SO… WHAT ARE THEY?
That depends on what part of your real estate project you’re questioning as feasible:
- Is the project concept feasible?
- Is the potential site or building 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.
WHY OWNER’S REPS ARE THE EXPERTS
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.
1. PROJECT FEASIBILITY:
At NorthStar, we’re often asked questions like:
- Our charter school got approval to expand. What should we do from a facilities standpoint?
- We want to establish a new Museum; is it possible?
- Our senior living campus needs to catch up to current trends; where do we start?
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:
- Will your state dollars enable you to cover the cost of construction? If not, Owner’s Reps can help you enlist financial experts to determine how much you are able to borrow and the pay back costs and terms.
- Based upon your financial rating, these financial experts can help you determine: how much can you borrow, considering ratios between non-revenue and revenue generating square footage?
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.
2. BUILDING/SITE FEASIBILITY:
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:
- Evaluate a multitude of areas for feasibility including parking areas, the building envelope (e.x., windows, roofs, etc.), mechanical, electrical, plumbing, fire protection, and interior architecture.
- Make suggestions which allow the owner to determine their next steps and plan for the future.
FEASIBILITY STUDIES DONE RIGHT
(click the images below for project details)