A project developer has many roles and responsibilities and works with a team to bring an idea from concept to completed construction. The role requires excellent communication skills, an understanding of construction, zoning and financing. The project developer is tasked with completing the project in a timely matter and on budget.
The project developer is involved in site selection and considers many factors which may include zoning, sustainability, access to an affordable labor and cost of utilities. The site may also be selected given the local and state tax structures, environmental conditions and size of the community. The developer will look for sites that are within the geographic region requested and may also consider their proximity to public and air transit.
A project developer will be involved in selecting a development team including architects, general contractors and subcontractors, legal and finance experts, interior designers and support staff. As the project developer he or she will assign tasks and conduct meetings to assure the project deadlines are met and fulfilled.
The project developer will usually put out an RFP or requests for proposal, and once the contractors or sub-contractors are selected, the project developer ensures that construction is completed under budget. This phase of project development often requires excellent problem-solving skills to avoid costly construction delays or budget overruns.
Building costs including the cost of raw materials and labor can vary from the projected estimates and a project developer must oversee the finances and make adjustments for any variances. Financing details will vary based on the type of construction but if the project is financed by a lending institution, certain restrictions may be placed on available financing if the lending guidelines are not met.
Marketing and Management
While it is not always the case, the project developer may be required to remain on the project for a specified period of time to market and manage the property. By the end stage of the construction process, the project developer is well versed on the benefits and disadvantages of a property and can be very effective in marketing and managing the property.
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