What is the general project progression from land purchase to build/sale of a typical Hoover Companies development project?
• Phase I – Land is located and investigated for zoning, build-out and purchase potential • Phase II – Purchase agreement with landowners is negotiated and executed • Phase III – Prospectus is written by Managing Member/budget is established • Phase IV – Managing Member offers project for public syndication to investors • Phase V – Sub-division engineering is completed, and plans and permits are approved • Phase VI – Sub-division development process: grading, sewers, wet/dry utilities and streets/curbs installed • Phase VII – Product to be built (residential, commercial, retail or industrial) is approved by Managing Member • Phase VIII – Approval of home build-out product by Managing Member • Phase IX – Home construction completed • Phase X – New home marketing and sales • Phase XI – Award investors and close out or terminate LLC How long does a normal development project take from start to finish? Normal land development projects, (6-12 acres), take between 18-24 months to complete. I
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- What is the general project progression from land purchase to build/sale of a typical Hoover Companies development project?
