Stage 3: Assess Feasibility

Written By Cedric Zheng

Goal of this Stage:  

At this stage, you are continuing to refine the project details as you gather more information from the project team, project partners and key stakeholders you are working with to ensure that you build housing that meets the community’s needs, is financially viable and operationally sustainable. 

You will continue to iterate until you land on a project concept that is feasible, and that all parties are supportive of.  At the conclusion of this stage, you will have a refined design concept and will have greater clarity on the services, programs, and amenities that may be available to tenants.  You will also have a more accurate estimate of the project development and operating costs, and how they might be paid for.

Key Questions to Answer: 

  • Is the preferred site suitable for the proposed development project?

  • What is the market feasibility of the proposed uses?

  • What feedback does City planning staff have on the proposed development, and what municipal approvals will be required?

  • What design concept will your team move forward with?

  • How much will the project cost to develop and operate?

  • Is the proposed project financially feasible, or are further refinements required?

  • How will you fund the project (both the development costs and operating expenses)?

  • Can your organization bring equity to the project?

What Needs to be Done: 

  1. Complete a site investigation and market analysis

  2. Meet with municipal staff for a planning pre-consultation meeting 

  3. Draft capital and operating budgets to assess preliminary feasibility

  4. Revisit the design concept and budgets as needed to “pencil out” the project

  5. Land the vision and make a case for moving forward

For more detail on each of these steps, download the Building with Mission Playbook. 

 
Cedric Zheng
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Stage 2: Develop a Concept
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Stage 4: Develop Design and Experience