Design Phase
After the Phelps Development Team has worked with the Client / Owner during the initial phase to determine the feasibility of the project and define the project program requirements, the project will move into the "Design Phase". During this phase of the development process the Phelps Development Team will perform the following tasks as directed by the Client / Owner:
- Manage the design process including management of the architect, civil engineer, landscape architect, interior designer and other consultants.
- In conjunction with the architect, design engineers and the applicable building official(s), conduct a building code review of the existing conceptual design to determine how specific code requirements may impact or affect the project. In addition to providing parameters for the building design, this review will result in the definition of cost-sensitive areas, which may require detailed study as the project design proceeds.
- Oversee and manage the project entitlement process including any required zoning changes or approvals.
- If deemed necessary, file and pursue a petition for relief or variance with the building official(s) to attempt to alleviate code related problem areas.
- Conduct a preliminary project review with the local fire marshal to achieve an agreement on all fire safety issues relating to the project.
- Prepare a report summarizing the fire marshal's requirements together with recommendations. Advise the architect, the project civil engineer and other affected parties as to the requirements to be incorporated into the project design.
- In conjunction with the architect, and as appropriate, conduct a preliminary project review with the State Health Department to determine compliance requirements regarding food and beverage facilities, swimming pools and similar project features.
- Conduct discussions / negotiations with the various utility providers that will be serving the site, defining utility service agreement requirements; metering and points of service requirements, ownership and installation responsibility for utility mains and laterals that feed the site, and service and operational billing rates that may be assessed to the project. Advise the appropriate project participants of any utility service requirements that may affect their design efforts.
- Finalize Project Financing requirements. This may include:
- Preparation of financing and investment memorandums as may be necessary secure debt and equity financing.
- Review and negotiation of financing term sheets from the prospective lenders and equity sources.
- Preparation and solicitation of request for proposal documents from investment banking firms.
- Assist the Investment Banker, their bond counsel, financing advisors and underwriters in the preparation and marketing of bond offering and certificate of participation offering documents.
- Assist the Lender and Investor with the collection and review of any project due diligence documents that may be necessary for the financial closings.
- Obtain Title Reports and Insurance policies as may be required for the project.
- Draft / negotiate the various agreements that will be required for the project and the loan closing (e.g. Ground Lease Agreements, Land Purchase and Sale Agreements, Architect / Design Consultant Agreements, Construction Contract, Building Operator Agreements).
- Update the master program schedule to indicate "hard" completion (milestone dates) for critical project elements.
- Update the Development Pro Forma solidifying values for project cost components / categories.
