RESIDENTIAL
Case Study #1
TEC Construction, Inc., a Chicago based real estate developer and general contractor
Engagement:
Lakeland Asset Management was hired by TEC Construction to become the project director on over 300 gut/rehab condominiums in the Lakeview/Lincoln Park/Bucktown/Rogers Park areas of Chicago, Illinois.
Process:
Lakeland Asset Management assumed control on behalf of the client on all projects (over 10 during the course of the engagement) and restructured each one.
Outcome:
During this 2 year engagement Lakeland Asset Management achieved the following:
......- Restructuring of budgets, construction schedules and delivery times.
......- Improved construction quality by creating more detailed and better subcontract agreements as well as
........implementing stringent quality controls during the course of construction.
......- Identified cost savings in many areas of the construction budget.
......- Managed all subcontractors, subcontractor agreements, subcontractor invoices, all construction draws,
....... finishes upgrades, punchlists and deliveries.
......- Streamlined the construction to achieve more regular deliveries of condominiums in shorter time frames
........without compromising the quality.
Key Capabilities:
......- Ability to identify strong and weak subcontractors and implement changes without engendering legal
........actions all whilst improving the construction schedule and construction quality.
......- Ability to identify cost savings from an extensive knowledge of construction and know what the pricing
........should be.
......- Help the client maintain a positive cashflow through faster deliveries of units and prompt sales to pay
........down the construction loans.
......- Ability to multi-task on multiple projects with several project managers, dealing with all of the real estate
........agents for pre-closing walk-through's, punchlists, construction warranty items, etc.
