Murow Development Consultants provides Due Diligence services on a variety of projects for major Public/Private Residential Builders and Developers, Commercial and Industrial Builders and Developers, Equity and Debt Firms, Oil Companies, Land Owners, etc. We leverage our over four decades of experience & expertise to identify exposures and develop creative, efficient, and cost- effective solutions to quickly provide the decision makers with the necessary information to make informed “Go/No Go” decisions on the project being analyzed.
We implement a Gate System methodology that analyzes complex real estate development projects from the initial underwriting through the course of entitlement and development. The key function of this system is to provide our client the ability to analyze prospective projects in an efficient and incremental manner allowing our client to limit their capital outlay and diligently work through the time constraints of the due diligence period. If at Gate 1 (Initial Feasibility) the economics or other factors identify fatal flaws, the decision making can be quick and efficient. If Gate 1 is passed, then the same process goes with the upcoming gates as we move through the discovery and vetting process.
Gate System: (Note: all Due Diligence Gates include Risk Analyses & Recommended Actions)
- Gate 1 – Initial Due Diligence
- Gate 2 – Assumption Vetting Phase
- Gate 3 – Engagement of the Project Consultant Team
- Gate 4 – Analysis of Consultant Reports/Plans
- Gate 5 – Compilation of the Final Feasibility Report
- Gate 6 – Manage & Direct the Project Team in Support of the Entitlement
Our Due Diligence Services include, but are not limited to the following:
- Research pertinent data bases for salient project information
- Entitlement Status/Process – Review existing entitlements vis-à-vis the proposed project development
- Development Status
- Review Available Documentation/Conditions of Approval relating to required obligations/requirements of the Property
- Provide a Roadmap for Required Approvals/Project Schedule
- Title Review & Title Exception Letter
- Secure Will Serve Letters
- Consultant Procurement/Consultant Management of applicable feasibility study areas
Our Due Diligence expertise is applied across all product types. We deliver a high-quality product within our client’s deadlines. At the end of the day we provide you with the information and analysis you need to make the appropriate investment decision.
The fundamental building block of any Land Acquisition or Disposition effort is the Land Residual Analysis. Our dynamic process allows us to quickly determine the project’s feasibility and financial performance in a manner consistent with its end use. We implement a full service process that allows us to assess each component of the project by way of development costs, cost of capital and pertinent revenue models all in a time based modeling platform.
Our in-depth experience provides our client the assurance that each component of the project has been accurately identified and incorporated accordingly. Our comprehensive model allows us to integrate different scenarios and highest and best use analyses to deliver our clients with the knowledge needed on how best to proceed. We independently look at the viability of a project through a discerning eye providing our client with an objective analysis that can be used for internal and/or external purposes including sourcing capital.
The Financial Modeling includes the following elements:
- Land Uses
- Costs/Revenues broken out by uses (eg. Master Developer, Retail, Office, Restaurant, Residential, Industrial, )
- Costs (as applicable by use)
- Softs (Indirects)/Ongoing Operating Costs
- Revenue (i.e. Sales Revenues, Lease Rates, Rental Rates, )/Forecasted Absorption Rates/Vacancy Factors
- Timing (Note: All elements tied to the Project Schedule)
- Influenced by Phasing Strategy/Absorption Rate
- Supply/Demand per Land Use
- Financial Metrics/Results – Overall & broken out by Land Use
- Specific Metrics to be utilized vary by product type, ie Residential for Sale vs Residential for Rent, Commercial- Retail, Office, Industrial, Institutional,
- Metrics may include IRR (Leveraged or Unleveraged), Net Cash Flow (Profit), Peak Cash Flow(s), NPV, Cash Multiple, Cash on Cash Return,
- Testing out various strategies/uses/timing to optimize financial returns and appropriate risk profiles
Our LRA/Profoma expertise is applied across all product types. We deliver a high-quality product within our client’s deadlines. At the end of the day we provide you with the information and analysis you need to make the appropriate investment decision.
The Murow Development Consultants team of experienced professionals can provide a detailed earthwork grading analysis utilizing your conceptual grading plan, rough grading plan, precise grading plan, preliminary grading plan, tentative tract map or a final site plan. Our earthwork team is comprised of team members with 40+ years of grading experience and will provide a detailed grading analysis summary sheet that entails all the earthwork quantities (i.e. such as a raw, cut and fill map), accompanied by a 3D image of the proposed grading design, and quantification of all remedial quantities.
We work with our in-house engineering geologist who provides assistance and confirmation to our team regarding our interpretation of the geotechnical data available for any given project. We utilize AutoCAD and IntelliCAD technology for 3D earthwork volumetric takeoffs and also 2D rough grading square area footage exhibits. Our earthwork 3rd party services are a great fit for any civil engineering firm. We work alongside the civil engineering firms in order to assist them with balancing the site and also help them better understand the intricacies involved in the full-on grading analysis for their project they are designing.
