What is the primary activity undertaken by developers during Phase I of land acquisition and development?

The primary activity undertaken by developers during Phase I of land acquisition and development is acquiring the land and development work. This phase is crucial as it involves the initial steps of securing the property that will be developed.

Acquiring the land is the first step because, without ownership or control of the land, no further development can take place. This process includes negotiating deals, obtaining financing, and completing due diligence to ensure that the land is suitable for the intended use. Once the land is acquired, preliminary development work may also start, such as zoning changes or initial site assessments.

While conducting market surveys, performing environmental assessments, and building construction are important aspects of the overall development process, they typically occur at different stages or can be concurrent activities that support the acquisition phase rather than being the primary focus during Phase I. For instance, market surveys help inform decisions about land acquisition, environmental assessments ensure regulatory compliance, and building construction is a later stage that follows land acquisition and initial development planning.