When purchasing a piece of property here in Orange County, the parties must undergo a significant amount of due diligence before the transaction may close. A title search is part of that process. If easements are discovered, they could play a critical role in the progression of a development.
Insurance coverage is a large part of California construction projects. No one, from developers to subcontractors, wants to be left holding the bag if something goes wrong. With the increase in the use of WRAP exclusions, a general contractor, owner or developer could end up not having access to a subcontractor's insurance coverage if needed.
It seems that people across the country, including many here in California, are spending more time in hotels. In fact, Marcus & Millichap reports that as of the middle of 2018, the number of occupied rooms across the country has increased approximately 70 basis points. Since hotels seem to be performing well, developers may want to tap into this market.
Without the ability to adapt, many projects here in California would more than likely falter. As the needs and desires of consumers change, so must the commercial and retail landscape. Many developers and landlords already know this, and are making adjustments to their visions in order to remain current and relevant in today's market.
California zoning boards may make decisions regarding whether a project is built in a commercial zone, an industrial zone or some other area. However, the public may also play a role in the decision making process when it comes to the placement of a development. Without the support of the surrounding community, a project may not move forward.
Even as young as the state of California may be when compared to other parts of the country, it still has its landmarks. Preserving them does not need to get in the way of progress, however. It may be possible to save a landmark with a new development nearby or on the premises.
California wants to lead the nation in clean, green energy. Transitioning from fossil fuel power to solar power is just one way in which the state aspires to help the environment and lower costs for its residents. These are just a couple of the reasons why developers need to be aware of the fact that the installation of solar panels will become part of nearly every new residential housing development beginning Jan. 1, 2020.
The traditional retail model has undergone massive changes in the last few years here in California and across the country. With more people shopping online, shopping malls and other retail stores are helping the commercial real estate market plateau. Developers could find themselves in financial trouble if paying back their loans becomes problematic due to changes in how the economy works.
Nearly every project, whether here in California or elsewhere, involves numerous moving parts. In order to protect yourself from any adverse events that could occur during a development project, you may want to consider several types of insurance. This may seem like an obvious choice, but what may not be as obvious to a new developer is what you need to properly insure your project and protect your interests.
The way that the next generation wants to live may be changing, how suburbs and commercial business districts are viewed. California millenials want their neighborhoods to provide them with everything they need -- often within walking distance. Does this mean that developers will need to adjust how and where they build in order to accommodate a new way of thinking and living?