Mann Communications Conducts Economic Development Workshop for the City of Wildomar

Mann Communications Conducts Economic Development Workshop for the City of WildomarOn April 20th, 2011, Mann Communications conducted a workshop with the City Council, Planning Commission and staff of the City of Wildomar titled “Developing a Healthy Local Economy; What Drives Development.”

This workshop was designed to engage and inspire city officials and staff who have always wanted a better understanding of the business of real estate development. The plain truth is that cities and developers speak different languages and a good interpreter is hard to find. Often, one party is unaware or unclear about the impact of its actions and decisions on the other. The ultimate goal of this workshop was to help promote a higher level of communication between city and developer that will result in a more collaborative, harmonious and productive experience for all.

Participants learned the basic principles of development by traveling chronologically through the entire life-cycle of a typical commercial development project; from site selection and leasing to redevelopment and obsolescence. Armed with this basic knowledge and a working example of the typical development process, participants then explored some of the common challenges and circumstances faced by both City and developer that seem to always transform a project’s path into anything but typical.

Included was significant discussion relating to existing space. Discussed were the effects on both property owners and cities of rising vacancy rates, small business growth paralysis and the dramatic changes in real estate financing. Examples of new and creative ideas for redeveloping or repurposing existing properties from around the Country were presented to inspire further discussion of ways to revive or reinvent projects of interest to the City.

The workshop was intended to empower participants with a degree of fluency in the language of real estate development and inspire them to seek the creative approaches and solutions required in today’s challenging environment.

Main Topics Covered:

  • Creating An Investment
  • The Development Team
  • New Development
  • Site Selection
  • Fact-Finding
  • Financing
  • Land Acquisition
  • The Proforma
  • Marketing and Pre-Leasing
  • Tenant Mix
  • Leasing/Sales Negotiation
  • Design
  • Entitlements and Permits
  • Construction
  • Delivery and Tenant Improvements
  • Management and Operation
  • Valuation and Sale
  • Redevelopment
  • Solutions For Existing Spaces
  • The Future of Development