Development / Project Management “best practices?”
Project management is a huge part of the developers job and this needs to be done well to be successful.
What are the industry best practices?
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Hi Malpa, any of these topics helpful:
I hope those threads give you a bit more insight.
There is no set of rules for "best practices", because there is always a better way to do something from one company to the next, even from one person to the next. People throw that phrase around a lot, but it's best used to say in front of naive clients to reassure them you know what you're doing.
This seems way too vague to receive a proper response.
You could have multiple different silos within a fully integrated development firm...and each can handle their own tasks in a separate manner.
Project management during the initial DD and UW period? Project management during the entitlement and permitting period? Project management for retaining outside consultants/architect and determining design and unit count/mix? Project management while preparing internal project charter and preparing IC presentation? Project management during the pre-bid construction pricing process? Project management during the construction process? Project management for IR and completing the capital stack? Project management for managing construction draws and subcontractor contracts? Project management for overall asset management? Project management for the property level pre-leasing and operations?
The general answer is various project checklists...lots of shared file folders...and team meetings.
The lifecycle of one development project...from initial analysis of an opportunity to certificate of occupancy can easily span the course of three years. And at different milestones...the project's responsibilities will likely be handed off from one to another. For example...initial analysis, IC and internal go/no go to pre-development to design to pre-construction to construction to operations to asset management.
The most important thing in project management is this: don't fuck it up
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