Founders consistently underestimate how long it takes to go from "we need a building" to "students walk in the door." This guide lays out a realistic timeline by phase so you can plan backwards from your target opening date. These are planning ranges only: your local market, the specific deal, and the scope of work drive the actual numbers.
Each phase below carries a planning range, not a guarantee. Some phases overlap (due diligence runs while you are under LOI), and permitted drawings or a heavier buildout can stretch the back half of the schedule considerably.
| Phase | Planning range | What to expect |
|---|---|---|
| Site search | 6–12 months | Finding a workable building takes longer than founders expect. Plan for it. |
| Letter of intent (LOI) | 2–4 weeks to negotiate | Ask for 90 days for due diligence in the LOI before you sign anything binding. |
| Due diligence | 60–90 days | Zoning verification, code review, environmental, inspections, financing. Runs while you're under LOI. |
| Lease signing | 30–60 days after LOI | Legal review, landlord work letter, and final terms. |
| Purchase close | 60–90 days after LOI | Title, survey, appraisal, financing, and closing. |
| Permitted drawings & municipal review | Add 3+ months | Anything requiring permitted drawings adds 3+ months for municipal review. In California, be prepared for a year or more. |
| Renovation / buildout | 3–9 months | Depends on scope. A light TI is shorter; a Group E conversion or full buildout is longer. |
| Certificate of occupancy & move-in | 2–6 weeks after construction | Final inspections, CO issuance, FF&E install, and staff training before students arrive. |
Local markets, deal specifics, and authorizer or licensing timelines can shift any of these ranges. Verify with your broker, attorney, and local building department before you commit to an opening date or a binding deadline. Build the timeline into your Letter of Intent contingencies so you are not boxed in by a date you cannot hit.
Plan for roughly 18 to 24 months from the start of a serious site search to move-in. Site search alone often runs 6 to 12 months, due diligence 60 to 90 days, and renovation 3 to 9 months depending on scope. Anything requiring permitted drawings adds 3 or more months for municipal review.
Due diligence typically runs 60 to 90 days and usually happens while you are under a letter of intent. It covers zoning verification, code review, environmental assessment, inspections, and financing, each on its own track.