Feasibility studies are crucial in real estate investment, particularly for Value-Add and Opportunistic funds. The AI assistant provides preliminary zoning data on units allowed, parking requirements, maximum building height, and FAR, helping uncover a property’s true potential.
The AI-Assisted Feasibility Study in Action
The AI assistant analyzes property 133 NE 24 ST, initially a promising 161 units development requiring 241 parking spots. This results in a 43-story tower—well above the 12-story limit. However, the most limiting factor is the 6.25 FAR, which includes a 25% bonus.
Adjusting for Constraints and Realistic Potential
The assistant reduces the project to 12 stories, and the FAR becomes 11.80, still above the allowable 6.25. After adjusting the project to 6.25 FAR, the building is 7 stories and only 23 units. This outcome may disappoint, but it reflects a more feasible development for the site.