Innovative ways to create value
Intermarket purchased a property that was designated for 22 large, single family lots and the site plan produced by the previous owner required that a mature row of over 150 pine trees would have to be destroyed – and the neighboring Ratepayer group was in opposition to the entire plan.
Intermarket negotiated an agreement with the Ratepayers and the City in which the subdivision was revised to produce 50 smaller lots by adding a small parcel of industrial lands that would allow for a plan for the trees to be preserved. This created substantial value as the newly-created lots were just as valuable as the previous “over-sized” lots.
In addition, the trees were protected by locating them in the rear of the lots and then creating a restrictive covenant over this area which prohibits any construction in the vicinity. The ability to protect and include large, mature trees in a new suburban housing development also made the new lots more desirable to builders.
Intermarket then negotiated and closed the sale of this infill site to a multinational home building company. The combination of creating 28 more lots and retaining mature trees on the property resulted in tremendous value creation.
In addition, by retaining the trees on the site, the local ratepayers were very pleased with the results and subsequently were supportive in all other aspects of the project.