Preparing a comprehensive feasibility study takes a considerable amount of time and effort, but once completed, serves as a project guide, not only for developers but also for the Black Wall Street District development team. In preparing the district development feasibility study you will gain the following benefits:
Preliminary district development feasibility software
This is the most important aspect and it is imperative that you are able to ascertain if your deal stacks up. This pre-district development assessment will determine an approximate profit and will save you from wasting your time, efforts and money.
Cost overruns can cripple a district development project. A systematic district development assessment allows you to make mistakes on paper, rather than when projects are completed.
A thorough Black Wall Street district feasibility study will increase your confidence in the ability to proceed with the development of a chosen area of the city.
Sometimes, it may even compensate for a lack of experience if the concept is sound and there is good demand for the end product you are developing. Provide a stated need for the district and any challenges.
District property development feasibility shows the level of finance required and for how long. Undercapitalization and early cash flow problems in a project are two major reasons new BWS district developments fail.
Feasibility analysis also allows you to convey your ideas to bankers & potential investors, and help them to understand and appreciate the reasoning behind these ideas.
Explain what economic development tools will be used in the boundary area and how becoming a Black Wall Street district will fit within these objectives.
Key Study Milestones
Key milestones include the official Black Wall Street district name, the participants and a detailed boundary description including a map of area.
The district development team must establish the BWS District Identity including land use building/site conditions and current inventory.
It is also wise to study transportation access and a crime and safety overview.