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Perhaps the way to lure LeBron James is a fixed price contract. Sure, it's a real estate term, but in our industry, they're capable of saving developers millions now that we're at an "inflection point," a term favored by LePatner & Associates founder Barry LePatner. He says we can no longer rely on the myth that fast-track projects and guaranteed maximum prices serve the interest of owners, lenders, contractors, architects, or engineers.
LePatner & Associates' Barry LePatner
The best way to find out what he means is to attend our July 7 NYC Construction & Development Breakfast and Schmooze, where Barry will speak. But here's a preview: Cost overruns as high as 40%, and delays of up to a year, became so prevalent in driving up carrying costs that they no longer can be tolerated for projects in planning, Barry says. To rebuild this fractured sector and make projects efficient, we need true fixed-price contracts in which contractors assume all appropriate risks and responsibilities. In return, they'll have higher profitability of completing a project on time and on budget. His message: build only when designs are complete and contractors no longer have to bid at or below cost. The fixed-price approach can potentially save developers millions per project, while contractors are rewarded for managing efficiently.
Our event next Wednesday will also feature a special one-on-one with Cushman & Wakefield CEO Bruce Mosler (above, in a pic we took earlier this year) and Cohen Brothers Realty CEO Charles Cohen. Join them, plus World Trade Center Properties' Janno Lieber, Skanska's Beth Heider, Halcrow's Michael Della Rocca, and RMJM's Richard Bailes. Great networking, too! Sign up today!