I havent moved yet but here what i have. I have 6 city blocks willing to be sold by the owner in the ghetty (section 8) which is directly connected to a highend development, has very high foot traffic and covers most of the zip code. Most of the development is retail, two hotels and on the outskirts you begin into residential. Heres a picture of the good part which is walking distance from these 6 blocks. http://www.miamigov.com/CoconutGrove/images/4.jpg
What are my costs going to be if i get the owner to agree to sell me the property contingent on a rezone asuming that it needs one. (I want to sell the rezoned property to a developer.)
If you are just smashing & rebuilding property of the same zoned type (MF2 to MF2 - multifamily) its not that hard. But changing the type of zoning can be very difficult (say from MF2 to MU1 - multfamily to multipurpose district). Usually you have to get approval from your local zoning board, and if that fails you have to go to the city council. You may or may not get it approved, especially since you are not the developer with the money to create the new development…just a guy looking to make a buck on selling the land (the cities won’t necessarily like that). You would probably have a better chance of getting the land rezoned completely if you could partner with a developer who has the cash to back you up, and you’d probably make more money that way down the road. Doing what you are asking is extremely complicated and requires custom legal documents drafted by a lawyer…so I would say contact a LOCAL Miami real estate lawyer ASAP for his opinion and see (a) how much it will cost and (b) if he can draft a document or set of documents for you that will do the job.
