Luxury Condominium Development

THE BRIEF

PMG was hired in the mid-predevelopment stage of a luxury condominium development to manage financial back office operations with signing privileges. Given previous work with projects of similar caliber and magnitude, PMG was able to recognize additional issues and shortcomings that were not strictly related to financial operations. PMG took the initiative to communicate the project’s various weaknesses with ownership, and thus given the opportunity to step into a roll as Owner’s Representative for the entire development.

THE APPROACH

The team applied its asset management training and expertise to map a thorough presentation for ownership, detailing all the issues and concerns with specific solution-based processes and procedures for implementation. PMG executed a high level of expertise to the financial accounting component, as well as expanding its service to include shareholder reporting, in order to solidify ownership’s reliability on PMG’s advice and recommendations.

THE RESULTS

PMG successfully provided a suite of services to the development, including oversight of construction management, project management, and financial management, and received the highest level of confidence from ownership. The company was responsible for accepting contracts, construction change orders, signing authority, and 100% final decision-making for all finances, construction management, and project management, as well as sales and marketing.