UK Development

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UK Development by Mind Map: UK Development

1. Post Construction

2. 12 months after completion

2.1. Phase 6

2.1.1. Hand over to operational team

2.1.2. Potentially close out project on Procore

2.2. Phase 7

2.3. Adhoc fees for finishing touches

3. During Construction

3.1. Lux Recommendations

3.1.1. Actuals vs. Budget

3.1.1.1. Overbudget

3.1.1.2. Underbudget

3.2. (Predevelopment costs) Consultants (Stage 1-4)

3.2.1. No Construction Work

3.2.2. Purely design work

3.2.3. Includes Project Manager that coordinates the rest of the consultants

3.2.3.1. Handles bidding under 50k GBP

3.2.4. Cost consultant provides cost updates for construction only

3.2.5. Word RFP to handle broader bidding (items over 50k GBP)

3.3. General Contractor (Stage 4)

3.3.1. They will handle change orders, but costs are mitigated by contingency

3.3.2. Currently limited scope for Hines Team

3.4. Accounting Outsourced

3.4.1. Great Plains

3.4.2. Yardi

3.4.3. Accounting Provider by Project

3.4.4. Type of project

3.4.5. POs and Cost objects tracked in excel only invoices are processed in accounting systems.

3.4.5.1. Lump sum cost code for General Contractor

3.4.5.2. Cost item by discipline function

3.4.5.2.1. Services Engineer (Example)

3.4.6. Invoices go to Project Manager (Fees) and/or Hines Accounting team (Branding, Agents) all sent through email from various

3.4.6.1. 1) (Docusign) Approved by Hugo, Damian (Construction

3.4.6.1.1. 1) Operational costs (Legal Structure costs, doing business costs) approved by someone else

3.4.6.2. 2 (Docusign)Jake Asset Mgr Approve

3.4.6.3. (Manual for now, but eventually docusign) Fund approved

3.4.6.4. Lux sign/approve

4. Origination

4.1. Identify Dev opportunity

4.1.1. 1-2months (due diligence)

4.1.2. Quote from Design Team

4.1.3. Build Underwriting for deal

4.1.3.1. Identify disciplines to create internal benchmarking (Professional fees)

4.2. IC Approval

4.2.1. Firm up consultants

4.2.1.1. This can take significant time

5. Stage

5.1. Hines Team

5.1.1. 1 Feasibility

5.1.2. 2 Concept (Model)

5.1.3. 3 Detailed Design

5.1.4. 4 Technical Design

5.2. Contractor/Preconstruction

5.2.1. 5 Exploded granular views for design (Construction Phase)

5.2.2. 6 Compilation as builts (Handover)

5.2.3. 7 Ongoing drawings (Building in use)

6. Legend

6.1. Handle in a System/Procore

6.2. Maintain in legacy process