I’ve been watching the Winter Olympics and can’t help but notice that many gold medal champions win by knowing just when to take advantage of a split-second opportunity to get ahead of their competition. It’s all about timing. The same can be said for all those savvy national retailers who are currently taking advantage of […]
I thought it would be interesting to start this blog post with a question to test your restaurant construction IQ. What’s the difference between building the back of the house of a TGI Fridays and a McCormick and Schmick’s? Nothing. That’s right, when it comes to restaurant kitchen construction, it doesn’t matter if you’re building […]
For a number of reasons – usually cost, location or a lease agreement – commercial real estate owners are opting to refresh or remodel their retail stores, restaurants and hotels instead of building new-construction projects.
In fact, just recently Disney announced plans to completely transform its 340 stores in the United States and Europe from Disney Stores to Imagination Park, http://bit.ly/14YNxn.
Regardless for your reason to remodel, you need to realize that a renovation is a completely different animal than building new construction.
For example, during a new restaurant construction project, owners are responsible for providing the majority of the supplies and drawings while the general contractor executes the work.
Commercial Construction Development: Red flags retail developers should look for in vetting a general contractor
There’s an old adage, “Better to be silent and thought a fool than open your mouth and prove it.” That may be true in some life situations, but not when it comes to hiring a firm to complete your next retail construction project.
Red Flag #1: Be wary of the general contractor that has no questions, exclusions or qualifications and agrees with all requests. A general contractor who just submits a bid without certain questions or qualifications may not understand the complete scope of work and schedule.
There’s no doubt that local businesses will have much to celebrate if on October 2, 2009, Chicago wins the 2016 Summer Olympics bid. But just how would Chicago hosting the Olympics affect the city’s restaurant and retail construction activity? Here are a couple of my predictions….
- Given the fact that most national and international retailers already have stores in Chicago, most retail construction will involve remodeling and expansion of existing stores.
- Ditto for restaurants. I do not anticipate new restaurateurs signing long-term leases for a two-week event.
- Retail and restaurant construction would most likely start in 2015.
- The hottest ticket in town for retail and restaurant owners will be a City of Chicago “Express Permit.” Historically, retail and restaurant renovations/expansions take 3 to 9 months after their building permit is issued.
- Larger general construction contractors that have been bidding on smaller retail and restaurant construction projects “at cost” to maintain their crews, will return to building larger projects like the infrastructure and buildings for the Olympics and leave the construction of stores, restaurants and hotels to general contractors that specialize in this type of construction, like Englewood Construction.