Commercial Real Estate
The Discovery Stage of development includes the Project Programming, Site Selection and Feasibility Studies and Schematic Design project phases.
Programming is the research and decision-making process that identifies the scope of work to be designed. This critical phase determines the space types and square footage requirements for the near-term and long-term, required equipment for each space and any special needs of said equipment, how people work/live within these spaces and how the spaces and people interact.
Site Selection and Feasibility Studies
The selection of the development site may happen before or after project initiation. Regardless, our Development team will complete a series of evaluations and studies to determine if the project will be feasible within the limitations of available locations, financing, budget requirements, required deliverables identified during programming, and the owner’s short-term and long-term goals for the asset. Wiggin Properties will also assist the owner in securing a development site for the project, if needed.
A series of conceptual designs incorporating requirements identified in the programming phase as well as the building systems to support these requirements are made. Typically, multiple iterations of the schematic designs are created. As the design stage nears completion recommended materials, colors, fixtures and equipment are incorporated into the design.
Following completion of the schematic designs and selection of equipment and materials, a comprehensive set of plans and specifications will be created to be used in project permitting and creation of the scope of work. The scope of work is split into bid packages to obtain competitive quotes from subcontractors who specialize in different aspects of construction (mechanical, electrical, plumbing, finish cabinetry, etc.).
Scope of Work, Budget and Timeline
Based on the scope of work and analysis completed during the discovery period of development, our team will create a comprehensive project budget and timeline. The detailed timeline will have clear staged deliverable deadlines to provide a clear roadmap for on-time project delivery.
Project owners may elect for our Development Team to provide consultation and assistance developing a project financing package that may or may not include city, county and state tax incentives or financing assistance, New Markets Tax Credits, historical tax credits, investor groups, master lease financing, loans or other means of financing. Many of these financing strategies require specialized ownership structures, most of which we’ve encountered on previous projects.
In the construction phase, our development team takes on the role of the building owner, overseeing the schedule, managing costs and payments, and insuring quality standards are met. The phases of construction include site preparation, framing, installation of building systems, space build-outs, finish work, exterior spaces and landscaping. Upon completion of the building, our team, in conjunction with the design team, will prepare a punch list of items requiring corrective action before signing off on completion by the construction team.