Today in From Planning to Execution is Feasibility Studies – Planning & Strategy. To read the rest of the articles in this series, click here
By Rosella Harvey, RA, LEED AP | May 1, 2019
That depends on what part of your real estate project you’re questioning as feasible:
These questions come well before a tangible project has been established. Once you start to wonder where you should begin, it’s time to bring an Owners Representative onto your team.
NorthStar is unique in that we are one of the few Owner’s Reps that perform Feasibility studies. We are able to walk you and your team through the two different types of feasibility: Project Feasibility and Building/Site Feasibility.
At NorthStar, we’re often asked questions like:
As the Owner’s Rep, we dive into the potential project’s details and – with the owner – determine what is truly feasible. We work through tough financial and programming questions such as:
From what the team determines, we can help develop a business plan which includes staff operating costs, gift shop supply costs, ticket sales, etc., and figure out how much you can afford to build, and when.
One of our Museum clients brought our team on to evaluate and update their previous feasibility study which considered two options: staying in their current Museum space and renovating or moving and building a new facility. Our analyses found that they could not sustain a new Museum building beyond 3 years, considering the projected visitors counts and lack of city funding. Therefore, they stayed in place and renovated the exhibits.
When a client, or his/her legal representation or broker, asks “is this a good building to buy?”, we conduct a building and site assessment. Property assessments work closely in conjunction with Building/Site Feasibility studies. For these assessments, as part of the Building/Site Feasibility study, we:
(click the images below for project details)