At The GeoFocus Group, our decades of expertise in turning around distressed projects have shaped our commitment to helping developers identify and mitigate risks before they escalate. By addressing challenges early, we strive to ensure projects are completed efficiently and effectively, avoiding unnecessary setbacks.
Here’s a compelling example of how we successfully revitalized a stalled purpose-built rental development in 2024:
The Challenge
A developer, new to larger-scale construction, retained an inexperienced general contractor (GC). After a significant deposit was paid, the GC failed to deliver, leading to delays and mounting costs. The project stalled during the forming stage, exposed to harsh winter conditions with snow and ice covering the site.
Our Solution
Recognizing the severity of the situation, The GeoFocus Group was brought in to stabilize and recover the project. Leveraging our niche in project recovery, we implemented the following measures:
- Condition Surveys & Defect Analysis: Conducting a detailed assessment of the site to identify issues requiring immediate attention.
- Contract, Schedule, and Budget Reviews: Analyzing existing agreements and plans to pinpoint inefficiencies and gaps.
- Recovery Plan Preparation & Execution: Developing and implementing a tailored strategy to realign the project.
- Site Supervision & Owner Representation: Providing on-site oversight to ensure accountability and progress.
Through disciplined execution and a collaborative approach, we realigned budgets, timelines, and processes. As Construction Managers, we guided the project to successful completion. The property secured CMHC MLI Select financing and has since become a stabilized and valuable asset.
Lessons Learned
- Vet Your General Contractor
Always prioritize experience and a proven track record when selecting a GC. A robust vetting process can prevent costly mistakes down the line. - Control Project Funds
Avoid upfront deposits. Instead, tie payments to verified milestones to ensure accountability and financial discipline. - Establish Checks & Balances
Proactively identify red flags and implement oversight mechanisms to avoid project derailment.
The Takeaway
No matter the size of your project, risks can arise without proper oversight and planning. At The GeoFocus Group, we specialize in helping developers navigate challenges and recover from setbacks. By partnering with us, you can identify potential risks and address them proactively, ensuring your project’s success.
Contact us today to discuss how we can assist with your next purpose-built rental development.
