Land Development

Case Study

In 1998 Thomas Manz acquired 78 acres of industrial zoned land and immediately began to negotiate a development agreement with the City of Galt and its Redevelopment Agency. After several months of entitlement work, Mr. Manz succeeded in finalizing a favorable 10 year development agreement with the City of Galt which capped the building permits and impact fees to less than $1.00 per building square foot, while the neighboring municipalities were charging development permits and fees in excess of $5.00 per square foot. By effectively negotiating this beneficial development agreement Mr. Manz gained the ability to provide a cost competitive advantage to users/tenants throughout the Northern California market. Ultimately, Mr. Manz constructed 8 multi-tenant buildings totaling over 410,000 square feet of space within the 10 year development agreement term. By providing high quality buildings with a lowest cost advantage the developed industrial park was stabilized with businesses/tenants soon after completion, even though the location was considered a secondary market by the brokerage community. In addition to constructing this multi-tenant business park, Mr. Manz negotiated and completed the sale of 20 acres of land to Cardinal IG (www.cardinalcorp.com) which constructed a 300,000 sf state-of-the-art emissive glass coating and manufacturing assembly plant, one of the largest in the world, and also successfully negotiated the sale of another 20 acres to El & El Wood Products, Inc. (www.elandelwoodproducts.com) which constructed (managed by TM & Associates, Inc.) a 225,000 high cube Class A distribution center with over 15,000 square feet of Class A corporate office space. The execution of this entire industrial business park has assisted in the creation of hundreds of jobs within the City of Galt and has generated much needed tax revenue for the City.