the reuse of historic buildings and the reinvigoration of historic neighborhoods across New Orleans. The three-part series was organized according to stages of a project: due diligence, design and operations.