Economic priority: ensuring that the development project will be financially successful in order to provide a return on investment. Marketing priority: ensuring that the target market will be reached and that their needs will be met. Legal priority: ensuring compliance with local, state, and federal regulations.
Community developers face different problems. First, they have to deal with the initial problem of finding vacant land within a community that is fit for development. Community developers also need to address other concerns like zoning laws and ordinances.
The first stage of community development is a feasibility analysis to examine the options for realizing the value of a real estate asset. This analysis also investigates the market, entitlement, and financial issues that may arise. The next stage of community development is the design and implementation process. The design stage is where the physical components of the community are planned. Implementation occurs after approval by all necessary legal and governmental entities. The final phase of community development is management. This includes all functions that run the community, such as monitoring and maintenance of amenities.