It is easy for a commercial real estate investor, developer, or broker to skip over the (below linked) story about groundbreaking for a hospital building in Jamestown, North Dakota and move forward with his or her day. Although it is a $300 million project which fills a void, it should be seen as a real estate project instead of for the healthcare industry the property itself will serve. The new hospital has state approved funding and is expected to be completed in about two years.
Since the new hospital replaces a 140 year old project, the locals in Jamestown are well aware of this progress of the project to get to this point. This project involves more than the 300+ employees, and the construction workers and others involved in the build. It means that plenty of people will be needing restaurants, services, and possibly temporary housing. Upon completion in two years, there will be even more of a need for nearby retail, services, and residential. Let's face it that land values and construction costs in Jamestown N.D. are below those of most major cities, which opens up more profitable opportunities for real estate investors and developers.
However, the time to acquire land and make plans to jump on this upcoming opportunity may have passed. Now that construction is underway, nearby land and buildings ripe for acquisition are no longer available at the lower prices they would have been around the time the state approved the funding for this new development.
When you have a good research person or team on your side, you find out about these opportunities long enough prior to groundbreaking. Being "first in" to bid when there is little or no competition makes it easier to get a more favorable acquisition. The lesson in all of this is to, for example, be aware as soon as possible of upcoming major commercial developments. A few thousand dollars spent on research time could result in a few million dollars of added income in few years later.
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