Property Review/Constructability Rationale
Report Services
The Velez Organization has completed over $750 million dollars of new construction and renovation projects over the past 37 years. Our project experience encompasses major commercial and institutional work, as well as over 600 units of new residential housing throughout New York City. As a construction manager, developer, and general contractor, we possess a unique insight and approach to evaluating the viability of any project, from design concept, budgeting/scheduling, to construction completion and obtaining all necessary permits and Certificate(s) of Occupancy needed for successful turnover. We have represented financial institutions and Owners seeking a pragmatic and effective approach to property review and constructability review. Although we customize our services on a project by project basis, our general approach will include the following scope of services:
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Phase I: Initial Approach:
1. Identify the initial property addresses to review with a focus on greatest equity potential.
2. Verify the current and historical status of the project design filings, violations, open permits, contractors of record.
3. Conduct site visits to review project progress/status of completion. To do this, we would ideally need the contact information of a responsible project representative, and notice that Velez will be on site to conduct a project inspection or review.
4. Complete a project comparable appraisal to verify the "As-Is" and "Completion" market value.
5. Produce an Initial Evaluation Report. This Initial Evaluation Report will be issued on the initial properties within one to two weeks from approval based upon availability/consent to access the properties.
Phase II: Constructability Review:
Based on the review and direction given as a result of the Initial Evaluation Report, the following is the recommended next step:
- Obtain consent/approval on the properties that require Velez’s active assistance in completion.
- Complete a Constructability Review of the projects which would involve a detailed review of the project plans and specifications, develop a detailed completion cost estimate, and a completion schedule
- Evaluate which projects require construction management services. Velez will represent Lender to assist the property owners to project completion using the contractors that are currently on site to facilitate completion. Closeout, and obtaining the necessary project approvals, Certificate(s) of Occupancy, etc.
- Evaluate which projects require construction management/general construction services. Velez will represent Lender to assist the property owners to project completion by bringing in replacement contractors complete the project work. This would involve re-filing certain trades (ie: electrical, plumbing) with the New York City Department of Buildings, purchasing project materials, putting in place a site project management staff, completing construction, closeout, and obtaining the necessary project approvals, Certificate(s) of Occupancy
Phase III: Project Completion:
Complete the designated/agreed projects as Construction Managers and/or General Contractors.
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