How to find and evaluate a site for a commercial property

Step 1 - Find a site

Step 1 - Find a site

You must find a vacant lot of land or a building that is for sale or underutilized in the Greater Toronto area.  You might use online resources like MLS.ca, CB Richard Ellis or Royal Lepage to locate it.  I would also recommend that you look for sites for sale while moving about the city.  You might also call a broker who specialises in land and ask for help.  Please identify yourself as a student and recognize that the person may not be able to take the time help you.  Don’t harass people!

Notes regarding the site

· You must be able to obtain the following information about the land:  exact location, asking price, existing zoning, the dimensions of the lot (provide a map), and traffic count at the intersection.  No exceptions.

· The site must be vacant or have a worthless building that will be demolished on it.  You may not renovate an existing building – you must build from scratch.   No exceptions.

· The lot must be suitable for one of the types on the Property Type List (see box below).

· You must ensure that your site is suitable for the property type you choose.  Do this by visiting the site and evaluating the size, the location and the character of the neighbouring structures.  Take photos and outline the borders of the property. (You absolutely must visit the site).

Step 2 – Choose the property type and the target occupants and evaluate the zoning

Show your results to evaluate whether you have appropriately linked the site and the property type.  You also need to characterize the type of firm or household that you will be targeting as the occupants. Justify and explain all your choices. Discuss the current zoning and explain whether your building conforms or whether you need to apply for re-zoning.

Step 3 – Determine the size of the structure

Estimate the total size of the property that you expect to build.  Describe the number of storeys and the number of units planned (if appropriate for your property type).  Decide on the construction quality level (high, medium or low) and link this choice to your targeted occupants.  Justify and explain all your choices.  

Step 4 – Assemble the document

I like crisp writing, perfect grammar, professional-quality presentation and proper citation using major citation styles (i.e., MLA, APA, and Chicago).  Assemble a document to hand in that includes (1) a site description (your written description, sales listing, asking price, dimensions, zoning, maps, plan of site, your photos, other relevant notes) and (2) all the materials from steps 2 to 4.  Include an introduction (which starts by telling me where your property is and what you are planning to build) and a conclusion (which summarizes everything in the document).  Your conclusion should also include your recommendation about whether this is a promising idea or not (and why).