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Due Diligence Documentation "Exhibit A-4"
Architectural Firm Personal Resumes
The following notes
are provided pertaining to this exhibit:
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What: background
information on the project's architect and support personnel is required for
due consideration prior to an investor making a purchasing decision of
fractional ownership units. The Design/Builder makes the final
decision but the Developer has the right of review and consent.
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When: during
the pre-construction phase of the project as the project architect will
complete a large measure of the work required of the project
architect. Accordingly, consideration is required as soon as the
market feasibility analysis report (see Exhibit
F-3) is complete.
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Why: there
are significant risks in developing a commercial income-producing
property. One of the key development risks is the risk the project
architect will create incomplete, inconsistent or erroneous design documents
resulting in the proposed project taking longer to complete and potentially
having to add additional capital funding to the transaction so the
construction can be completed. These risks require us to take the
elemental steps of ensuring the proposed project architect has experience in
completing essentially similar buildings in the recent past and that these
projects were finished on time and on budget.
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Where: the
architect is hired at the pre-construction phase by, in most cases, the
Design/Builder.
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How: direction
to the project architect must be given through the Design/Builder creating
an opportunity for the Design/Builder to increase (or decrease) the
profitability associated with job. The Design/Builder becomes the
focal point for construction completion and not the Developer because the
Design/Builder is the only entity in the program that can manage
construction risk for the benefit of the Owner and the proposed Project.
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What's important:
resumes showing 10+ years of experience with accomplishments of essentially
similar projects (in both scope and cost) to the proposed project seeking
syndication.
For more information, please contact us at 832.659.5009 or via email at info@realestateplays.com.
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