Jessica’s presentation was one that
brought a more real side to the actual responsibilities of a development
manager. Her responsibilities as a
development manager at Stiles are: working with development managers on project
planning and coordination, due diligence, obtaining government approvals, and
financial feasibility analysis. She was well
prepared and provided the class with information about her latest and biggest
project so far. It is called West Lake
Commons and is located on the southeast corner of US 1 and Sheridan in the City
of Hollywood, Florida. She explained how
the property was a car dealership and had she underwent several challenges to
develop a shopping center that was anchored by Publix. The Publix grocery store across the street
decided to relocate to this new shopping because it had flooding issues in
their current location.
Jessica described in detail how for this
project there was a great deal of due diligence, was very time consuming and
how it turned to be very expensive. They
had to do a traffic study and relocate traffic lights, they also had to run
environmental impact reports and found a condition on the land that had to be
extracted. The biggest challenge was a
pipe that had to be replaced due to deterioration. She showed us pictures of the project’s
progress and shared acquisition cost of $13,700,000.00 and construction cost of
$14,000,000.00 which she noted was very high because site work incurred extra
cost. Construction cost was supposed to
be around $6,200,000.00. She shared her outline of the project beginning with
due diligence, then site planning, platting, site plan approval, leasing,
closing, construction bidding, permitting, construction administration,
certificate of occupancy and transition to asset and property management.
I enjoyed Jessica’s presentation because
she brought photos that illustrated the progress of the development; she was
open to questions and provided valuable insight into the world of development
management.
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