A small city in Kansas has approached me as a project manager for a $24 - $25 MM project for their downtown revitalization. As a small city, they are missing development experience, project experience and just don't have the city staff. They've approached my firm to take it over, soup to nuts for the next 2 years, e.g. community interface, government updates, hiring the architect, contractors and overseeing milestones.
My thinking is to bid 3% on the project management role, 25% at contract signing, 50% over the span of the project and 25% at completion. Has anyone seen some common real estate milestones I could spread the 50% over?
I want to make sure I don't bunch the 50% up and end up with cash flow issues, and I would like to give the city confidence by hitting milestones during the construction.