The Cosmopolitan Resort Casino
Las Vegas, NV
IVI's Owner/Tenant Representation Service is staffed with industry professionals in the development and construction delivery process. Principals of the firm have hands-on experience with the real estate development process encompassing entitlement procurement, design, construction buy-out, project management, and close-out. Our goal is to help you bring your project in within budget, on time, and with minimal exposure to the inherent risks often encountered in real estate development and construction. We serve as your proverbial "eyes and ears."
To assess project feasibility and to mitigate risk, our Pre-Construction Services include analyzing and evaluating: the construction delivery process; entitlement procurements; retaining of designers; consultants, and constructors; project management; bonding; construction budgets; schedules; and contract documents to assess project feasibility and mitigate risk. Alternatively, we can provide an authoritative "second opinion" on any facet of a project. We also ensure the appropriate monitoring controls are in place during construction to ensure adherence to budgets, schedules, and the desired level of quality.
Another vital attribute of our service is our ability to assist your attorneys - who may not have a project management, construction finance, or technical background - with drafting provisions of joint venture, design, or construction agreements. We review and recommend contract clauses that serve to protect our client's interests, point out unacceptable risks, and we advise on commonly accepted industry practices and contract negotiations.
222 Riverside Drive
New York, NY
We will assist ownership with identifying, qualifying, selecting, and retaining the required resources to build the project team. Should we be brought in after the majority of the project team is in-place, we will determine whether project management, the contractors, and the designers have the experience, know-how, and staff to complete the job to your satisfaction.
Review of Agreements
Assist with the drafting of the partnership, design, construction, and construction loan agreements to make sure that you are protected for matters regarding cash-calls; change order review and approval; funding of stored materials, general conditions, and fees; and ongoing contract administration roles of the designers-of-record.
We provide an authoritative review of the project's indirect and direct costs as a result of monitoring over a hundred ongoing assignments and having an extensive, historical cost data bank containing the actual incurred costs for over a thousand projects. We will answer key questions regarding budget sufficiency, allocations, and contingency.
Review of Drawings and Specifications
We will provide an analysis for completeness and compliance with commonly accepted design practices and the goals and objectives originally established, including schedule.
Project Management Issues
Assessment of Environmental Risk
We review the Environmental Site Assessment report for adequacy and to determine whether any testing or research is warranted.
Testing and Quality Assurance
We review the quality control program for adequacy of third party testing and the roles of the various designers-of-record for conducting periodic site visits to ascertain compliance with the design documents and adherence to commonly accepted levels of workmanship.
Project Schedule Review
We advise on governmental permitting, design, and construction durations to determine if the construction schedule desired is achievable. We will determine whether the contractor's schedule is attainable, sufficiently detailed, and appropriate to address moisture-related issues during the "open" phase of construction.
We will identify or evaluate proposed cost reduction opportunities to determine their impact not only on costs, but also on long-term maintenance/operating costs, their expected useful life and aesthetic or physical impairments to the building.
Review of Tenant Work Letters
We review the tenant work letter to determine if it is considered standard in the marketplace. We will determine if it equates to the landlord's dollar per square foot improvement offer and how change order adds and deducts will be equitably managed.
New York Times Building
New York, NY
Serving as your representative during construction, we offer customized Project Management Oversight (PMO) services tailored for your project and risk position. As an independent source of objective information and analysis, we monitor all aspects of the project to help you anticipate problems so that preemptive corrective action can be taken. Our progress status reports clearly and concisely inform on project management and criteria such as adherence to budgets, scheduling, contract drawings and specifications, and quality standards.
Representation at Meetings
Design review, value engineering work sessions, and project meetings.
Monitoring Compliance with Agreements
Partnership, design, and construction.
Compliance of the Work with Contract Documents
Monitoring compliance of the work with the approved drawings, specifications, and desired levels of quality.
We monitor the direct and indirect cost budgets against trade payment breakdowns and payment requisition line items, and analyze
general condition backup receipts.
Review of the Construction Schedule
We monitor the construction schedule against actual progress of the trades to assure that the project will be completed on time or to advise you of schedule overruns that could impact delivery and holding costs such as financing and general conditions.
Contractor Payment Requisition Review
Certification of work-in-place, and review of on and off-site stored materials.
Designer Payment Requisition review
Review of architect and/or engineers' invoices for compliance with design agreements and appropriateness of any additional fees.
Change Order Analysis
A review to determine if the costs are commensurate with the value added or deducted. Also, we will make sure that the anticipated change has the designer's consent so that it will not materially impact aesthetics or building operations.
Upon completion of your project, IVI offers closeout and acceptance services the review the following documentation:
Review of drawings, landlord improvement budgets, change orders, punch lists, and acceptance of work.