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Underhill Associates has over forty years of Development experience in the Louisville Region. All Underhill development projects are a team effort involving all members of the Development Team, as well as Asset Managers, Accountants, Project Managers, and Administration.
Services include:
- Site Selection: Our highly skilled team utilizes feasibility analysis to match the right property with the right development.
- Master Planning: Comprehensive site layout, site design, traffic flow, project phasing and scope of work are developed along with addressing any
environmental concerns that arise.
- Zoning: Underhill Associates has the ability and experience to navigate the complex approval processes and governmental agencies.
- Management of Design and Construction: The priority of our project management team is to ensure the timeliness and budgetary constraints of
all of our projects.
- Lease Negotiation: The company’s commercial brokers have the experience to secure any lease.
- Financing: A crucial component and catalyst to any development project. In the last 5 years Underhill has placed over $100 million in
development financing for our projects.
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The strength of Underhill Associates’ experience, reflected in the nearly 2 million square feet of income-producing properties, is the connection to the depth of resources and breadth of services necessary to achieve the full potential of an investment project. We understand the geographic market, different property types, each property's exclusive needs and marketability, specific financial situations, as well as the ownership’s goals and occupants’ needs.
To assure unequaled service and to protect and increase the value of the investment, we carefully select a team of experienced professionals specializing in each property type or service, committed to excellence and certified by Industry Associations. Our Team is connected to comprehensive knowledge in every aspect of the most current management techniques. Under the oversight of an Asset Manager, the Team includes a Property/Facility Manager, Project Manager, various skilled Building Engineers, and a Property Accounting Team - all supported by our Property Services Department. This Team provides our clients with the security of multiple specialists who are knowledgeable about the property, thereby eliminating the risk of reliance on one individual.
Our management services go beyond providing day-to-day operations. Experienced professionals help to strategize the project’s future by applying expertise in asset and property management, tenant relations, systems, and service. From simple needs to complex goals, the Underhill Team provides the knowledge and the proven ability to ensure that your project's performance, and our service, exceeds expectations.
Scope of Services:
a. 24 hour/7 days per week emergency response
b. Preventive Maintenance Database
c. Warranty Database
d. Vendor Database including tracking of vendor insurance
e. Work order Database to track all work orders issued to vendors and to make certain that all work orders are completed
f. Preparation of Monthly Narrative discussing activity at the Center, occupancy statistics, budgeted versus actual income and expense, and any
legal proceedings
g. Input and approval of all invoices prior to submittal to accounting for posting and Asset Manager’s approval prior to payment
h. Expense budget preparation on an annual basis per contract
i. At the request and direction of Landlord, obtain quote for insurance outside of Underhill’s portfolio pricing
Financial Reporting:
a. Processing of all invoices received from vendors for payment and approval by property Manager
b. Production of all financial statements including balance sheet, income statement, and statement of cash flows
c. Production of Annual Budgets
d. Strategic Plan information gathering, input, and production
e. Direct contact for Lender, including monitoring of lender escrow accounts
Lease Administration:
a. Input of all tenant lease information into system, including scanning of all lease documents
b. Billing of Rents (only if required of Landlord or Tenant)
c. Collection of Rent Payments
d. Receipt of and deposit of all tenant rents received as well as tracking of ACH payments
e. Posting of Rent Payments to Tenant Accounts
f. Tracking, collection and input of all Tenant Sales Reports
g. Tracking, collection and input of all Tenant Certificates of Insurance
h. Accounts receivable and collection follow-up. Default letters sent at Asset Manager’s direction.
i. Preparation of Year End Reconciliations of CAM, Taxes and Insurance.
j. Preparation and billing of percentage rental
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Underhill’s Brokerage division has a knack for maximizing the upside potential of any investment with complex issues that requires the guidance of professionals with extensive expertise. It is imperative that the leasing firm understands how to market properties to the premiere national, regional, and local tenants that provide the right mix for each individual project.
Underhill Associates’ Commercial sales and leasing experience covers the full gambit including, Lifestyle Centers, Neighborhood Centers, Vacant Residential and Commercial land, office buildings, suburban office space, and multi-family products.
George Underhill III is the acting principal broker for the company. With over 30 years experience as a CPA, attorney, and real estate developer, Underhill Associates excels in this segment. Colin Underhill currently holds his CCIM (Certified Commercial Institute Member), is an active member of ICSC (International Council of Shopping Centers) and is involved heavily with ULI (Urban Land Institute).
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Our Senior Project Managers have 50 years of combined experience across a variety of projects. Underhill’s range of Construction Management experience spans across a multitude of project types including: office, retail, multi-family, medical, single family residential, and government assisted housing.
As a Project Manager our primary duty with each client is a fiduciary one to protect the integrity of the investment being disbursed to the contractor with respect to the particular project. We are charged with many roles and responsibilities throughout the design and development process with the overriding mission of assuring the client that their dollars have been spent wisely and that the intended product is delivered. With the responsibility to review construction draws and related invoices, Underhill’s Project Managers act as the gate keeper for the disbursement of funds and have the authority to withhold payments until they have been earned by the work in place. Time after time this becomes a balancing act between the goal of the delivery of the product within a specified deadline and the objective and duty to disburse funds only as they are due under the construction or professional services contracts related to each project. We understand all aspects of the development process and always keep our clients’ best interests at the forefront of our decision making process.
Typical Roles and Responsibilities across projects and product types:
Pre Development:
- Site Selection, Due Diligence and Conceptual Planning
- Site Plan review/revision
- Budgeting
- Determine Consultant Team, interview/hire design consultants
- Review applicable code and zoning
- Review master development plan with team
Development:
- Coordination of Design Drawings
- Coordination with applicable codes and zoning requirements
- Permitting
- Bidding Process coordination
- Review analyze and coordination of bids
- Recommend award of bid, negotiation of Contract with Contractor
- Contract preparation
- Coordinate with Development team for Lease requirements
Construction:
- Coordination of startup and monitoring requirements with Contractor
- Review monthly draws for compliance with contract, lender and work complete to date
- Report variances in work in place, costs or scope changes with Development team
- Cost control and reporting
- Tracking progress of project, coordination thru weekly project meetings with Contractor
- Coordination with local authorities for utilities, inspections, code requirements, telephone and Tenant requirements
- Coordination with Tenant for notification of completion, turnover, move-in and closeout of project
- Coordination with lender for final closeout requirements for final payment.
Ongoing Owner/Management:
- Coordination with Property Management Department for warranty work. |
