The "build-to-suit" or "BTS" is a generic name applied to a broad process of real estate development. Commercial In-Sites can provide guidance and assistance throughout the BTS process and, in essence, manage the process for the benefit of its client. Alternative strategies available in a BTS assignment include:
All of these different strategies involve distinctive advantages and disadvantages. Our role in the process in the early stages is to help the client quantify the range of alternatives and select the best preliminary course of action, maintaining independence until the client is ready to make commitments.
Once a preliminary strategy has been selected, we will assist the client in the choice of architects, developers, contractors, and/or design build firms as required under the selected BTS strategy. At this stage, initial project designs and new detailed cost estimates are obtained and we quarterback the process. In tandem with this effort, we research the market and identify and analyze qualified sites which meet our clients criteria, assisting in the selection and ultimately negotiating on the client’s behalf for the purchase option or control of the most qualified site for the BTS project. We can then walk through the governmental process, meet with city planning staff, engineers, and review boards and develop a detailed plan and timetable submitting plans and obtaining requisite governmental approvals.
At this stage, the BTS strategy is finalized, the lease vs. ownership decision is finalized, the form of construction contract is identified, final plans are developed, and final costs/bids are solicited from contractors and/or design build firms. If the decision is to lease, we will solicit quotations from developers or assemble an investment team to acquire the BTS project from our client at the completion of construction. Finally, we will then assist as required in negotiating the final business elements - financing and/or lease terms.