Development

With the U.S. economy growing once again, development and growth in the metro Chicago area is underway. Residential growth throughout the west and southwest suburbs is moving into high gear. It includes all levels from multi-family starter homes, single-family move-up homes and senior housing. In the commercial arena, industrial, manufacturing and logistics centers are in high demand. The Chicago region with several interstate corridors provides excellent opportunities for these uses. Development potential is highly dependent on location, and specifically dependent on access to the major interstates. They are also highly dependent on the city/village involved. Infrastructure access including sewer, water, natural gas and electric are all major factors in current value of land. MRI is connected with major commercial brokers and developers. We have experience in valuation of properties located in the major corridors and negotiating purchase agreements. We also have experience and understanding of the due diligence and permitting process. Farmland owners that may be facing growth in their neighborhood or village can call Manges Realty, Inc for assistance. MRI can assist with valuation of the land, negotiating a satisfactory purchase/sale contract, and then searching for replacement farmland to achieve a Section 1031 exchange.