After considering all the earthwork, we then identify if the project is an import, export or a balanced project. After discovering if the project is an import or export site our team runs multiple scenarios on how to balance the site accordingly and in collaboration with the civil engineer’s potential adjusted design. Our team works across all product types including residential tract homes, industrial, commercial tilt-ups, multifamily, etc.
Our Earthwork Grading Analysis Services include but are not limited to the following:
- Provide an accurate Raw Grading (Cut & Fill) Map per the Plan Design
- Analyze and Interpret all Geotechnical Data and Associated Reports
- Calculate All Remedial Grading Volumes per the Geotechnical Recommendations
- Provide a Complete Grading Analysis Summary Sheet detailing all Volume Calculations
- Assist on Balancing the Site with the Civil Engineering Firm
- Assist in running different grading scenarios in order to accurately balance the site
- Provide an Actual “Crew-Up” Unit Cost/Cost Estimate on all the Earthwork
- Identify potential red flags that may affect grading operations which would increase the cubic yardage price in the overall development. I.E. encountering water, rock, contaminated soils, highly expansive soils, liquefaction potential and how we can possibly mitigate this in order to save the client costs in the development of the project.
We at Murow Development Consultants understand construction cost make up only a portion of the equation of land development costs. Fees, such as planning, permitting, inspection, impact, and others play an important role in assessing the value and cost of land.
The Murow Development Consultants Fee Analysis team has developed a comprehensive library and matrix of various fees and municipal codes that impact land development. We take an active approach in not only understanding the roles various fees interact with projects but also stay current with the various fees mitigated by municipalities and jurisdiction that can impact the timing of initiating a project.
On any given project we take the time to (1) Define the applicable agencies pertinent to the project; (2) Diligently research and review the Agency’s Municipal Code; (3) Digest available fee schedules; and (4) Spend countless hours calling and meeting with the Agencies to determine and confirm current rates. Taking a diligent approach is imperative to providing a quality and accurate fee estimate.
Murow Development Consultants has many resources which have allowed us to not only develop an archive of fee schedules but also allowed us to nurture relationships with the various agencies leading the efforts in procuring fees each and every year. These relationships include:
- Planning | Engineering Departments
- Building Departments
- Water Districts
- Sanitation Districts
- School Districts
Murow Development Consultants’ Bid Administration Division has an all-encompassing understanding of both the public and private bid administration process. Our construction management team in the field sees firsthand the problems that can arise from not putting out a comprehensive bid package. Our expert witness and litigation support team assists in resolving issues that arise due to improper bidding. We mitigate what details can fall through the cracks between construction plans and the field operations by looking at projects “through the eyes of a contractor.” Because of the volume of bids that we prepare Murow Development Consultants can get you the most advantageous pricing ensuring your project starts off competitively.
Murow Development Consultants has extensive knowledge of the public bid process and the many requirements of the various public agencies and jurisdictions. We have excellent relationships with these agencies, jurisdictions and municipalities, which both enhance and expedite the bid process. We work closely with the building industry’s contractors and know which contractors to notify for each of the infrastructure disciplines. This assures the most qualified contractors are bidding your project.
Our Services Include:
- Pre-Bid Risk Analysis and Constructability Review
- Quantity Take-offs | Site Visit | Field Verification
- Preparation of Unit Price Bid Schedule
- Preparation of Bid Documents
- Preparation of Invitation to Bid
- Preparation of Special Conditions
- Preparation of Bid Proposal
- Incorporate Client’s Contractor Agreement
- Qualification of Bidders or Advertisement
- Bid Solicitation
- Issuing of Addendums
- Pre-Bid Meeting and Job Walk with Bidders
- Public or Private Bid Opening
- Bid Tabulations – Spreadsheets
The Dry Utility Division at Murow Development Consultants provides our clients with dedicated service to ensure timely completion of any and all Dry Utility components of their project.
Our division is “design based” with vast knowledge of power distribution, design and agency-specific standards. This helps our team provide real-time design scenarios to assist our clients and utility agencies to complete time sensitive tasks. The Dry Utilities is a critical path in land development which is often overlooked and can lead to costly delays. Our team has built meaningful relationships with agency planners and engineers to help expedite the process. With the continued growth of new development, our team has streamlined the process to maximum success. Our team coordinates multiple project types in multiple jurisdictions including mixed-use and commercial development, tract planning, master planned communities, and substation coordination.
Our Services Include:
- Assistance with New Installations
- Utility Availability and Conflict Reporting
- Constructability Analysis and Reviews
- Cost Analysis / Estimating
- Facility Removals
- Overhead Relocation
- Overhead to Underground Conversion
- Indoor Transformer Room Design and Coordination
- Temporary Power Coordination
- Substation Coordination
- Permit Expediting
- Coordination of Plans, Contracts and Easements
- Existing Utility Exhibits
- Utility Composite Exhibits
- Applicant Design