Capital to use
Before, residential buildings were constructed leaving lots of free space around them. Consequently, there may be untapped capital on the housing cooperative’s lot that can be used for infill development.
How about your cooperative?
Increasing the value of your residential area
A new building increases the value of your residential area. Furthermore, redevelopment is a way to enhance the area, for instance, with more playgrounds and car parks.
Assets for the cooperative
The financial benefit from infill development makes it easier to launch major renovation projects etc. A well-maintained cooperative will keep its value best.
Maintaining and enhancing local services
A new residential building attracts new inhabitants to the area, and more inhabitants means better local services and communications.
We are at your service – from start to finish
1. Starter package
Our starter package helps housing cooperatives interested in infill development with charting the options. We draft various solutions for the lot and discuss them with the cooperative. The best alternative will then be developed further with more detailed plans.
2. Specified planning
The more specific plans include, for instance, the positioning of new parking lots and new building on the site. At this stage, we can start estimating the financial benefits for the cooperative. We will then prepare a suggestion to be presented for the cooperative’s general meeting and initiate discussions with the city authorities.
3. Decision to carry out the project
When we have reached a solution that is satisfactory to all parties, the project can be presented for approval at the cooperative’s general meeting. The general meeting will then authorise the cooperative’s board to apply for the necessary permits or alteration of city plan and to negotiate selling the new permitted building volume to an investor.
4. Contract negotiation
The board negotiates with prospective buyers about selling the permitted building volume and signs the preliminary contract for the real estate deal. With the prospective buyer on board before any alterations to the city plan, the project will benefit from the input of necessary expertise. Furthermore, the cooperative ensures the existence of a party carrying the land-use fee payable after the altered city plan has been adopted, without the need to take out a loan.
5. Alteration of the city plan and the final deal
The city will see to the city plan alteration process. When the plan has been passed, the real estate deal will be closed based on the preliminary contract. The housing cooperative will receive the agreed price for the land and the buyer becomes the owner and holder of the property. After this, the buyer can apply for a planning permission.
When the planning permission has been granted, the building project can commence. Usually, it takes 12 to 18 months to complete a building. Then the new residents can move in.
How about your cooperative’s infill development potential? Let's find out!
Project Development, Commercial and office construction
+358 44 378 6454