Only Pay for What You Need
We are developers ourselves. We get that it is not helpful to pay for something you don't need. At the same time, it is very important to get quality from what you hire a consultant to do.
We separate our studies and consulting packages into 5 types that build on one another so that you don't pay for anything you don't need and you get clear and focused work on what you do need.
We are not a "study mill" where every report is automated and put into templates by untrained staff. You will work with a principal at GDPF who is an expert in the field and has his hands on your study.
We will perform with the level of expertise and attention that your study deserves and we are confident that the clarity in decision-making that will come after the value will help you make the best decisions possible to make others money.
Further, our work qualifies as "reimbursable" consulting fees billable to the project as a "soft cost" by most lenders, thus making the developer whole with our fees returned once the loan is closed.
As Partner & CEO of Greenscape Development Partners (GDP) Jay Garlick of GDPF developed this 90k+ NRF facility in Downtown Vancouver Washington.
STUDY & CONSULTING PRICING:
While not a perfect comparison, think of this study as a "CARFAX" for the trade area of a proposed project. This study is the first step for clients who want to get clear on whether their trade area may support a project or not. It looks at high-level supply and demand data and while identifying the competitors, but does not include an in-depth analysis of all the competitors individually or a site visit to each.
While very useful in reducing risk, this is not a study that should be turned into a bank or investors as proof of project viability - later studies are made for that with lengthy persuasive deliverables primary whose function is to eliminate the possibility of failure, save the client money, and reduce risk if the result is a "no-go."
If the study produces a positive result, the next steps are to move to an Entitlement Study and/or a Full Market Feasibility Study to drill down to truly establish the feasibility of your proposed project.
Timing: Turn around averages 7 days or less.
Deliverable: Consultation call to educate the client and discuss discoveries of the study. No drafted reports.
Contact Us Today!
GDP Feasibility looks forward to serving you as a client with the highest level of service. However, it should be known that GDPF is not a "study mill" with a business plan designed to take a cookie-cutter approach to feasibility studies. We are sought-after professionals experienced and trained to do the highest quality studies possible. We don't dilute the quality with too much quantity. Therefore there are limited spots available and studies are done on a first-come-first-serve basis. Contact us today to reserve your study!
This study is where you find out what it takes to get the municipality to sign off on your project. The Entitlement Study is both a research project and a litmus test by engaging the planning staff. The goal is to navigate the myriad of zoning and planning codes to establish what the law says in legal terminology and translate it into a set of steps and a rough timeline of what needs to be done. While an Entitlement Study attempts to navigate the unique codes and procedures of a municipality, it is not embarking on the entitlement path by making an application. Rather, the goal is to make the complex simple by interpreting it and mapping it out.
Another way to crystalize in a simple way what an Entitlement Study does is to say that it is designed to establish whether the site has a "use-by-right" for self-storage or not and what the process might be moving forward.
Timing: 14-21 days or less.
Deliverable: The client will receive a report documenting the zoning that applies to the site, procedures for approval, discussions with staff, and a map moving forward that can be used with your lender in making an application and getting through underwriting. The study also includes consultation calls with the client to educate and explain the results and discuss things with the bank if necessary.
Institutional Grade Market Feasibility Study:
Institutional Grade means that it meets or exceeds the standards of Self-Storage Real Estate Investment Trusts (REITs), major lending institutions, and informed private equity firms. Each of them have, over time, dialed in what metrics or data-driven hurdles are needed to produce a formula that will produce proven results. Our Market Feasibility Studies meet or exceed those standards using our formula of proven results. With our studies, you get analyses that will be as useful as theirs.
Our Market Feasibility Study is an easy-to-understand large professionally crafted document that, once a positive "go" determination is made, is written to persuade lenders, investors, and partners of the advantages of backing your project.
This document is focused on blending significant supply and demand analysis to determine what the risk level is in lease-up or how long to "stabilize" your project.
It is highly recommended that you as a client have us do a Desktop Analysis before you move forward with this report.
Timing: 30 days or less depending on the travel schedule.
Onsite Visit: Visiting Location & Competitors: $130 / Hourly + Expenses
Deliverable: The client will receive a large professionally crafted and sophisticated, but digestible report that will include an Executive Summary, Site & Situation Breakdown, Go / No-Go Recommendation, Project Size Recommendation, Local Economic Analysis, Supply & Demand Analysis, Historical Rent Analysis, Timeline Analysis, Competitor Profiles, Demographic Trends Analysis, and more.
Financial Feasibility Study:
Also referred to at times as a Project Economics Feasibility Study, the purpose of this study is to take the lessons learned from the Market Feasibility Study in regard to rents, absorption, project size, unit sizes, and plug them into a proforma with a now to be determined unit mix appropriate for the trade area determined by this study.
This study also includes using data to estimate costs of construction, management, operations, and lending based on market forces in the proforma.
This study is designed to approach the project using sensitivity analysis (a set of scenarios that show what happens if variables change).
It includes profit projections and cash flow over time. The study includes an estimated lease-up schedule based on assumptions drawn from the Market Study and determinations made in this study.
This study makes some assumptions as to design so as to inform the design process rather than react to it.
Timing: 12 days or less.
Deliverable: Report summaries and proforma with lease-up and cash-flow projections.
This is where the work of feasibility begins to cross over from study and analysis to creating a project. Most developers leave money on the table when they turn their design over to an architect and accept what they give them. The result is often lower cash flow and later after a cap rate is applied at the sale, hundreds of thousands and in some cases, millions of dollars in value lost.
Matching a design to a proforma is hard work and requires attention to detail, creativity, and the ability to work closely with an architect.
Further, there are design features and site that not only make a project function better but will also make it a "Class A" facility worthy of the title "Institutional Grade." Institutional Grade projects often fetch a premium at the sale, are sought after by the REITs, and therefore have less risk.
We make that transition between feasibility and site planning and design easier and bring our experience and knowledge to the table. Rar
Jay Garlick of GDP Feasibility, while not an architect himself, was formerly a partner in an architecture firm that focused on self-storage.