Real estate development includes building new projects or rehabilitating and remodeling existing projects.
Commercial projects may include multi-family units, such as apartment buildings, and business-related facilities, such as retail, warehousing, office and other buildings. Despite what you may have heard, communities benefit from this development in several ways.
Commercial real estate developers, such as Angelo Ingrassia, tend to work with communities to improve the infrastructure so it can support commercial development.
These infrastructure improvements also benefit the residents of the community because they improve roads, sewers, sidewalks and water systems. However, they also improve communications through the installation of fiber optic cable, which produces high-speed internet.
Building or rehabilitating properties has a direct impact on the local economy. Not only does commercial real estate development require short-term labor from the local construction industry, but the businesses that take up residence in these locations will hire workers.
For example, a multiunit property may need real estate professionals or property managers. These properties need landscaping and regular maintenance, and local companies and individuals are the ones that should do most of this work.
The income these companies make expands the local tax base as well, reducing the burden on the people and encouraging additional infrastructure and community improvements. Most also provide goods and services. The economic boost makes the community appealing to other businesses and productive individuals.
Community Growth Promotion
Small communities may not have the amenities the local population desires. In addition, communities that are not growing may see stagnation in their commercial, particularly retail development.
This can lead to people leaving the community to find better jobs and career opportunities. However, when commercial development occurs, residents will search for jobs within the community.
In addition, the expansion of commercial developments and economic growth encourage others to join the community. The new population will search for specific amenities that can further promote development and business expansion in the area.
Community Engagement Improvements
Empty storefronts and vacant buildings suggest that a community is unhealthy and not economically sound, but development can refresh these facilities and encourage new investment in the community, which increases residents’ pride in their town.
Stronger infrastructure and commercial investments encourage individuals to settle into communities. They purchase homes, send their children to local schools, shop at local retail stores and get involved in local organizations and governance.
These individuals may also begin investing in the community. For example, they may open small businesses, get involved in green projects that beautify their towns and start rehabilitating other parts of the area, including their own homes.
Property Value Increases
Property is a valuable commodity, and its value increases as its demand increases. When communities encourage commercial development, local property values also increase because people want to live in communities with adequate economic growth, great amenities and community involvement opportunities.
They want to be in communities that can meet their needs. Therefore, land and home prices rise when development occurs.
Sustainability Projects Increase
Due to the current emphasis on protecting the environment, many development companies focus on producing sustainable facilities or including environmentally-friendly features in these projects.
They also use more friendly practices in their construction process. They may include solar panels, environmentally friendly landscaping and building materials or technological innovations that reduce the structure’s impact.
In many cases, developers tailor these practices to specific locations. For example, water conservation may be important in deserts. In addition, solar energy may not be as efficient in northern areas as in southern locations, but wind energy production may be more effective in northern areas.
Commercial real estate development is a sign of a community’s economic health. Developers look for profitable locations that benefit the community, and individuals search for communities that have the amenities that meet their needs. Therefore, the relationship between developers and residents should be mutually beneficial.