Feasibility Study: Evaluating Development Options in Athens, Ohio

This feasibility study examines three development options for a property near Athens, Ohio: a single-family housing community, a 5,000-unit apartment complex, and a retail development of approximately 210,000 square feet. The study analyzes aerial photography, natural features, existing utilities, title searches, easement considerations, and preliminary site investigations. It assesses revenue and liability for each option, including hard and soft costs. A market assessment is conducted, focusing on the R-3 zone and the potential for retail development given the lack of existing retail options. The study concludes that the retail development option is the most feasible due to its lower costs, higher revenue potential, and the unmet needs of the local residents. The report suggests that the firm should consider the third option i.e. a retail development for around 210,000 square feet which are best and suitable for the feasibility study because we study the R-3 zone of Ohio there is no retail store nearby the R-3 zone and also the Revenue generation is high as we compared with other two. So the firm should consider the option three which will be suitable for them.

Running Head: Feasibility Study
Feasibility Study

Feasibility Study 1
Table of Contents
Introduction.........................................................................................................................................2
Aerial Photography..........................................................................................................................2
Natural Features..............................................................................................................................2
Existing Utility Information...............................................................................................................2
Title Search......................................................................................................................................3
Easement Determination and Third Party Rights..............................................................................3
Preliminary Site Investigation...........................................................................................................3
Phase I ESA.......................................................................................................................................3
Revenue and Liability.......................................................................................................................3
Hard and Soft Cost Opinions of Probable Cost..................................................................................4
Market Assessment..........................................................................................................................5
Conclusion...........................................................................................................................................5
References...........................................................................................................................................6

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Introduction
In this present paper, we will discuss the feasibility study of the property which was located near
the City of Athens, Ohio limits and we have given three options which we have to understand
and make the useful option for the firm. The three options include Single-family housing
community, 5000 unit apartment complex, and retail development with an approx. Of 210,000
square feet.
Aerial Photography
The Aerial Photography in the city of Athens, Ohio provides a solution that specializes in low attitude,
high resolution, and Services related to Aerial Photography. In R-3 zone we can use drone aircraft for
camera platform which will help them for sightseeing for the families as well as for retail development.
We have studied that the Aerial photography is beneficial in R-3 zone. (Elvidge, C. D, et al., 2014)
Natural Features
The natural features in the city of Athens, Ohio that helps for families, retail development as in R-3 zone
which includes different natural features as Ohio wood and stream, Chagrin River, Hocking Hills state
park, Mohican, etc. that will be beneficial for the apartment complex in which numerous people visit
there for site-seeing. ("List of National Natural Landmarks in Ohio," 2017)
Existing Utility Information
For the existing utility information in city of Athens, Ohio the firm should know the necessary conditions
regarding
 How much time will it take to start the services?
 What are the different options are available?
 In case you have any complaint to whom you will call?

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These question you must ask while moving or shifting to R-3 zone. In the case of Retail development,
you should be aware of the electricity, natural gas, telephone services and water services while you are
opening the retail development in R-3 zone. (Subburayalu, S. K., et al., 2014)
Title Search
The title search comes under the Ohio R-3 zone suggest that there are many families that were situated
nearby R-3 zone, and there is no retail shop nearby there house by which they face certain problems
related to goods which they consume for everyday life and this can be resolve by opening up of the retail
development in R-3 zone.
Easement Determination and Third Party Rights
The easement determination and third party rights in the city of Athens, Ohio tells about that the firm
should make these changes while opting any options.
 Distinct from ownership of the land,
 To cross the property with different type of facilities as not limited to, sewer lines, water lines,
which is distinct from the ownership of the land,
 To reserve and hold the areas for the drainage or access purposes. ("Understanding and
Negotiating Pipeline Easements | Ohioline," 2017)
Preliminary Site Investigation
The preliminary site investigation for the R-3 zone in City of Athens, Ohio which includes that there is a
requirement for the submission it should be obtained through the zonal village administrative officers.
The preliminary site investigation is helpful for both single families as well as multiple families.

