Our Process
Our specialized expertise in balancing public and private investment ensures that every project is developed with a comprehensive and sustainable approach.
The Steps
Discover
AREY establishes a shared vision that aligns with the institution's goals and defines the project scope in detail. This involves seeking a deep understanding of the institution’s vision and determining specific project needs, goals, and objectives. AREY examines various pathways to meet these goals, aligning stakeholders to the project vision while ensuring it fits within the campus master plan. This stage includes analyzing potential sites and land acquisitions, determining the project's overall size and scope (such as the number of beds, units, square footage, and residents), and conducting conceptual site infrastructure and design planning. Stakeholder interviews and specific programming needs are gathered, developing space programming matrices for design requirements and conducting internal market studies. Once the desired building program is defined, a conceptual agreement is built, leading to a memorandum of understanding to commit further resources to the project.
Commit
AREY performs extensive due diligence and establishes preliminary partnership agreements between parties. This involves creating a preliminary site plan and design that aligns with the shared project vision, reviewing zoning, securing entitlements, and performing other site-specific due diligence activities. Preliminary cost analyses and pro-formas are produced based on historic data. We also establish banking and private investment interest from a network of value-aligned investors, creating a "capital stack" of preliminary funding commitments. Collaborating with the institution, AREY develops the appropriate project partnership structure and works in good faith to build final agreements as the design process progresses.
Design
AREY facilitates the design process to produce solutions that meet the institution’s programming needs. Trusted architects and consultants begin producing construction documents, and design reviews are facilitated as needed. Engagement with end-users and tenants, if applicable, ensures specific design planning and engineering requirements are met. The construction budget is updated with input from contractors and suppliers based on 100% Design Development documents. AREY provides design management and value-engineering services, leveraging over 50 years of collective building experience. Once project analysis is completed and design and cost estimating are underway, a long-term ground lease is drafted and executed, allowing for the securing of debt financing for construction.
Construct
AREY executes the project vision through meticulous construction management. This involves finalizing construction documents and agreements with contractors and vendors, finalizing construction costs, and managing ongoing contingencies. We oversee the construction process to ensure compliance with the construction documents, program, and overall project vision. We manage the construction budget and cash flow from funding sources, while also beginning to engage with end-users in leasing activities. This stage is critical for ensuring that the project is built to the highest standards and remains aligned with the original vision.
Deliver
AREY stewards the project through leasing and operations, ensuring the project's shared goals are met. We build and execute a comprehensive marketing and sales plan to ensure the project meets its proforma goals. AREY also develops on-site property management staff as needed to support ongoing building operations, ensuring that the property is managed with excellence. This includes maintaining leasing operations and ensuring the property continues to meet the needs of its occupants, thus fulfilling the project's long-term vision and objectives.