The Pain and Progress of Development

The Pain and Progress of Development

Jessica Joly’s presentation covered her first attempt as development manager on a major retail center and the challenges she faced in the process. Real estate development has always been synonymous with a certain level of risk, and those that dare to enter the development world will undoubtedly be faced with many surprise challenges. Jessica’s account of some of the challenges she faced in the development process captures the sense of what most developers wrestle with on a daily basis.

Most of the major issues that arose to interrupt, what would seem like a straightforward project, having a retail anchor like Publix, had to do with the site conditions and preparation. Often the issues pertaining to the site triggered certain regulatory requirements that cause significant delays and added substantial cost to the project. For example, the need for an additional turn lane to enter the site because of its layout and access requirements.

The entitlement process also uncovered major title issues that had to be resolved before permits could be issued. There was also a change in regulatory requirements from the local municipality requiring all new construction of the project’s size and scope to conform to Green Building Standards. This required the company to secure a consultant to make certain these standards were met. Once approvals were given to begin site work, and construction workers began the process of demolition and site preparation, they inadvertently ruptured a city water main, which caused another major delay and added even more cost to the already overburdened budget.

The entire process, as Jessica described seemed challenging to say the least. Yet with all the obstacles she and her team faced though the development process, the success of the project and its presence in the community reveals that it was certainly worth all the pain. As a wise man once said, “Pain is a pathway to Progress.”