As the Owner’s Representative, Norton+Loft prides itself in its ability to oversee the progress of the project and ensure that the Owner’s interests are met. Owner Representation services include:
Evaluating the Development Property and proposed area of office, retail, and residential space, as permitted for the site, and estimate the needs for the established duration at the proposed project area. Identify and evaluate the opportunity costs of the project as a development package for resale compared to the occupancy costs of developing and leasing the property and develop a methodology to determine whether the Ownership should build or lease to meet its needs, and maximize profits. Provide recommendations and an implementation plan for the Ownership to meet its projected needs and quantify the costs of the recommendations as compared to the alternatives.
Develop performance benchmarks for the real property service providers and the real property within the control of the Ownership based on industry best practices. Prepare an implementation plan to prioritize and achieve these benchmarks that includes a gap analysis based on current practices in relationship to the industry.
Perform an opportunity assessment of the significant real property assets as defined by our agreed upon model and conduct an operational assessment of the real estate business processes for disposition. This objective shall include:
i. Develop a methodology and implementation plan to reduce operating costs that prioritizes the largest cost reductions first.
ii. Develop a methodology and implementation plan for the parcel to periodically and independently evaluate, and prioritize by potential savings, owned and leased real estate within the authority and control of the Ownership to determine if the property is underutilized or surplus and to better use or dispose of the property.
iii. Analyze the Ownership’s real estate business processes relative to the project location and develop a plan to prioritize and re-engineer these processes to improve service delivery, lower costs and improve asset management, as well as a detailed implementation plan.
iv. Specific to the combined parcel, create a comprehensive inventory of the existing Concept Plan, evaluate its effectiveness and financial viability, engage several engineers with Requests for Proposals and solicit ideas for the project Master Plan, assist in developing an overall Master Plan, advise on best practices for implementing the Master Plan, provide Project Management Oversight and Administration of the project, overseeing the entitlement process, and assist in identifying statutory and regulatory authorities and current laws and processes that govern the development, use, management and disposal of the real property assets and make recommendations for reform in priority order that lower costs and improve service delivery and asset management.
Evaluate the Real Estate Services organizational structure to be executed for the entire approach. Validate the existing structure or recommend modifications to improve efficiency and effectiveness. Prioritize the recommendations and quantify the expected costs and benefits of implementation.
Norton+Loft and it’s affiliate firms have experience in each of the following real estate disciplines:
- General consulting and strategic planning services for both public and private real estate owners.
- Business process assessments and reengineering
- Performance benchmarking
- Facility operations assessments
- Quantitative and qualitative analysis of real estate decision-making
In addition, our firm has experience in each of the following areas:
- Financing of real estate transactions
- Property valuation
- Property management
- Facilities management
- Real estate project management
- Due diligence reviews
Project Management Oversight/Development Management – General Areas of Responsibility
As the Contract Project Manager we are responsible for the day-to-day management of the contract services, including overall performance and contract compliance.
As the Contract Project Manager we are also be responsible for managing and coordinating the Bidder resources, including any sub-contractor resources, assigned to the contract, and ensuring that all tasks in the project schedule are executed in keeping with the schedules and project requirements.
As the Contract Project Manager we identify problems, any potential problem areas, recommend solutions, and work closely and cooperatively with the Ownership to resolve issues quickly and fairly.
As the Contract Project Manager we also provide the Ownership with bi-weekly written status reports regarding actual progress as compared to what is projected in the work plans. The Contract Project Manager is responsible for quality control over all deliverables submitted for review.