The Challenges of Real Estate Development in Atlanta, Georgia: An Expert's Perspective

Real estate development is a highly profitable sector of the real estate industry, but it comes with its own set of risks and challenges. Property developers purchase land and properties in difficulty to create value by constructing new structures or modifying existing ones. The real estate developers are responsible for the project from start to finish, planning, designing and financing the company and forming a team to execute the plan. Once a project is completed, a developer usually sells the property to a real estate investor. Poor project planning, inadequate management skills, lack of accountability, lack of stakeholder participation, unrealistic plans and no measures to assess quality are some of the issues developers face when planning and executing development projects in Atlanta, Georgia.

Detailed planning provides a realistic plan that helps to manage risks before they occur and to reduce costly changes late in the project. For example, the developer can increase the project's insurance coverage both with the architect and through a project policy and purchase an owner's protective professional compensation policy (OPPI).The following projects and initiatives incorporate the design framework and values of the city of Atlanta, allowing Atlanta to become the best possible version of itself. The value proposition for project management translates into the implementation of a common set of processes, competencies and project management tools. One of the first steps in development is to obtain approval of the plan by the appropriate municipal office. Changes in the environment are not always reflected in the original design, which means that projects do not always achieve their intended objectives; that is why it is not uncommon to find a project that has obtained all the expected results, but that has failed to reach its goals in a meaningful way.

Constant changes in the social, economic, political and natural environment force many projects to alter their original plans; in fact, project plans are based on many assumptions that, ultimately, are challenged by changes in the environment. In the world of real estate development, it can be a costly mistake to assume that if I build it, they will come. The lack of adequate infrastructure, limited resources and a changing environment place a burden on project managers who must deliver project results. Every successful real estate development project starts with an ideal site that aligns with the developer's target market and with major demographic groups. Project management provides a proven methodology for completing projects of any size and complexity accurately and efficiently. He is currently the general director of PM4DEV, a consulting organization dedicated to training NGOs in project management.