In Land Development, "The Money is Made in the Buy" as the saying goes. And nothing could be more true. It starts with identifying a site that meets the needs and goals of the Owner. MAD performs site location and negotiation assistance during the purchase process. Once under contract, it's critical that proper analyses of site condition reports, soil reports, environmental reports, off-site improvement requirements, and current zoning to name just a few can make all the difference in the project profitability. Surprises in this business are calculated in six or even seven figures. Fortunately, MAD has extensive experience in Due Diligence procedures to ensure the project proforma is accurate.
MAD recognizes that this is the most critical step in the Land Development process. It is also the most difficult task to complete because the calculations heavily rely on projections from a Market Study, Financial Forecast, Absorption Rates, and many other variables. When all variables are identified and assembled into a completed Feasibility Study, the result will dictate if the project proceeds. Historically, only 1 in 5 projects ultimately meet the Developer's required ROI demanding rigorous feasibility to ensure the other 4 in 5 projects are accurately identified to ensure time and money isn't wasted chasing bad deals.
Managing design personnel is a key ingredient of any successful project. MAD has the expertise to guide architects, engineers, and other professionals to keep them on time and within budget. We understand the local permitting process and are masters at navigating the bureaucratic maze of red tape. Understanding every aspect of real estate development ensures that each project consultant executes a MAD prepared contract and project specific scope of services to ensure the resulting design or report is done correctly the first time. One of the largest delays in real estate development is consultants providing an inaccurate or materially deficient product requiring revisions and downstream delays.
Solid construction management and administration is critical to delivering a project on time and at budget. Oftentimes when companies are asked what their biggest hurdle is during construction, the most common answer is a need for better project managers. However, after a career providing project management and analyzing litigation the real culprit lies in poorly prepared contracts, incomplete scopes of work, and overall defective vetting of the subcontractors. Unlike other aspects of the real estate development process wherein it isn't too burdensome to switch consultants, replacing a subcontractor midstream can be disastrous. The value in having the experience necessary to successfully underwrite and contract the project development team is intangible as no other segment of the real estate development process has a higher potential to destroy schedules and margins.
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