The Retail Construction Process
Lease Review & Due Diligence
What is this project going to cost? While it may seem simple in nature, this question is the driving force behind all retail construction projects. If the cost does not justify the potential income, then chances are you are not going to undertake the project. By answering this question early in your process, ICSI can help you to avoid making costly lease commitments or other financial obligations without the information that you require.
A simple sketch or an idea on the back of a napkin? ICSI can help. A floor plan of your existing space and an LOI for the potential tenant? ICSI can help. Regardless of what information you have available, ICSI has the necessary experience and expertise to help answer that critical question on your mind - What is this project going to cost?
White Box? Grey Box? Cold dark shell? Warm dark shell? Turnkey? As-is?
The delivery condition for a retailer, based upon their lease, can be any of these variations or some other combination thereof. Understanding the difference between the delivery conditions in the retail construction industry can make or break a deal for you. By joining you early in the process, ICSI can identify common pitfalls, suggest compromises or reuse of existing conditions based upon past experiences, and even join you in conversations with the retailer and your broker as needed to help establish a mutually agreeable deal for all parties.
This process can also extend into conversations with the local municipality to help identify and stay in front of other possible surprises down the road.
Whether you hire the Architect and design team directly or if the project is completed on a full Design-Build basis, ICSI has experience working with a wide range of design consultants allowing it to help shepherd your project through the design process. You can have as much or as little involvement in this process as you desire and ICSI can handle everything else from there. This includes permit submittals, utility set-up, plan review by tenant and other key parties, and more.
This stage in the process is also a critical opportunity to confirm that the project you committed to during the lease phase is what ends up on the plans. Ensuring that delivery conditions, financial fundamentals, and timing requirements are met in the design process is paramount to the success of your project.
Regardless of size or complexity, each project deserves the time, dedication, and focus of a talented construction management team. ICSI can transition your project from the preconstruction phase into design and on to successful completion in the construction process. The budgeting team works with the bid group to make sure that financials are met as the project transitions into construction where our project and field managers work with accounting to watch the dollars and cents along the way.
Most importantly, this team manages the project and process as much as you need so you can focus on the next deal. As one client commented, he never had to worry about the project completed for him in North Dakota so he was able to avoid making the trip from California which allowed him to save time and money for other projects. We are there for you - throughout the process - as your partner and your advocate.