FROM SITE TO SOLUTION
Trusted Leadership
The Storm Development process encompasses the knowledge-derived expertise and project management strategy necessary for the planning and successful execution of any project.
FROM SITE TO SOLUTION
Trusted Leadership
The Storm Development process encompasses the knowledge-derived expertise and project management strategy necessary for the planning and successful execution of any project.
THE STORM development process
THE STORM development process
Feasibility
The first step for any development project is assessing its feasibility. How will the project fit into the market? Will it be desirable to end users? Does market demand justify the cost to build? Can the project achieve the necessary approvals to move forward? Tools created and utilized during the feasibility phase include physical site studies, market research and analysis, project pro forma underwriting and conceptual budgeting, and research into the availability of project financing.
Planning
Once the basic metrics of a project are determined, it’s time to lay out the plan or the path forward in order to understand the time and the specific resources that will be necessary to bring it to completion. This will likely involve assembling the project design team, engaging various engineering consultants, as well as the primary architect and civil engineer. This phase can also include managing the zoning and entitlement process to make sure that contemplated project is approved for the underlying land or project site. Once the team is assembled, continual planning and coordination efforts are needed to ensure that the design process moves along efficiently, and that deliverables and established timelines are met by all team members. A milestone schedule for the pre-construction phase should be developed with the input of all consultants to help navigate through design and the early project approvals needed to arrive at a set of complete, reliable, permit ready construction documents.
Funding
Ensuring that needed capital is available for a project is one of the most important parts of the development process, as it is necessary to execute any established plan. This can involve raising the initial project equity, deciding how much sponsor contribution is warranted, and syndicating to one or more savvy investors. It can also include going out to the capital markets when it is time to raise construction debt, or even searching for permanent debt post-construction at project stabilization. To be successful in the project funding phase, a comprehensive investment deck and detailed project pro forma are often needed, which STORM can help produce. In addition, well-organized project documentation and clear investor reporting processes need to be established at this time.
Management
This is part of the process that is necessary from project inception all the way through completion. Not only is it helpful to have STORM managing the various project consultants throughout design and potentially construction, an extended reach into project document control, information flow, and even project financing can help projects progress efficiently through the entire development cycle.