Feasibility study

A feasibility study, fizibilite in Turkish, asks whether an investment makes sense before any money is committed. For an architectural project it brings together the site’s zoning conditions, the buildable area, the estimated cost, expected sales or rental income and the timeline. At the end, the investor decides whether to go ahead and, if so, with which scenario.

What an architectural feasibility study covers

• Zoning certificate, plan notes and legal constraints (in Turkey, values such as TAKS and floor area ratio)
• Massing options within the coverage, floor area and height limits
• Unit mix and saleable area
• Approximate cost and cash flow
• Market, location and target users

Looking at these together often shows that the scenario with the largest floor area is not always the best one.

Feasibility with images

Massing models make a feasibility study’s numbers easy to grasp. Comparing layout options through simple renders helps investors and lenders understand a project quickly. On projects planned for off-plan sale, the same images also become the first marketing material. We look at this in 3D visualization for investor presentations.