Has anyone know or had experience with a public sector entity (mainly City Planning Departments) soliciting out of town developers in the form of promotional phamplets or direct emails in order to lure development to specific areas of the City?
Thank you
Sure, I would argue that any good economic development department does this. We have contacts with numerous developers and business entities. We promote our community to anyone and everyone that wants to make an investment.Originally posted by Denver
I have found creating a website and pushing specific properties works much better.
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Absolutely. I have done it while working for communities and as a consultant. It is often done for specific sites that may be under the control of the municipality, either through ownership or option to purchase. More generally, as Hink suggested, economic developers will seek out developers whose product is suited to the community and make them aware of the opportunities that may be available.
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Make sure its specific and not just " come invest in our city." Who to target is always an exercise. Many land developers keep to a specific geographic area. Real estate is just another asset class and those that make money know the market.
Furthermore make sure you can clearly articulate your community's value proposition. If I am a developer why your community versus the one down the road or 20 miles next door. If all you are selling is central location and quality of life then be prepared to waste a lot of postage. Show why development is viable, be able to show a realistic ROI and be very prepared to talk about community participation (incentives) in the project. Know the infrastructure as well.
"If you don't like change, you're going to like irrelevance even less" General Eric Shinseki
Amen. Our role in these kinds of projects almost always starts with being retained to do a market analysis, sometimes followed by a conceptual development plan.
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