When we conduct a feasibility study, we will assess the site in order to determine if the planned project is technically feasible at the intended site. We figure out whether or not the planned project is possible to be erected for an estimated budget, and if it is going to be a building intended to generate income. With many projects we are working to find out whether or not the building could potentially be profitable. A feasibility study may also assess plans for development or construction in adjacent lots or near the site, and take in to account the likely impact of the changes surrounding the lot.
Depending on the nature of the project, the feasibility study may also include details regarding financial expectations, cost vs. benefit analysis, and more.
The requirements of the study itself will depend on the nature of the project and the potential issues that the land presents. It may be appropriate to make inquiries of consultants, like an architect, to furnish specifications for building parts and types of building materials. It could be other aspects of a given project, for example a description of a facility’s mechanical or electrical systems. The initial plan drawings can provide information regarding intended building materials, anticipated allocation of resources and expenses, and land development needs.
A feasibility study may include details regarding potential offsite improvements required by the city or municipality, such as additional roads, parking, lights, or other changes.
A full feasibility study can take sometimes between 30 to 90 days, depending on the scale of the research required. Once the feasibility study is complete, we will review the findings with you and help you determine how the findings may impact your proposed building plans.
If you are considering developing a site in the Seattle area and would like the opinion of an experienced professional, click the “Free Site Visit” button and we will schedule a time to meet with you.