A feasibility study is essential in the early stages of a construction project. It helps identify any risks or potential problems that could occur during the project. Such a study assesses the technical and economic viability of a project, allowing a more accurate estimate of the cost and the time required to complete the work. It also looks at the potential impact of the project on the environment and on society. In this article, we will focus on site feasibility studies for construction projects.
What Is a Site Feasibility Study?
A site feasibility study consists of the analysis of a property to see if it meets certain criteria that make it a suitable location for development. Construction site feasibility studies are usually conducted by developers, investors, or lenders before they decide to invest in a property.
The criteria that a property is evaluated against can vary depending on the main purpose of the study. For example, if the main purpose of the study is to determine whether a property is suitable for commercial development, the criteria would be different from those used to judge a site intended for residential development.
What Should be Included in a Feasibility Study?
Most feasibility studies include analyses of the following site characteristics. These include:
- Zoning Regulations: The property must be zoned for the type of development that is being proposed. This is one of the most important criteria, as it can determine whether or not a project is even possible. During the feasibility study, the zoning regulations that apply to the property will be reviewed to see if they allow for the proposed development.
- Location: The location of the property is another important criterion. The feasibility study will consider the surrounding area to see if it is suitable for the proposed development. Factors such as accessibility, traffic, and noise levels will be considered.
- Topography: The topography of the property will be reviewed to see if it is suitable for the suggested structure. The feasibility study will look at things such as the slope of the land, the soil type, and the drainage. A property with a steep slope, for example, might not be suitable for a development that requires a flat surface, such as a commercial or residential building.
- Infrastructure: The feasibility analysis will also study the existing infrastructure in the area. This includes roads, sewers, and utilities. The study will determine if the existing infrastructure can support the proposed development.
- Environmental Factors: The feasibility study will also consider any environmental factors that could impact the proposed development. This includes things like wetlands, floodplains, and endangered species. The study will determine if the proposed development would harm the environment.
Best Practices in Conducting A Site Feasibility Study for Construction Projects
Over time, a set of best practices for conducting construction site feasibility studies has evolved. These include:
- Define the Scope of the Study: The first step in a feasibility study is to decide on its scope. The main purpose of the study must be agreed upon between the customer and the developer. All of the project site requirements must be captured in the scope, as well as the criteria that will be used to evaluate the property against those requirements.
- Review Existing Studies: If there are any existing studies of the property, such as environmental impact assessments or zoning studies, these should be reviewed. This will help to save time and resources.
- Conduct On-Site Inspections: A site feasibility study should include on-site inspections of the property. This will help to provide a better understanding of the property and its potential.
- Anticipate Potential Setbacks: There are always potential setbacks that can occur during a site feasibility study, such as the unavailability of data or difficulty in getting accurate data and information from reliable sources. It is important to anticipate these and plan for them accordingly. This will help to keep the study on track and avoid any delays.
- Set Realistic Timelines: The timelines for a site feasibility study should be realistic. This is important so that the study can be completed on time. If the schedules are impractical, it could lengthen the feasibility study’s completion and delay the project. If delays do occur, they should be communicated to the client so that they are aware of the situation.
Expert Site Feasibility Studies With Burrell
A site feasibility study is a crucial step in any construction project. Doing it right ensures a project’s success. For expert tips and implementation, contact a Burrell CG representative today.
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