The Dirt on Dirt: What’s Shaping Real Estate Development Today

Real estate development is rarely as simple as finding the right piece of property and breaking ground. Rising costs, interest rates, financing, government approvals, shifting market demand, and local policy can all determine whether a project ultimately moves forward.

In this episode of Legal State of Mind, Farrell Fritz partner Michael Webb, self-proclaimed “dirt attorney,” joins Lee Peretz to unpack what developers are facing in today’s commercial real estate market and why getting a project from idea to reality often requires playing the long game.

From adaptive reuse and affordable housing to IDAs, PILOT agreements, data center moratoriums, and changing office trends, Michael shares the “dirt on dirt”: what’s shaping development across Long Island and the New York metropolitan region and what developers should be thinking about as they plan their next project.

What’s covered in this episode:

• Why today’s commercial real estate and development environment is both unpredictable and unequal
• How lengthy zoning, entitlement, and approval processes can expose development projects to changing market conditions
• Why adaptive reuse is becoming increasingly important across Long Island and the New York metropolitan region
• How adaptive reuse can create housing and bring new economic activity to communities
• How Industrial Development Agencies (IDAs), PILOT agreements, and other economic incentives can help make projects financially viable
• The difference between a development moratorium and a ban—and what current data center moratoriums could mean for future projects
• What Michael is watching in the office market, interest rates, financing, and other commercial real estate trends
• Why developers entering the Long Island market should be prepared to play the long game

Having a Legal State of Mind

Real estate development is about more than the dirt beneath a project. It’s about understanding how financing, approvals, policy, market conditions, and community needs intersect, and being prepared to adapt as each of those factors changes.

For developers, that means thinking beyond the next approval or financing milestone. As Michael puts it, there are few quick and easy victories in development. Successful projects often require patience, collaboration, flexibility, and a willingness to play the long game.

Meet Michael Webb

Michael Webb is a partner in Farrell Fritz’s Real Estate Practice Group. His work focuses on real estate development and economic development, helping clients navigate the financing, incentives, approvals, and other considerations involved in bringing projects to life.

Or, as Michael prefers to put it: he’s a “dirt attorney.” He helps clients turn dirt into something more: developments that can create housing, jobs, economic activity, and lasting change in the communities where they’re built.

Disclaimer: This podcast is for informational purposes only and does not constitute legal advice or create an attorney-client relationship. Consult with an attorney regarding your specific circumstances.