From the outset, we work closely on each opportunity to establish a clear program, budget and schedule. We determine our objectives, then navigate each phase of the process and manage all obstacles to realize optimal results for our investors.
We pay particular attention to programming to optimize the results of every opportunity. We seek the highest value return for an opportunity based on maximizing its productivity. Market forces dictate market values and put various constraints on program considerations. When programming for the highest and best use, we consider what is legally achievable, physically possible and financially feasible. We meticulously consider all potential land use types that fit within the constraints of a site. Uses must be appropriately supported by the market and be realized within a definable time period. This results in the highest value and maximum productive return.
In evaluating any opportunity, we explore all land uses and asset classes that are legally permitted or possible. Our analysis also includes uses that may not be permitted by zoning, land-use planning, or allowed by the government regulations. We consider alternative uses providing there is a realistic prospect that the regulation, zoning, etc. can be changed with reasonable certainty for the proposed use.
We exhaustively explore what is physically possible given the size, shape, topography and other characteristics of the site. We carefully consider the cost and type of construction. Our in-house planning, design and construction expertise give us a unique advantage in evaluating any opportunity.
The highest and best use of a property must be financially feasible; that is, any proposed use must not only generate adequate revenue to justify the costs of construction, but must also produce a profit for our investors.
We program to generate the highest risk-adjusted return. Highest return can mean different things to different investors and partners – IRR, NPV and cash-on-cash returns, development profit or residual land value.
We consider physical and legal possibilities as we evaluate financial feasibility and maximum productivity. A use may be financially feasible, but this is irrelevant if it is legally prohibited or physically impossible, and vice-versa.
Maximum productivity of a program may give the highest return, but the competitive forces where the opportunity is located may have limited marketability because of imbalances in supply and demand. A thorough market analysis is critical to determine if the opportunity’s potential use can be absorbed by the market.
PLANNING & DESIGN
Architecture tells a story, and our job is to ensure that story is told. We listen intently to what our clients say (and what they don’t say), then capture the history, the community, the people, the intent of a building through a structural aesthetic. The best buildings are conceived through an integrated creative process – engaging clients, architects, engineers, contractors and artisans. To ensure the process is as seamless as possible, we partner with Penney Design Services (PDG) and work as a single, unified entity. This simplifies and streamlines what can often be a complicated process. PDG’s design team has the architectural expertise to develop optimal design solutions for a broad range of structures, including mixed‐use, retail, office, interiors, industrial and residential.
Whether new construction or renovation, the end result is a timeless space that thoughtfully reflects the spatial, practical and organizational needs of the community around it while achieving the most viable economic, sustainable and aesthetically pleasing solution possible.
Northpoint’s collaboration with and oversight of PDG’s design team includes the following:
- Establish mutually agreed upon deliverables at each design and planning stage (including schematics, design documents and construction documents).
- Coordinate the production schedule and maintain adherence to timeframes established. Communicate and correct any issues and ensure target delivery dates are met.
- Oversee and coordinate workflow of A/E and other vendors if applicable to ensure momentum and project objectives are upheld.
- Continually monitor and review designs throughout the lifecycle of the project to ensure stringent standards and guidelines are met.
- Recommend economies consistent with project requirements, budget constraints and best construction practices.
- QA/QC reviews and constructability/value engineering at each design phase to minimize errors, omissions and/or conflicting operating systems.
- Oversee materials/services selection to identify products and materials best suited to each project. Identify cost-savings potential when utilizing Northpoint vendor relationships.
- Assist in identifying long-delivery items that could require pre-tendering.
- Maintain project records including schedules, budgets, directory, drawing issue sets, specs, equipment lists, etc.