When Trebuchet Capital Partners decides to initiate a new development project it must hit certain objectives (not in order):
- A concrete need, raison d’ être within a certain window of time and location
- Architecturally significant
- An opportunity to outperform an external or internal benchmark
- The finished building must be better than those around it
- We must be proud to attach our name or an investors name to the building
- Tenants must love it
Real Estate Development management includes every aspect of a construction project, from RFP through final sign off, including:
- Initial Environmental assay(s) and remediation
- Project Management
- General Contractor selection and oversight
Based on the investors desired level of control, a skilled development manager is responsible for, first and foremost, in the role of the investor’s representative throughout the course of the job and offers services cohesion from initial RFP all the way to final signoff.
Supplemental responsibilities consist of planning drawings to technical specifications managing and overseeing scope, specific situations, records, and budget concerns. The investment manager also investigates service provider and materials supplier initial qualifications and makes certain that the building project fulfill all requirements.
There are two phases associated with development management in which development managers concern themselves: pre-building development and the actual construction.
Pre-building development stage
During the organizing, design, and pre-building stage, the General Contactor works with the investment manger and architect in an effort to define the building project’s extent, budget, along with other basic aspects like energy efficiency, style, structural integrity, final market value, and mechanical and electrical systems before construction commencement. The manager also ensures that materials comply with specifications and are contained within the forecasted budget.
This is the stage where all the pre-building planning is executed upon. This stage handles the physical building development contingent on the specs, chosen vendors, and forecasted budgets with variance allowances as discussed in the earlier stage. The construction manager coordinates and oversees:
- On-site construction guidance and control
- Project Management
- Project cost accounting and management
Sub section responsibilities:
- Measurement of realized vs budget forecast allowances and mitigation of any cost overruns
- Evolution of budget and variance/slippage for materials
- Construction of the project management schedule and its maintenance/updates
- Supervising the building development progress
- Scheduling on site walkthroughs with municipal building code inspectors
- Arrangement of material storage, delivery and security
- Rental and scheduling of cranes and other construction equipment including on site lighting
- Managing any rework or warranty work with the investment manger or building tenants, installation and set up of building monitoring systems, as well as any post development issues.
QC (Quality Control) QA (Quality Assurance)
Throughout the building development and upon completion, QA and its control is crucial to ensure that the end product complies with the original requirements, requirements, and subsequent performance objectives. Development managers guarantee that the project is held to the forecasted budget analysis, but that the actual finished building is structurally sound and conforms to all building and local codes including LEED certification, if within that scope.