OWNER REPRESENTATIVE AND DEVELOPMENT MANAGEMENT SERVICES
Improving Performance and Mitigating Risk
All In Investments was the majority equity partner in two development projects located at 599 Clement Avenue and 1145 Pacific Avenue in Kelowna, BC. As the project progressed, All In Investments felt they required additional development expertise to assess and improve overall management and performance, prior to construction. Furthermore, the client recognized that risk mitigation strategies needed to be implemented to maintain and control project performance metrics until completion.
Implementing Risk Control Measures and Best Practices
CIC was engaged by All In Investments to provide Owner Representative services. As an expert in development management, CIC began to forensically assess the projects’ performance with the goal of relaying the challenges and implementing risk control measures that protected All In Investments’ financial return. By reviewing all documentation, contracts, financing and historical communications, CIC was able to identify and convey to All In Investments where prior challenges in project management protocol had occurred and subsequently implemented best practices to safeguard the projects’ success.
Colliers has, and continues, to provide the following services:
- Establish thorough financial controls, project reporting protocols as well as contract administration in order to better respond to equity and lender oversight obligations;
- Continual administration of the development and construction by implementation of financial monitoring and coordination with the General Contractor, consultants and sub-trades;
- Oversee and close out remaining tendering;
- Establish and monitor risk mitigation protocols and project management best practices to eliminate challenges prior to impacting critical path schedule and/or financial performance;
- Administer of a competitive process to select a property management firm and create a lease-up plan to meet asset stabilization objectives.
Projects On Track, On Schedule and On Point
CIC introduced rigor, reporting and industry best practices as Owner’s Representative and Development Manager, leading to All In Investments’ restored confidence in the successful completion of these projects. Both projects are now on track to complete as scheduled, with risk mitigation protocols in place to protect All In Investments’ equity, as well as overall asset level financial performance.