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Business relationships matter in real estate development

| May 23, 2018 | Blog |

In today’s political and economic climate, growth is a critical goal facing both municipalities and private industry. It is a prominent expectation given the increase in the Savannah metro area’s increasing job base and demand for quality housing.

The new residential community Mosby Lakeside is example of real estate developers and community leaders coming together to meet such an expectation. According to a recent globest.com report, the new project will be an apartment complex with 316 units consisting of one, two and three bedroom residences.

Mosby Lakeside will not be just another run-of-the-mill apartment complex. The residences will have a number of special accoutrements designed to attract high-end buyers, including secure keyless entries, stainless steel appliances and granite countertops, nine-foot tray ceilings, Nest controlled thermostats and USB outlets throughout the residences.

Further, the community will feature lakefront views and incorporate a feel of a luxury gated community. Residents will take advantage of electric car charging stations, a dog park and nature trail, a fitness center and yoga studio, along with a 7500 square foot clubhouse.

The community should be completed at or near the end of 2018 and leasing should begin in early 2019.

As we alluded to earlier, the development is an example of community leaders and real estate developers coming together to meet the economic needs of a region. These relationships can be facilitated by legal counsel well versed in the legal issues that come about when real estate developments are considered.

For example, a development may be thwarted without exceptions to real estate zoning laws. Financing concerns may doom a prospective community. Environmental compliance issues may also be a hinderance to a project that may create significant economic opportunities. An experienced real estate development law firm can advise municipalities on potential legal issues and how to avoid them. Similarly, such an entity could work alongside developers to make sure that they adhere to local rules.

It remains to be seen whether future luxury developments will join Mosby Lakeside, but one thing is certain. So long as the job market continues to grow, real estate development will continue.

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