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Phase I ESA
In Athens City, Ohio R-3 zone the Phase-I ESA is required to submit the full permit application form as it
is a case of 500 cubic yards. A Phase II ESA is required in case Phase I ESA gives an indication of the
material intended which was placed at this site and will be contaminated with compounds levels. ("Phase
I Environmental Site Assessments | Environmental Risk Management," 2017)
Revenue and Liability
Revenue and liability for three different conditions:
Condition 1: In the case of 1000 unit single-family housing community: A single-family unit detached
housing community includes Decks, fences, decorative walls, greenhouses, house occupation, carports,
swimming pools, hot tubs, and the garden sheds. These are the liabilities in case of a single family which
includes a huge cost to maintain that, and if the business invests the huge cost on that, the chances of
revenue under this would be quite low.
Condition 2: In the case of 5000 unit apartment complex: For making a 5000 unit apartment the
liability includes that minimum 10000 square feet for the apartment complex as there are numerous
families will stay there. Also there should be churches and other places of worship, that should be
adjacent to R-3 Zone, A fire and police station should be there, a government, as well as professional
offices, should there where the apartment members work, A home care lady for up to 5 years children's
be, there should be parks, playground, clubhouses should be nearby, government and public schools
should there for the education of the students. It includes a huge liability cost, but as a 5000 unit
apartment, we can estimate that if all these were made then around 500 families can live in the apartment
and the revenue from that you can calculate from each family as for how it will occur. Here also the
revenue is not generated as per the expectation of the firm.
Condition 3: Retail development with an approximation building of 210,000 square feet: For a retail
development a blueprint includes a parking nearby the building, a grocery food store in the building, the

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workers and their salary, maintenance cost, electricity bill, water bill, ESA certificate from the private
household. This includes a huge cost and the revenue from this will generate through the public as it the
attractive retail development building will give a good revenue and the scope of retail development is
wide. Also, we study that in R-3 Zone there is no nearby place to retail shop by which the people situated
there face a difficulty for going too long to purchase the products. It might affect the resident locality
members, and there are more chances that it could generate the revenue.
Hard and Soft Cost Opinions of Probable Cost
In option one, the probable cost should be around 77,550,000 US Dollar as we have to make a blueprint
and also in there should be fewer changes of more revenue. The firm expects that they will cover for three
years, but the condition is that they will stay at least for three years. If it not happens then they will not
generate any revenue.
In option two the probable cost would be around 88,000,000 US Dollar as an apartment is made and this
includes cost of each building, schools, offices, etc. which involves the cost and the revenue will be
generated by the firm expect at least 2 years which depends on the member should be lived in the
apartment. At least two years' period should be used so that they can generate their revenue.
In option three the likely cost would be around 75,000,000 US Dollar due to the retail development, and
there is less cost involved in this option as compared with the other two. Although the cost is not too
small they will generate the revenue within one year as there is no such competitor is there and we study
that there is no such store is there by which the families will face problems in purchasing the goods.
Market Assessment
The market assessment in the City of Athens, Ohio tells about the type of market, the market segment and
the future segment of the market as for how it will be beneficiary for future. The favorable option would
be the option three as not only for the cost involved but the area as well. Also, our study examines that
there is no competitor in R-3 zone which will be beneficiary for the retail firm to open it. In this study, we

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see that the R-3 Zone is a good residential place where rich people lives and the major problem that we
identify is the retail store as there is no retail store nearby the house by which the people who stay there
face problem regarding the everyday life goods. The first two cases that include single housing and
apartment will not provide too much revenue as we compared with the third i.e. a retail department and
for this our suggestion would be to invest in the retail development so that it would be beneficial in R-3
zone and it will generate more revenue. The market assessment we consider by new investment, and we
have given three options in the city of Athens, Ohio where there is no nearby retail development place,
and hence our primary target would be on retail development which is option number three, and this is
suitable for the company. So we suggest that a retail store should be open there which will minimize the
problems of people who live there.
Conclusion
From above study we can conclude that based on the three options the firm should choose the option 3 i.e.
a retail development for around 210,000 square feet which are best and suitable for the feasibility study
because we study the R-3 zone of Ohio there is no retail store nearby the R-3 zone and also the Revenue
generation is high as we compared with other two. So the firm should consider the option three which will
be suitable for them.

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References
Elvidge, C. D., Milesi, C., Dietz, J. B., Tuttle, B. T., Sutton, P. C., Nemani, R., & Vogelmann, J.
E. (2004). US constructed area approaches the size of Ohio. Eos, Transactions American
Geophysical Union, 85(24), 233-233.
Subburayalu, S. K., Jenhani, I., & Slater, B. K. (2014). Disaggregation of component soil series
on an Ohio County soil survey map using possibilistic decision trees. Geoderma, 213, 334-345.
http://traveltips.usatoday.com/major-landforms-ohio-63097.html
http://www.envrisk.com/services/environmental-services/do-you-need-a-phase-one-
environmental-site-assessment/
file://Zoning%20Code%202010.pdf
https://en.wikipedia.org/wiki/List_of_National_Natural_Landmarks_in_Ohio
http://ohioline.osu.edu/factsheet/anr-33
file:/Assignment-Feasibility-Studypdf-9256.pdf
https://en.wikipedia.org/wiki/Easement
https://en.wikipedia.org/wiki/Third-party_beneficiary