Cost to Complete Analysis
For partially-completed projects, reconnaissance is the key to a high-quality Cost to Complete Analysis. The Newbanks team will conduct informational meetings and interviews with the sponsor team to understand the history of the construction project and the program to complete the project and obtain the proper inspections and documentation for a certificate of occupancy. A thorough analysis is conducted to ascertain the completeness of the in-place improvements. Third party inspection and testing reports are collected and reviewed, and municipal and Fire Department violation searches are conducted to ascertain the scope of work and costs associated to remedy any in-place violations. Subsequently, the Newbanks team will review the current set of construction plans and specifications and comment on the appropriateness of the documents as it the relates to the current improvement and the sponsor’s budget to complete the improvements.
The Cost to Complete Analysis also includes the review of the current construction contracts (if available), change orders and potential change order logs (if the original construction team is in place), the latest contractor requisitions, and all unconditional or partial lien waivers from the inception of the project, construction schedule, permits, available construction logs (i.e. Submittal and Request for Information Logs.), and any design team or third party deficiency/non-compliance reports.
Budget risk is identified by conducting a comparable cost analysis, utilizing Newbanks’ extensive construction cost database and completing a square foot takeoff estimate. Comments are made on the completeness and legitimacy of both the hard and soft cost budgets. All construction and development contingencies are reviewed for appropriateness.
What is Reviewed?
- Plans and Specifications
- Construction Contracts
- Subcontractor Agreements
- Sponsor Development and Construction Cost to Complete Budgets
- Latest Construction Draw Request
- All Lien Waivers
- Construction Change Order and Potential Change Order Logs
- RFI and Submittal Log
- Third Party Inspection and Laboratory Reports
- Third Party Non-Compliance Reports
- Environmental Remediation Closeout Documentation
- Architectural Agreements
- Other Design Professional Agreements
- Utility Service Agreements
- Milestone and Construction Schedules