A dip into the estate development waters- Part II

Dec / 03 / 2018

The Project Team; They convert the concept into a real property.

Before project work begins an Internal Project Team is formed. A host of specialists from different required fields.

Project Manager

The Project Manager coordinates all aspects of the project with the Project Team and reports to the Director of Development -- the Director of Development reports to the Housing and Development Committee of the Board.

Project Coordinator

The Project Coordinator works closely with a Project Manager, he reports and is given direction by the Project Manager.

Marketing Coordinator (Consultant)

The project may require the experience of a marketing consultant to develop and coordinate a strategic marketing plan to create customer value for the project.

General Contractor

The contractor is hired by the organization to build the project according to the plans and specifications and timelines on which the contractor bid and for which he was awarded the contract. The contractor works with the Architect and reports to the Project Manager.

Construction Supervisor

The construction Supervisor works for the contractor and with direction from contractor, may also report to the Project Manager. The Construction Supervisor supervises the daily operations at the construction site and makes recommendations to solve problems. The Construction Supervisor works with the Project Manager and the Architect to resolve differences as they develop including change orders, draw requests, and other concerns, to the Developer’s satisfaction.

Architect

The Architect is one of the first to be hired – often to lead concept workshops, but primarily to design the project according to the criteria set forth by the Developer and within the restraints of the Developer’s budget. The Architect is responsible for value engineering and may assist the Developer in putting together an efficient team to build out the project. The Architect signs off on the draws and may be hired at an additional expense to inspect the project and confirm that the project is being built to specification.

Legal/Title Company

A Title Company is selected by the Developer to close the financing on the project, provide Title Insurance for the project, review the drawings and disburse payments for the project, receive all lien waivers on the project, and perform the final closing and reconciliation for the disbursement of all funds for the project. The Title Company works with the Project Manager on any discrepancies or problems that need resolution and may establish an escrow to hold funds for final distribution.

A major piece of the project is the legal component. The legal documents of the project will be drawn up or reviewed by outside counsel who may or may not work on a pro-bono or reduced fee arrangement with the CDC, because the legal work is critical to the success of the project

After property had been built, comes in the Property managers. They see to the day-to-day management and maintenance of the facility to bring value to both the developer and the client/user.

It takes a man with an idea but a team to execute to perfection. Becoming a developer starts with knowing this basic fundamentals. At Devtraco Plus, we are equipped with a team of great standing who have driven ideas and renderings to remarkable developments which have won us several awards in the industry. Book a tour today.

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