Introduction
Planning and management of resources for the implementation of real estate projects are at the initial stages based on successful and effective evaluation of resources and capabilities . It is regarded to be a common practice to present a proposal for consideration of a planned real estate project, so that the strategies of implementation can be scrutinized in the face of present environmental conditions and changes made wherever necessary . In this particular case, the project that needs to be taken into consideration is construction of a new hostel block for Park Tyler University at Cincinnati, OH by August 2015, which happens to be the 25th anniversary year for the University. The management of the University has expressed intent of addition of a new Co-ed block for undergraduate students and expects an increase in the number of enrolments to be the main driving force behind expansion.
Scope and Requirements
Construction projects are important from the point of view that not only does the same require high levels of monitoring and supervision, but the same are also a source of high revenues for organizations. As a result of which the outline has been presented for the resource requirements of a new four-storey 209 room hostel block, which is aimed at accommodating a total of 560 students in single, double and four-bedded accommodations.
Process
It is understood that the management of the University is keen on adding a total of 209 extra rooms to the hostel capacity in order to accommodate more students comfortably. The purpose of the construction is to deliver to fulfill the management objectives of Park Tyler University. The construction process will be divided in three phases. The first phase will consist of evaluating and planning for resources requirements, the second phase will be construction of the building and the third phase will be procurement of health and safety affiliations from governmental construction agencies and bodies, post inspection by designated representatives of these organizations. For the same, the first stage will evaluate the cost of operations taking into consideration physical and logistical environment of the proposed location. This is a crucial stage as it will curtail procurement of necessary information and permission from the governmental bodies. The second stage will be that of construction of the hostel block and the third stage will be inspection of the premises by agencies and subsequent completion of the project.
Timeline
It has been estimated that a total of 5 months will be taken for completion of the construction project. The timeline for the construction is according to the anticipated time needed for each of the three stages. Gathering the needed permission and inspection of the premises by government agents are expected to take a few weeks’ time and the construction is planned to be completed within 16 weeks.
Financial Aspects
The management of Park Tyler University has informed that the total area of the hostel will be 72000 square feet. At the initial stages, taking into consideration labor, material and overheads, the construction is expected to cost $ 89.39 per square feet. As the construction should ideally generate profits, it needs to be evaluated the prospect of quoting a construction charge of $ 119.69 per square feet to the client organization. In other words, the proposal aims to procure consent to gain a profit figure of close to $ 2.18 million from the project.
References
Barret, R. and Rainie, A. (2012). What’s so special about small firms? Developing an integrated approach to analysing small firm industrial relations. Work, employment and society, 16(3), 415-431.
Hwang, J. (2008). Managing and Planning Construction and Real estate challenges. Journal of Real Estate Business Research, 11(4), 334-351.
