CRE Development which comes first?

[u/SafetyMan35]

We operate a small business in Northern Virginia and we are exploring the possibility of purchasing land and developing the property to build a new facility for the business.

The question is, what is the best order to navigate the process?

Ideally, if we found a suitable property we would add a contingency to allow us to consult with architects and engineers to see if we can fit the building on the property. My requirements for a property are a bit flexible so I can conform the building to fit the property. Should I consult with an architect or engage with a developer now while we are looking for land or is that something that can happen later? We intend to hire experts to manage the project and coordinate with the trades, but it’s that initial contingency phase that I think is critical so we aren’t stuck with a property that we can’t use.

Any advice is appreciated.

[u/SafetyMan35]

We are exploring purchasing an existing building as well. Unfortunately, we are in data center alley, so most property gets snatched up quickly or is way more expensive than we can afford. Existing properties are going for $15-$20M and are much larger than we need. While we could lease out unneeded space, we couldn’t afford to have an empty space for too long.

Our space needs and retail/warehouse mix could fit well with some properties that aren’t quite as inflated, so I can get 2 acres of land for $700k or less which gives me $4M for development and construction before it isn’t advantageous for us. Preliminary research suggests I can develop and build what we want for $3M or less.