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real estate development:

. . . a real estate site or property transformed in accord with a comprehensive plan intended to take advantage of a highest and best use potential. The development plan, which all parties concerned sign off on, is a management tool to be used throughout the project. The plan facilitates visioning and infrastructure organization.

Examples of real estate developments range from planned communities and various types of parks to single sites and buildings. Park development related to enterprise and economic development generally involved commercial and industrial real estate. A project may start with a greenfield site. There area brownfield projects that reclaim used sites. Properties, such as buildings, are redeveloped or retrofitted for new uses. Real estate redevelopment and planned real estate development projects are often associated with community development or so called community based economic development.

The term real estate development also refers to the change process itself; real estate developer refers to an individual or group positioned as change agent and risk taker.



 
 
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Economic Development Services, Inc. / copyrights and all rights reserved / 12/23/13