Client
Wyse provided strategic long term advisory services to help a Client navigate land use and market challenges, leading to a successful sale of underutilized real estate in Washington County at now record high pricing.Challenge
Wyse was tasked with advising two generations of principals on a variety of complex real estate and land use matters related to the property. Wyse was to evaluate the property’s sale potential and limitations and assist in developing a strategy that would realize basic entitlements and maximize the value of the property. This process included overcoming outdated zoning ordinances, understanding property demand in a narrow but well qualified potential purchase audience, and negotiating a complex sales contract with a sophisticated development purchase entity. From start to finish, Wyse needed to interface with numerous stakeholders, including municipal staff and key legal and tax advisors.
Solution
Wyse negotiated the enforcement of a key, little known Community Plan provision that resulted in the preservation of important access to the Client’s parcel from an adjacent property owned by third parties. With land use legal counsel, Wyse successfully negotiated provisions of the zoning ordinance to allow for suitable partitioning, and in so doing, maximized the lot size and value potential of the property’s exceptional view characteristics.Results
The initial sale closed on time with near market high pricing for residential property at approximately $500,000 per acre. In addition, the identification process resulted in multiple reinvestment opportunities and the successful closing of a selected retail property, producing a significant tax deferral and a key source of future income to a second generation.Get the Wyse Report
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