Construction Advisory
DTZ Rockwood has served as construction advisor on behalf of numerous lenders and investors regarding partially constructed development projects and existing properties, which require major construction in connection with implementing a re-positioning strategy. In most instances, the lender and/or investor has obtained possession of the project or property and assumed various responsibilities and obligations, with no further involvement by the original developer. This reversion of ownership to the lender or investor is generally caused by delayed and/or denied municipal approvals, project cost overruns, unsuccessful leasing, lack of condominium sales, erosion of developer’s equity, depleted capital improvement reserves, etc.
DTZ Rockwood has advised on all phases of the construction process from the design and approval process through certificate of occupancy, which has resulted in project completion on budget and on time. Assignments are often executed in conjunction with a third-party construction manager or general contractor, which is retained and overseen by DTZ Rockwood.
Representative construction advisory assignments include:
On behalf of a major investment bank regarding completion of a stalled, partially constructed $400 million, mixed use development project located in a Chicago, DTZ Rockwood secured expiring development rights, obtained new rights for a revised development scheme, which was conceived by DTZ Rockwood, negotiated and settled millions of dollars of construction liens, and oversaw the completion of Phase I. The firm then arranged the sale of the project to a new developer.
DTZ Rockwood represented a value-add investment fund regarding the expansion and renovation of a 413,000 sf regional mall. The assignment included a comprehensive redesign and releasing of the property and construction oversight.
DTZ Rockwood acted on behalf of an investment banking client regarding the re-design of 1200 Main Street in Dallas Texas, from a 400,000 sf vacant office building into 283 luxury residential condominiums. Assignment included construction oversight and management of the condominium sales process.
