3RE Development is a full-service developer and Development Manager to private equity investors for projects throughout the country and abroad. With a focus on highest and best use in predevelopment, design and engineering during preconstruction, construction contract negotiation and buyout, construction phase monitoring, and fiduciary oversight on the equity outlays by ownership, 3RE seeks highest return yield on cost combined with extraordinary design quality. 3RE has a long track record as a successful fee developer providing expert management services to the largest and most active global private real estate equity firms by guiding the project team from early conception to final delivery and beyond.
3RE possesses the expertise and experience to lead as a general partner or third-party fee developer. Regardless of the role, we approach all projects with the same performance-driven intent: to drive the entire development process to a successful outcome.
Commencing with deal underwriting and thorough due diligence, and culminating with final completion, we begin with the end in mind, seamlessly executing as an expert to the key stakeholders.
- Prepare project team RFPs for design, engineering, and general contracting teams.
- Perform comprehensive due diligence culminating in a summary report including but not limited to:
- Develop preliminary plans and specs to seek highest and best use fit-test analysis
- Obtain qualified environmental and engineering reports and surveys
- Seek to secure utility will serve letters
- Obtain necessary entitlements, permits and develop a permitting schedule
- Prepare development and construction budgets
- Prepare development and construction schedules
- Initiate preparation of an executable construction contract
- Coordinate insurance underwriting requirements with insurance consultant
- Coordinate with lenders to source necessary construction loan
- Actively manage design and engineering consultants and provide necessary assistance and expertise to deliver the project on-time, on-budget and to a quality standard specified in the construction documents
- Provide comprehensive monthly executive reporting
- Prepare and submit monthly Funding Request for approval and payment of preconstruction services
Approvals & Buyout
- Manage design and engineering team through to completion and submission of plan check documents and obtaining of all necessary building permits
- Manage construction documents and specifications for the procurement (buy-out) of all necessary project scope and material
- Coordinate owner furnished items such as FF&E, specialties, art, etc.
Construction & Schedule Management
- Drive to the execution of an owner-drafted or AIA type construction contract
- Manage the General Contractor and perform construction activity monitoring from groundbreaking to substantial completion, ultimately leading to obtaining a Certificate of Occupancy by the local authorities having jurisdiction
- Manage regularly scheduled Owner-Architect-Contractor (“OAC”) progress meetings as well as other required meetings or calls necessary to support the project
- Inspect project under construction in-person as necessary for status of progress against the General Contractor’s construction quality and schedule to confirm project is progressing in general compliance with the plans and specifications and percentages complete claimed on the submitted pay application
Budget & Change Management
- Review and approve all Change Orders
- Prepare monthly draw request for Owner/Lender approval
- Review and approve General Contractor’s monthly pay application
- Perform quarterly detailed review and anticipated cost forecast of the overall development budget
Operations Start-up & Commissioning Support
- Coordination with Operations and start-up.
- Coordination of FF&E move in and installation.
- Coordinate procurement of any operational licenses required for operations.
- Review and approve all O&M manuals, trainings, and warranties for conformance with project specifications
- Receive and account for attic stock per specifications
- Receive and approve all as-built documentation
- Close out General Contractor and design team contracts
- Transfer all General Contractor close-out items and documentation to Operations team
- Confirm project has been moved to ownership master GL and Property (and Environmental as applicable) insurance policies with COI on file
- Review lender close out checklist and confirm items are complete, compiled, and ownership has distributed to lender
- Conduct post project evaluation and lessons learned exercise