Real Estate Development

Venterra is the developer or co-developer for real estate joint ventures with various institutions, corporations, and partnerships. The range of services that can be provided includes:

1. Site selection
2. Project feasibility analysis
3. Property positioning and acquisition
4. Development planning and engineering
5. Zoning
6. Development budgeting and financing
7. Construction development supervision

Some examples of Venterra's development activities include:

1. Karrington of Park Ridge (Park Ridge, IL)
   A 111 unit assisted living facility is a joint venture between Venterra, Karrington Health, Inc. and other investors. This senior housing development is the first Illinois assisted living facility by Karrington of Columbus, Ohio.
   
2. Lawndale Plaza Shopping Center (Chicago, IL)
   Venterra is a co-developer and co-owner of a 140,000 square foot shopping center located in the Lawndale Community of Chicago, a City of Chicago empowerment zone. Tenancies include Dominicks Finer Foods Fresh Store, Starbucks, National City, Murrays Automotive, Hollywood Video and Payless Shoes. The center includes a separately owned 10 screen Cineplex Oden movie theater.

3. 350 North LaSalIe (Chicago, IL)
   Venterra was a co-owner, developer, and the managing agent for this 162,000 square foot office building catering to law firms located at the southwest corner of LaSalle and Kinzie Streets, in Chicago.
   
4. Chatham Centre Northwest (Schaumburg, IL)
   Chatham Centre Northwest was a joint venture with various interests of the Pritzker Family and JCP Realty, Inc., consisting of a 225,000 square foot office building in a campus setting. Venterra was responsible for all aspects relating to the development, marketing, and management of this venture.

5. Hoffman Village Shopping Center (Hoffman Estates, IL)
   Boasting one of the largest and most successful Dominick's Finer Foods ever built, the 160,000 square foot shopping center was a joint venture with Venterra, EnviroTechnics, and various Pritzker Family interests. Venterra was the co-developer and partner in this $20 million development.

6. Holley Court Terrace Senior Residences (Oak Park, IL)
   A 180 unit senior residence congregate facility developed by Venterra for a housing subsidiary of West Suburban Hospital.

7. One North State Street (Chicago, IL)
   Venterra completed, for the former owner, redevelopment and leasing of the 875,000 square foot building in Chicago and leasing of 300,000 square feet in that building to the First National Bank of Chicago.

8. Westport Commons Shopping Center Chicago, IL.
   This 180,000 sf grocery anchored center was built in 1992 and is located at the NWC of 87th and Kedzie Ave. in Chicago. Formerly anchored by Dominick's Finer Foods, the center will soon boast the first Ultra Foods to be located in Chicago. Other national tenants include Bally Total Fitness, Washington Mutual, Fashion Bug.

9. Karrington of Naperville (Naperville, IL)
   A 93 unit Victorian Style Assisted Living facility is a joint venture development with Karrington Health, Inc.

VENTERRA PROJECT DEVELOPMENT AND CONSTRUCTION COORDINATION

In the ever tightening economic world of contract construction the owner's representative has become an ever-present figure. The monetary value of enjoying the use of a developed property on-time-and on-budget usually far exceeds the cost of the owner's representative fee for consultation. Because construction bidding has become so competitive some contractors and subcontractors "low ball" their quote and pursue change orders as a form of additional profit. Timely and fair resolution of contract disputes short of arbitration has become essential to the building process. Venterra has broad experience in this particular aspect of contract administration and can proudly claim that no construction project that it has enjoyed managing has ever resulted in an arbitration, law suit or major cash buyout involving a general contractor. Venterra has completed project development and construction coordination developments accounting for over $100 million in total development costs on office, commercial and residential developments in numerous locations in recent years

PRECONSTRUCTION SERVICES The following tasks are proposed prior to the breaking of ground.

1. Review of owner's work program and design criteria and familiarization with contractor's and architect's personnel.

2. Review of and recommendations on the design development documents including the following:
   - Preliminary plans
   - Outline specifications & proposed systems
   - Elevator travel demand study
   - Code review
   - Zoning resolution (if any)
   - Traffic and parking analysis
   - Budget estimates and schedules

3. Meet with utility companies to coordinate utility easements, as required (notably Commonwealth Edison) and to evaluate service and rate options.

4. Reduce steps 1, 2, and 3 to a written summary with an emphasis on the following:
   - Appropriateness of building systems
   - Code items which may require further analysis by the architect
   - Budget targets for the intended construction
   - Recommendations relative to the form of contract language
   - Recommendations on a development time schedule

5. Review and comment on the coordination issues which will arise in connection with the "owner's other" contracts.
   - Interiors and furnishings
   - Telecom data
   - Security and fire protection services
   - Audio-visual suppliers
   - Kitchen equipment suppliers (if any)
   - Landscape design and installation
   - Signage design and installation

   CONTRACT DEVELOPMENT SERVICES After the plans and specifications have moved through the working drawing stage, a set of contracts must be developed engaging the general contractor, landscaper, interiors installers, etc. Most contracts start with a version of the 1987 edition of the AlA 101 and AlA 201, but must be modified to further protect the owner s interests. Such consultation would be done in conjunction with the owner's legal counsel. The issues here are numerous but generally fall into one of the following categories:

6. Contract analysis recommendations
   - The contractor's insurance requirements
   - Prerequisites for contractor payments
   - Strengthening the indemnification clause
   - Change order administration provisions
   - Protecting the owner against delays
   - Clarifying the contractor's shop drawing submission procedure.
   CONSTRUCTION PHASE During construction the owner's representative would perform the following functions that generally include coordinating all aspects of construction including, but not limited to permitting, construction testing, easements and surveys through total buildout to final turnover.

   OTHER SERVICES

   Venterra can also provide other services in property management including setting up the management operation for the building.

   1. Formulate a building operating budget.
   2. Formulate a chart of accounts for building management.
   3. Propose a staff for the building operation.
   4. Provide proper negotiations for union affiliations or service companies.
   5. Bid out selected maintenance items for the building.
   6. Create and implement maintenance schedule.
   7. Prepare a detailed reporting system for the building.
   8. Study energy controls for the building.
   9. Set up a proper real estate tax representation for the owner.
   10. Prepare security operation manuals and cleaning specifications.

7. Develop a chart of accounts upon which the contractor eventually requests progress payments.

8. Assist in selecting necessary testing company.

9. Attend all contractor meetings (typically held bi-weekly) and prepare minutes of the proceedings and attend all change order meetings.

10. Review all payment requests and recommend payment.

11. Review all Construction Change Directives (CCD's) and recommend action or non-action.

12. Negotiate all change orders.

13. Review the contractor's Certificates of Insurance.

14. Bring to the architect's attention any observed defects in the physical work.

15. Coordinate "other contractor's" work with that of the general contractor.
    CLOSE OUT PHASE During this phase the owner's representative will expedite the close out of the project by performing the following tasks.

16. Monitor owner's development budget and update as required.

17. Review and accept as-built drawings and special product warranties.

18. Finalize any disputed change order claims whether claims are for money or time extensions.

19. Monitor and expedite the punch list work.

20. Provide a final set of accounts on the project.

21. Deliver to the owner a final log of all change order claims regardless of how they were settled.

22. Monitor schedule adherence.