The Solution: InSite’s Shovel-Ready Program
The InSite Shovel-Ready Program is designed to be a “win-win” for both the Property Owner and InSite. The program is designed to maximize the Property Owner’s ability to monetize property value, while providing InSite the opportunity to develop an industrial building on the property.
Shovel-ready sites are sites that are immediately ready for development where all the zoning, due diligence, civil engineering, utilities, entitlements, approvals, permits, and economic incentives have been secured. These sites are highly desirable as they allow corporate tenants to 1) maximize certainty and minimize the risk; and 2) accelerate the overall project delivery and speed to market by compressing the industrial build-to-suit project timeline to align with the required business need timeline more closely. A shovel-ready site can reduce the overall industrial build-to-suit timeline by +/- 40% compared to a raw land site.
InSite Shovel-Ready Program Success Story
InSite negotiated an agreement with a Property Owner in Southeast Michigan. InSite spent nine months preparing and nationally marketing the site for a 1M SF industrial build-to-suit project. As the site work permits were being secured, InSite was approached by a Fortune 100 client seeking a 1.1M SF highly specialized parts packaging facility. Within six weeks, InSite was able to amend the design and resubmit for revised site work permits, execute a lease agreement with the Fortune 100 client, close on the property, and commence with construction.
This was a multi-state/ regional requirement and InSite was successful in securing the project due to both the certainty of execution as well as the speed to market advantage the site offered with being in a shovel-ready condition.