development & PROJECT MANAGEMENT

Project management plays a crucial role in ensuring the success of high-quality development projects. It involves the meticulous creation of technical documents, budget planning, and defining construction specifications for every phase of the build.

  • • Financial feasibility analysis, including financial modeling.

    • Project equity and debt financing.

    • Design and engineering team selection.

    • Strategic positioning, including assistance with brand/operator selection and negotiation.

    • Project and venture level accounting, cash flow forecasting and financial reporting

    • Design program consultation and analysis.

    • Construction feasibility analysis, including parametric construction cost estimating.

    • Pre-development management, including infrastructure analysis, permitting and utility applications.

    • Design and engineering consultant selection and management, including contract negotiation.

    • Project management systems, including budget and schedule production and control and project status reporting.

    • Project cost accounting.

    • Contractor and consultant payment application review and recommendation.

    • Lender and equity investor draw funding request documentation.

    • FF&E and OS&E purchasing agent selection and management.

    • Operator interface, including technical services, pre-opening and operator turnover.

    • Punch list and project close-out management and administration.

Moreover, project management is key to identifying and reducing both financial and safety risks while complying with the regulations specific to each region and country. The Project Manager is responsible for maintaining budget oversight, managing the project's delivery timeline, and selecting the best suppliers.

This service encompasses projections of overall costs tailored to specific project goals and an ongoing process of value engineering that allows for the assessment of alternative solutions when faced with changes or deviations. Monarch commits to delivering client satisfaction through rigorous project management practices.

owner representation

What does an owner's representative do?

Backing a high-level real estate project requires significant investment, often from investors and owners who are high-performing, multifaceted business individuals with demanding schedules. This necessitates the role of an owner’s representative. Serving as a proxy for the owner, this representative ensures the owner's interests are prioritized in every aspect of a real estate development. The representative’s duties span all project phases, focusing on aligning the development with the owner's vision regarding budget, schedule, design, functionality, and quality. These factors form the foundation for all strategic decisions during the design and construction phases.

  • • Representation of Owner’s Interests: Ensures the owner’s best interests are prioritized in every aspect of the project.

    • Goal and Objective Alignment: Helps establish and maintain the owner’s vision regarding budget, schedule, design, functionality, and quality.

    • Decision-Making Guidance: Acts as a foundational guide for strategic decisions throughout the design and construction processes.

    • Team Assembly: Facilitates the formation of a comprehensive project team including architects, developers, consultants, contractors, attorneys, and accountants.

    • RFP Development and Analysis: Crafts and evaluates requests for proposals, ensuring thorough analysis of responses.

    • Contract Assistance: Aids in the distribution and negotiation of contracts to ensure optimal terms.

    • Resource Optimization: Assists in the effective allocation and optimization of resources throughout the project.

Upon defining the project’s scope, the owner’s representative facilitates the formation of the project team, which includes architects, developers, consultants, contractors, lawyers, accountants, and others. Tasks might involve crafting requests for proposals (RFPs), analyzing responses to these RFPs, assisting in contract distribution, and optimizing resource use, all while championing the owner’s best interests.