What should be done during the feasibility studies step of site selection?

During the feasibility studies step of site selection, it is crucial to analyze market demand and project costs. This phase is essential for determining the viability of a proposed project before any significant resources are committed. Understanding market demand helps to assess whether the proposed development meets the needs or desires of potential users or purchasers in that area. This includes considering demographic factors, existing competition, and overall economic conditions.

Evaluating project costs is equally important, as it ensures that the project can be financially supported. This involves estimating the expenses associated with land acquisition, construction, labor, materials, and any possible financing costs. By thoroughly conducting these analyses, planners can make more informed decisions about whether a project is worth pursuing and how to strategically proceed in the development process.

In contrast, developing visual marketing materials, designing landscape aesthetics, and securing necessary permits are tasks that are generally addressed later in the planning and design process. They become relevant once the feasibility of the site has been established, as these steps typically follow the confirmation that the project is both desirable and financially viable.