In simple terms, “shovel ready” means a property ready to be developed. A survey, plat, roads, electric, water and sewer permits are in place. All the prospective buyer needs is site engineering, a set of construction plans and a building permit allowing them to proceed. When a prospective buyer seeks a site, they are ready to do business now, not 12 months from now. Are you ready to do business?
Common Elements in Florida
Different markets have slightly different definitions of “shovel ready” with the most common elements being: Ownership of the site is clearly defined and in the hands of a third party such as a local government agency, developer, private company, etc. Detailed information on the site is readily available and packaged in a profile that includes Site boundaries and identification of adjacent owners, Layout of the site with a survey, plat or parcels, roads, utilities, environmental reports and water management permits, clearly defined pricing by parcel and acre. Identification of whether the site is in any type of Opportunity Zone, HUB Zone or CRA that would qualify the prospective buyer for incentives. Completion of formal title search as well as geo-technical soils testing and archaeological studies. Defined transportation access to site and timing required for road and/or rail installation. Defined utility access to the site and timing required to run service to a specific lot/site.
Site selection is no different from buying anything else. The buyer ends up doing business where there is a site that is ready to be developed now. We offer a free shovel ready property checklist. Call Franklin Street with your real estate questions, Laurence Kahn, 407.756.8861 or Larry.Kahn@FranklinSt.com.