Looking around for your next development project? The right company that serves as a development and construction advisor could be of assistance long before it’s time to turn a shovel.
They can help you identify opportunities in various industries and obtain existing property information from relevant jurisdictions. They can also create condition reports and needs assessments on the parcels that seem promising in the segments that are identified as the most desirable. This due diligence can help identify strong potential candidates and lower the risks you run from inadequate due diligence.
If you decide to move forward, the right advisor can then help with any needed environmental or geotechnical soils studies as well as land surveying.
And if the company you selected has all the capabilities you need, then they can assist with design concepts and programming. Looking forward, assistance waits for you with high level construction costs, the development of hard and soft costs for budget and cash flow estimates as well as an entitlement review and estimate.
You’ll then need high level utilities placement and service issues, a development schedule and a financial proforma. Throughout the process they serve as your representative and an extension of your team, and the best advisors have great two-way processes in place with terrific communication skills.
All of this can be accomplished by an outside firm before you’re ever ready to break ground – and if you don’t have the team in place or available to cover the next phase, the development and construction advisors can stay on and assist with the actual construction as they will already be immersed in the project. And if you have the folks in-house for the construction phase, then this development/due diligence team can be put to work sourcing out and evaluating additional potential projects – helping to ensure that your development pipeline stays full and your in-house team is focused on the actual construction and other aspects of their jobs.