Initial Phase
During the “Initial Phase” of development, the Phelps Development Team can provide the following tasks:
- Conduct a joint review with Client / Owner and other project team members to determine the goals for the project.
- Solicit a Project Feasibility (Marketing) Study to determine whether the project goals can be attained.
- Assist the Client / Owner with the selection of a site (if required), including the preparation of a land purchase documents.
- If the site will be developed upon under a ground lease agreement, assist the Client / Owner with the review and negotiation of a Ground Lease Agreement.
- Solicit and review Title Report documents that are required for the land purchase / ground lease (including review of any title exceptions, covenants, conditions or restrictions that may exist with the property).
- Define project concept / program requirements.
- Evaluate the project goals as they relate to the positioning of the project in the marketplace.
- Procure and manage project site due diligence / engineering studies.
- At the conclusion of the due diligence / engineering studies prepare a detailed report recapping the conclusions of the various studies and the viability of the site for the contemplated development.
- Coordinate with applicable planning and zoning officials and utility companies to determine whether there are any project specific requirements, which must be fulfilled to enable the project to be entitled for the proposed use. If necessary, retain the services of a planning and zoning consultant to represent the project's interests throughout the entitlement process.
- Prepare a report detailing project specific entitlement requirements together with an assessment of their potential effect on the project.
- Review the title reports for easements, right-of-way and setback requirements that may have an impact on the project.
- Prepare of a Conceptual Development Pro Forma to evaluate the feasibility of the project.
- Prepare cash flow schedules to determine the funding that will be required for the project both before and after the project financing is in place.
- Review with Client / Owner the various financing options that may be available for the project (conventional financing, bond financing, certificates of participation, tax increment, municipal improvement districts, public/private partnerships).
- Prepare preliminary sources and uses of funds schedules showing how the project will be funded.
- Conduct preliminary discussions with potential lenders / investors about their potential interest in the project.
- Prepare a master schedule for the development of the project (this will include a breakdown of the timeframes that will be required for the engineering studies and project design; project entitlement / agency approval; project financing; construction and Client / Owner / Tenant move-in).
- Prepare and distribute bid documents necessary to solicit proposals for architectural and engineering services, interior design services and landscape architectural services. Upon receipt of bids / proposals, analyze proposals and negotiate contracts in collaboration with the Client / Owner.
