SELECTING A DEVELOPER

THINGS TO CONSIDER

Experience
  • Are they reputable — for example, do they have a reputation for quality work and timely completion, good work ethics, and do they stay within budget and avoid hidden costs?
  • What is their experience?
  • What experience do they have with Brownfields redevelopment or with managing cleanups or dealing with a site in a Voluntary Cleanup Program (VCP)?
  • Can they bring finality to environmental liability? Do they have the resources and know-how to effectively mitigate current and any future environmental liabilities associated with the project?
  • Do they have experience working with community stakeholders?
  • Do they have the know-how and resources to acquire and successfully develop the project?
Relationships and Team
  • Will the core team members be available throughout the entire project?
  • Who are the core members of the development team, such as the project manager and key discipline personnel?
  • Are the members of the core team recognized leaders in their fields?
  • Have they worked together before?
  • Does the team have the necessary relationships with local officials, representatives of the regulatory agencies, and other stakeholders?
Credit
  • Are they credit worthy based on the developer’s qualifications and ability to obtain financing?
  • How will they finance the project?
  • What are the conditions that the developers must meet for an investment or acquisition?
  • Do they have the financial resources to acquire and successfully develop the project?
Business Plan
  • Have they established a business plan for development of the property?
  • Have they undertaken sufficient preliminary work to understand the nature of the site and related conditions such as environmental impacts, infrastructure needs, and community issues?
  • Does the business plan seem plausible?
Things to Consider When Selecting a Developer was developed by Kevin Noell, Partner and Chief Executive Officer of Meridian Development. It has been subjected to the Agency’s review, and it has been approved for public use. Mention of trade names or commercial products does not constitute endorsement or recommendation for use.

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