A commercial developer is a professional who is responsible for planning, acquiring, and overseeing the development of commercial real estate projects, such as office buildings, shopping centers, and multifamily housing. Commercial developers typically work with architects, engineers, contractors, and other professionals to plan and execute construction projects.
Having a developer is important when taking on construction projects because they bring a range of skills and expertise to the table. They have knowledge of the local real estate market and can help identify potential opportunities and assess the feasibility of different projects. They also have experience with the development process, including acquiring land, obtaining necessary approvals, and managing budgets and timelines.
The responsibilities of a commercial developer may include:
Identifying and acquiring land: This includes identifying potential sites, negotiating the purchase or lease of the land, and obtaining any necessary approvals.
Planning the development: This includes working with architects and engineers to design the project, as well as obtaining necessary approvals from local authorities.
Managing budgets and timelines: The developer is responsible for managing the budget for the project and ensuring that it stays on track and on schedule.
Coordinating with contractors and other professionals: The developer is responsible for coordinating with contractors and other professionals to ensure that the project is completed to a high standard. This includes overseeing the work of the general contractor, as well as coordinating with subcontractors such as electricians, plumbers, and HVAC professionals.
Marketing and leasing: The developer is responsible for marketing the property and leasing it to tenants once it is completed.
Managing the property: Once the project is completed, the developer may be responsible for managing the property, including maintenance and repairs.
Overall, a commercial developer plays a crucial role in the development of commercial real estate projects. They bring expertise and experience to the table and are responsible for overseeing the project from start to finish.
Here is an example of the hierarchy of professionals involved in a commercial real estate development:
Developer: The developer is responsible for overseeing the entire project and coordinating with the other professionals involved.
Architect: The architect is responsible for designing the project and creating detailed plans and drawings.
Engineer: The engineer is responsible for designing and analyzing the structural, mechanical, and electrical systems of the project.
General contractor: The general contractor is responsible for overseeing the construction process and coordinating with subcontractors.
Subcontractors: Subcontractors are specialized professionals who perform specific tasks on the project, such as electrical work, plumbing, or HVAC installation.
Property manager: The property manager is responsible for managing the property once it is completed, including maintaining and repairing the building, collecting rent, and handling tenant issues.
Brought to you by Palm Beach Commercial Division