Frisco, Colorado Commercial Property Development: Why Build Now?
Frisco, Colorado – Commercial developments in Frisco, Colorado are a great value right now. The flagging economy has lowered property prices and construction costs, so, for those with foresight, this is an excellent time to develop commercial property in Frisco, Colorado.
If you can catch the market at or close to its bottom, and acquire commercial property at those low values, the market then offers a lengthy upward trend. Most statistics, and pundits, are now arguing for the uptrend. December was the time since 2007 where Summit County, Colorado real-estate sales increased compared to the past year. So, indications are the market is turning.
The best available commercial property is located on beautiful Main Street in Frisco, Colorado. These two commercial lots, purchased together for a total of 1.3 acres, have been reduced from $4 million to $2.750 million. The Summit Daily News currently occupies the building. And while, of course, the two lots are available with the building, I’d anticipate that the only use a developer might have for the building is to lease it out during the interim needed to get approval of development plans from the Town of Frisco. The Summit Daily News will eventually relocate, but a prospective purchaser might talk to the publisher about doing a lease-back during that period.
The acreage for this prime commercial development in Frisco, Colorado, would support a number of commercial models, but it is known that the Town of Frisco is encouraging more hotel beds for the community, and a small hotel would be an ideal use. Of course, as the property is within two blocks of the center of town, and most fairs, festivals and street-level activities (which tend to attract 10,000 or more visitors), start at the intersection of this property with Main Street, retail development that attracts pedestrian traffic could also be considered. That could be combined with upper level residential condos or apartments for a mixed-use development.
Commercial sales typically follow residential. Developers and investors have hunkered down, and that is reflected in reduced building permits, and very few new developments coming on line. Nevertheless, those who are building report that they are getting construction bids, and securing construction contracts, that reflect a 30-to-40% reduction in cost from the same time a year ago. Material costs have also come down comparatively. Finally, our community development departments are not overburdened, allowing them the ability to more quickly review plans. And they have exhibited a willingness to consider and approve more easily.
So, if you can catch the lower end of the market, get designs approved quickly, and secure much lower construction costs, it makes perfect sense to invest in the market now. And your project should be finished about the time that the market is ready for it.
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