As the project progressed to draft rezoning stage, Brightside required additional development expertise to assess & 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.
CIC stepped in as the project’s Development Manager to provide additional structure and clarity to the process for the client. The first steps taken by CIC were to conduct design reviews of both interior and exterior elements to improve building efficiency, operations and financial feasibility. As an expert in financing affordable housing projects, CIC began the application process for funding and pursued grants on behalf of the client. Furthermore, CIC reviewed the design team and all contracts associated with the project.
Colliers has, and continues, to provide the following services:
- Established thorough financial controls, project reporting protocols as well as contract administration in order to better respond to equity and lender oversight obligations;
- Establishing and evaluating between the different affordable housing financing options;
- Continual administration of the development and construction by implementation of financial monitoring, scheduling and organizing the consultants, General Contractor, and sub-trades;
- Re-evaluation of overseeing of project design team contracts and controls;
- Establishment and monitoring of risk mitigation protocols and project management best practices to eliminate issues prior to impacting critical path schedule and/ or financial performance; and
- Administration of a lease and operations up plan to meet asset stabilization objectives.
CIC introduced rigor, reporting and industry best practices as Development Manager, leading to Brightside’s improved confidence in the successful completion of the development. The project is now on track to complete as scheduled, with risk mitigation protocols in place to protect the organization’s investment to date, as well as overall asset level financial performance.