Report on Bank Redevelopment Plan

Added on - 21 Apr 2020

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Running Head: BANK REDEVELOPMENTBANK REDEVELOPMENTStudent’s Name:Institutional Affiliation:
BANK REDEVELOPMENT2IntroductionA redevelopment plan, though a costly venture, is done when the benefits outweigh thedrawbacks[ CITATION Har12 \l 1033 ]. However, there are various considerations put in place toensure that the project is in line with the safety requirements as well as the regulatoryrequirements put in place by the law. As per the redevelopment of the bank, the main concern isto increase the office space because of the increase in the economy around the locality. Thebuilding remains the headquarters of the bank but more to this, there is a likelihood of theincreased occupancy of the building. Therefore, the redevelopment will need to ensure that thereis a proper and sustainable use of the space around the CBD.Moreover, during the reconstructionand the redevelopment stage, the bank needs temporary headquarters and a space to continuewith its activities and this can basically be ensured by proper planning prior to the redevelopmentphase.One major aspect of the redevelopment is the mutual agreement between the bank and thecompany. There is bound to be mutual gain between the two organizations with eachcontributing a substantial share in the redevelopment. Agreements, as well as contracts, stipulatethe various roles that each of the shareholders in the plan will play[ CITATION Tur08 \l 1033 ]. Asper the bank, the costs incurred will be on the on the architectural designing of the building, withthe other costs and planning done by the property development team. The remaining part will beplayed by the construction company. Finally, when all is said and done, the bank will retain therights associated with the new building with the other parties playing, minor, but significant roles
BANK REDEVELOPMENT3in the building ownership. All this is entrained in this report: the redevelopment entities and thenecessary recommendations that may be associated with this agreement.Contracts in the redevelopmentTo begin with, there are various factors that need to be taken into consideration for theredevelopment of the property. However, because am in the position of a commercial manager inthe construction company, which basically means the position that overlooks the constructionmanagement process, all this will fall under my wing. The design phase is one of the mostunderlooked, but yet the most important phase in the construction, or the redevelopment of anystructural outfit. The bank manager has outlined and selected the company of his choosing on thearchitectural plans of the building. The plans need to be viable in the aspect of space as well asthe costs to be incurred[ CITATION Env11 \l 1033 ].in this regard, an architectural plan that does notcomply with the safety standards, as well as the structural functioning of the building, isbasically a waste of resources[ CITATION Low08 \l 1033 ]. Therefore, the plans brought forth shouldhave anopinion of the contractors and as a matter of fact, the property development team in it.All this is to make sure that the workability of the plans is relatively easy and the costs incurredare not that exorbitant. This process basically requires bidding but as in our case, this is alreadydone selectively.The architectural planning stage is an intricate one where there is the need for contractualagreement[ CITATION Low08 \l 1033 ]. In the agreement between the bank owner and thearchitectural firm, some of the things that need to be discussed, and thereafter put on paper
BANK REDEVELOPMENT4include: a decrease in the risk factor associated with the proposed structural drawings[ CITATIONOBr08 \l 1033 ], the control over the performance[ CITATION Jon09 \l 1033 ], costs and the standardsof the building[ CITATION Mil08 \l 1033 ], the viability of the plans in relation to a changing workenvironment[ CITATION Dew07 \l 1033 ]and generally value for the money put into the project.In line with my work position as the commercial manager of the construction company,the aspect of bidding falls under my wing. There are basically two types of bidding processesthat any construction process entails: a closed bid and a closed bid (IACCM, 2013). Since theredevelopment is, to a large extent, part of our plans, the bidding needs not to be done. Closedbids are reserved for projects which are basically privately owned[ CITATION Rya09 \l 1033 ]. Thebank manager has been selective in the bidding process in which case he has selected ourparticular company for this specific job. As a matter of fact, the bidding process has beenreduced to just an agreement between the bank manager and the managing director. Moreover,there is no selection of the type of the work contractor based on the type of agreement. Thecontractor, as well as the client, are all under one umbrella of our organization.Considering that there is no selection of the contractor on the basis of the type ofcontract, we as the company have the right to practice the work ethics on the basis of the bestvalue selection[ CITATION Sch08 \l 1033 ]. In this, the bank manager has delegated all theresponsibilities of the redevelopment process on the property management by basicallycombining the qualification requirements and the best price.Both the property redevelopment branch and the construction branch are under one roofand as such, the work is an internal affair. Our expertise in the construction, as well as the
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