Create a project plan
First, we listen to your goals, to help determine the ideal leasehold structure and model for the project. We then help assemble the development team, define the property to be developed, and create a cohesive project concept. At this stage, we also assess your financial and operational capacity to undertake development of the project.
Determine feasibility
We work with you to assess the project’s overall feasibility, with a goal of determining whether and how it should proceed. This stage involves gathering market intelligence and demand analysis, developing preliminary capital and operating budgets, preparing preliminary designs and investigating approvals.
Prepare for construction
Prepare leasehold legal documentation
We work with legal and other professional services to ensure the foundational leasehold document is sound, achieves the objectives of your organization, and is onside with any government regulation during presales. Proceeding with pre-construction is a significant step, as it typically involves major expenditures for architectural and engineering services. During this stage, we help determine an acceptable construction contract. The goal is to arrive at a firm capital cost budget, finalize agreements and achieve all necessary approvals in order to proceed with construction.
Secure appropriate financing
Leasehold models typically are closer to regular condo developments and are not financed entirely, if at all, by government lenders. Depending on your group’s objectives, we identify and secure the appropriate forms of capital, whether public or private, to ensure the project moves through acquisition or consolidation of any land, rezoning and entitlements, construction, and closeout.
Implement a marketing and sales plan
While they aren’t typical market condominiums, leasehold units still need to be sold to buyers. A concerted and effective marketing and sales strategy is required to educate buyers about the product type and ensure a smooth transition to occupancy. Furthermore, construction lenders require pre-sales of units before funding a construction mortgage. At Terra, we develop and implement a marketing and sales plan that effectively communicates the vision of the project and your group, and sells a sufficient number of presales to close on the financing. This requires careful consideration of the timing, to ensure compliance with consumer protection legislation.
Support construction
We participate in construction meetings and help resolve any issues that arise during the construction process. This stage includes accounting for all project costs and facilitating advances from lenders or financing bodies.
Move-in and post-construction review
Once construction is complete, we support you and your new residents through the move-in process, deal with construction deficiencies, and finalize the project’s capital cost. As a full-service organization, Terra can provide further services through the life of a project, including property management and asset management.