Site Selection and Deal Structuring

• Wright Management Inc. will be involved as a strategic partner in evaluating the work letters and leases as it relates to budgeting, scheduling, and potential risk assessments in the deal. Wright Management Inc. is not a real estate broker and does not provide legal counsel, but will provide constructive feedback to mitigate risk and provide insight into the entitlements, design, permitting, and construction elements related to the project.

• Wright Management Inc. will be involved in redlining the draft LOI, Purchase Agreement, or Lease and work letter documents including conference calls with the Client, Real Estate Brokers, and legal counsel.

• Wright Management Inc. will act as the designated Project Management representative in communicating with the building owner or building management company on the project.

 

Project Management Kick-off   

• Once the LOI, Purchase Agreement, or Lease has been executed or upon release by Client, Wright Management Inc. will provide Project Management coordination and scheduling for the initial kick-off meeting. This meeting will establish the project milestones and goals and help Wright Management Inc. finalize the project schedule.

• Coordinate and schedule meetings on an as-needed basis to accomplish the established goals and milestones.

 

Architectural and Engineering Firm Selection

• Wright Management Inc. will assist the Client with selection of the architecture and engineering firms appropriate for the project including management of the Architectural and Engineering RFP process.

• Wright Management Inc. will finalize the full design services scope which may include Interior design and finishes, exterior design, construction documents, Structural/Mechanical/Electrical/Plumbing engineering consultants and plans, permit processing, and construction administration services for the project.

• Wright Management Inc. will finalize design and engineering contracts and make recommendation to Client for execution of the contracts.

 

Preliminary Budget Preparation and Monitoring

• Wright Management Inc. will prepare a preliminary budget outlining all projects costs including design and engineering fees, permitting fees, and construction costs. In addition, we will include budget costs for FF&E, as established with Client. General Contractor feedback will be provided at this stage with no commitment.

• Wright Management Inc. will monitor and update this budget on an ongoing basis providing updates to Client on a weekly/monthly basis or as significant budget items are revised.

 

Preliminary Schedule Preparation and Monitoring

• Wright Management Inc. will create the master project schedule outlining the critical tasks that are key to the success of the project. These items shall include detailed breakdowns of the design and consulting engineers selection process, the general contractor selection process, all facets of the design stage of the project, Regional/City and Coastal Commission permitting, and the major components required for the construction and occupancy of the facility. We will then complete a detailed evaluation of these items to ensure the timeframes are realistic and expedient.

• Wright Management Inc. will monitor this schedule on an ongoing basis providing updates to Client regularly. Should schedule issues arise, they will be evaluated and recovery plans will be established to help get the project back on schedule.

 

Space Planning, Design Development and Construction Documents

• Wright Management Inc. will prepare and maintain a master design schedule to ensure deadlines are established and that Client decisions are received as scheduled.

• Wright Management Inc. will conduct space planning and programming meetings (or virtual meetings) weekly to monitor work progress. Review the final space plan, assisted by the architect, with Client to outline the project specifications, answer any questions regarding preliminary pricing and obtain final approval of the space plan from Client.

• Wright Management Inc. will conduct design development meetings to provide feedback on costs and constructability of items to ensure they can be constructed in the allotted timeframe and within the established budget.

• Wright Management Inc. will review construction documents to ensure they are complete and that the documents are suitable for submission to the general contractor and subcontractors for bidding purposes.

• Wright Management Inc. will review the final construction plans with Client to outline the project design, answer any questions regarding details and obtain final approval of plans from Client to proceed with permitting.

 

General Contractor Selection

• Wright Management Inc. will prepare the general contractor RFP.

• Wright Management Inc. will review and recap general contractor responses.

• Wright Management Inc. will schedule and conduct general contractor interviews as needed.

• Wright Management Inc. will make recommendations to Client regarding the fee proposal and final selection of the General Contractor.

• Wright Management Inc. will assist the Client to issue the letter of intent to general contractor and negotiate contract. Client may need to obtain legal counsel with respect to the legal aspects of the construction contract.

 

Construction activities (Performed and Managed by Wright Management Inc.)                           

• Attend/Conduct construction meetings and be present at critical construction activities onsite as the construction representative for Client.

• Conduct job walks weekly or as-needed to check construction activity against the established schedule, check the quality of the work and check for conformance to the construction documents. (Note: All liability regarding accuracy or compliance with the construction documents and building codes is the sole responsibility of the general contractor and architect of record. Wright Management will guide the team, providing valuable feedback, and insist that any corrections to the construction are managed thru to completion).

• Review all architect and general contractor change order requests for legitimacy, accuracy and competitive price and make recommendations for rejection, revision or approval.

• Coordinate and monitor all Client or landlord requested changes. Landlord requested changes will be compared against the obligations set forth in the lease and work letter.

• Monitor Submittal process, ensuring that information is flowing in a timely fashion and to ensure the materials are approved, ordered and received in a timely fashion.

• Monitor the RFI and Change order process to ensure information is received by the general contractor in a timely fashion and that any changes to the project are monitored and appropriate action taken.

• Conduct a walk-thru to review the final construction work and assist the architect with creation of a punch list.

• Monitor the completion of the punch list and request project close-out information from the general contractor.

• Conduct/Monitor Commissioning Activities so that the systems are up and running, tested, and training is provided to the Client operational staff.

 

Coordination of Client vendor activities

• Review with Client and create a master list of required vendors for the project.

• Help establish strategy to identify the scope of work for each vendor.

• Assist in soliciting proposals from Client vendors including, but not limited to, kitchen equipment, furniture, security, audio/visual, low voltage lighting and structured cabling, and art installations.

• Assist Client with reviewing the proposals and help make final recommendations.

• Assist with coordination of each vendors work to ensure they are integrated into the overall project schedule.

• Assist in the coordination between Client vendors and the construction team.

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Wright Management Inc. will be compensated at the following rates:

Hourly Fee Schedule:

Principal/Exec Project Manager          $275/hr

Senior Project Manager                       $175/hr

Accounting Manager                           $100/hr

 

Lump Sum Fees for Full Development/Project Management (Acting as an integral leader with Developer, Executive, and Management Staff to Deliver Incredible Results)

Project Size                             Percentage Fee on Design, Construction, and Vendor Contracts

Up to $1M                               6%

$1M to $3M                             5%

$3M to $5M                             4%

$5M to $10M                           3%

Over $10M                              2.5%

*Note – this is a guide and each project is different, a specific fee structure will be provided once the design and construction project management plan and budget is established.

 

PRIOR TO ESTABLISHMENT OF THE PROJECT BUDGET AND CONTRACT FEE -

Wright Management Inc. will track and bill hourly on a monthly basis for the initial evaluation at the hourly rates listed below. Any payments made for hourly work will be credited toward the Project Management Contract Fees once established.

 

UPON ESTABLISHMENT OF THE PROJECT BUDGET -

By written approval from Client, Wright Management Inc. will extend services to include the full project management scope of services. These services will be established at % rates of the total design, construction, and client vendor budgets. Hourly project management fees already paid out will be credited toward this amount. At any time these services can be paused for fundraising efforts if no work is being performed by Wright Management Inc.

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