After a property has been identified as one of potential interest, the pre-development phase is initiated to determine what enhanced value the Owner/Developer can create with his resources and vision. Hartigan Project Management works with other Real Estate professionals to dig into the details of a project to help evaluate the costs and timing associated with the concept as it takes shape. Hartigan Project Management’s expertise lies in the following tasks:
Site Selection Assistance. Assist in the evaluation of various sites and their physical and jurisdictional attributes. Help with quick and thorough quantitative analysis as to existing site conditions, topographical characteristics, relationship to other uses, rough cost estimates, traffic access, jurisdictional constraints and local political environment, to name a few of the countless issues needing assessment before an Owner/Developer can commit resources to project development.
Due Diligence Evaluation. The Due diligence phase of Pre-development requires a thorough investigation of a property’s legal status and constraints. Our firm assists the Owner/Developer to fully vet through property title reports, maps, boundaries, easements, ownerships, and environmental status to understand the value of a property and how the constraints will limit the vision and the constructability of a real estate project.
Conceptual Estimating. Provide cost estimates based on conceptual plans (often one page sketches of the project vision). These numbers need to be comprehensive, accurate for today’s market and provide a calculated guess to future costs depending on the length of time the development will take to move to the construction phase.
Constructability Review. Often times existing structures are to repurposed or modified. The structure needs to be structurally evaluated and assessed to understand the scope of work required to provide the finished project anticipated. Our evaluation of countless buildings over the years and the team of other construction consultants with whom we have worked brings a quick, comprehensive understanding of constructability issues for repurposed developments. Also in-fill sites constraints create other challenges due to the lack of site area for staging, parking of construction personnel, construction material deliveries and unloading,
Pro Forma Development. The costs and returns of a project’s investment will be carefully and completely taken into account. The values will be updated throughout the project as new information becomes available throughout all phases of the project.
Consultant Selection. Often times certain consultants need to be engaged to help with the Pre-development evaluation. Hartigan Project Management will provide a scope of work limited to minimize upfront costs and possibly to help share some of the inherent financial risks with the various disciplines necessary at this stage of a project’s life. Our firm will evaluate proposals and negotiate these agreements
Scheduling. A comprehensive development schedule needs to be drawn up to properly prepare for managing a project. This schedule will drive decisions for various resources required, financial expectations of expenditures and returns, to help all the project resources in line with the goals set up by the Owner/Developer, align brokers and future tenants with the vision, and keep all parties involved invested in the expected timeline of the project.