In June, 2001, Project Control Group, Inc. was retained by Ultimate Realty, a New York real estate developer, to manage the conversion of The Bond Hotel in downtown Hartford, Connecticut, to 111 rental apartments, commercial space and a penthouse banquet facility. The 200,000sf. project was a subject of excitement in Hartford, as it represented an important milestone in the revival of the downtown Hartford business district.
As the developers had never worked in the Hartford area, and had never developed a property of this magnitude, Project Control Group, Inc. was retained to organize all project elements, identify local code compliance issues, research cost effective and compliant means for upgrading existing elevators, establish a security design that allowed for public access to portions of the building while maintaining exclusive access in the apartment zones and negotiate with local cable television and telephone suppliers.
As the funding for the project was to arrive from both banking and private sources, budgeting was pivotal to confirming the amount and timing of funds required to initiate pre-purchases, secure contracts and maintain a cash flow for all project participants. Project Control Group, Inc. worked with the developer's construction manager and the architect to establish unit prices, prepare a pre-construction budget estimate and develop a cash flow analysis.
Once the construction management contract was negotiated and all project elements were in place, Project Control Group, Inc. completed its assignment.