Stop Guessing: How a Feasibility Study Guarantees Project Accuracy and Saves You Money
It's a common saying in real estate development that "No two projects are alike." And honestly, that's one of the most exciting things about this industry!
Imagine this: even if you’ve built one hundred successful restaurants, the next one will undoubtedly have different owners, clientele, aesthetics, locations, sizes, shapes, and unique site conditions. Every single project presents a new set of variables, challenges, and unknowns.
So, how do you mitigate the risk of dealing with the unknown each time you launch a new build or renovation?
Allow Us to Introduce: The Feasibility Study
Think of the Feasibility Study as your "build the plane before you fly it" model for a construction project. It's the critical first step—taken before we even begin to think about design—where we work together with you to rigorously define the project parameters.
This phase is dedicated to answering the fundamental questions: What are we building, where are we building it, and how can we build it successfully within your goals and budget?
Why We Do It and Strongly Recommend It
The Feasibility Study is an invaluable exercise that delivers immediate and long-term benefits:
1. Defines the Project Parameters (Together): We sit down and clearly establish your needs, wants, site constraints, and essential regulatory hurdles. This ensures we are all starting with the same, clear definition of success. We’re talking about
zoning analysis
parking requirements
lease review
site review
early floor plans (test fits)
preliminary overall budget options
preliminary overall schedule options.
2. Ensures Accurate Pricing: Once the parameters are defined, the proposal we give you for the subsequent design and construction phases will be based on your specific, documented needs. This means the pricing is far more accurate and reliable.
3. Prevents Overpaying and Scope Creep: You won't be paying for expensive design work or construction elements that you don't actually need. The study acts as a guardrail, ensuring every dollar spent moves you closer to your defined goal.
4. It’s a Win-Win, No Matter What: Even if you decide we aren't the right fit for the final build, you leave the study with a defined set of parameters and a clear scope. This document is a powerful tool you can use to solicit accurate, Apples-to-Apples bids from any other architect or firm.
The Unquestionable Value: Significant Savings and Clarity
While other firms might skip this step and jump straight into design, we've found that the Feasibility Study almost always leads to a better outcome and significant savings for the client.
By clearly delineating the scope and goals upfront, everyone—client and architect—has buy-in and a clear understanding of the project's objectives. This clarity minimizes change orders, reduces unexpected costs down the road, and ensures a much smoother process from concept to completion.
Ultimately, a Feasibility Study isn't an extra step; it's a fundamental step that de-risks your investment and provides the clarity needed to transform your vision into a successful reality.
Are you convinced? Share your thoughts in the comments below!
Have more questions? Let’s chat! Contact us at info@atelier-clem.com to see how we can help you.
This content is for educational and entertainment purposes only. Prior to undertaking any sort of project, we encourage you to consult with a qualified professional in your market.