Development Administration is the process of overseeing and controlling the development of a real estate project from conception through completion. Along with selecting and directing a team of qualified professionals to a successful conclusion, the Development Administrator represents the client in the day-to-day administration of the development process.
The feasibility analysis will evaluate the financial acceptability of the proposed project as it relates to the client’s investment and corporate goals.
Permit and Approval Coordination
The Development Administrator not only directs the documentation and application for all required approvals, but also establishes a budget and time line.
Project Team Selection
The Development Administrator will assemble a project team staff and will define their scope of services for the approval of the client. The Development Administrator will negotiate fees for professional services, define the relationships among the team and review contracts for execution by the client.
The MEG Companies will select contractors through a selective bid process, negotiate on behalf of the owner, recommend a negotiated contract with a project team member, and prepare and/or review contracts for client’s execution.
The Development Administrator will track progress, monitor expenditures and continually apprise the client of the status of the project through written reports.
If appropriate, The MEG Companies will prepare a financing package for presentation to construction and/or permanent lenders. MEG’s thorough understanding of the lender’s underwriting requirements will assure a quick response with favorable terms.