Feasibility Study
Maximize ROI and Help Make Informed Decisions
We perform feasibility studies to assess project viability before any major cost occurs. We help you make informed decisions early on in the planning and development process that will keep your strategy on target moving forward.
What is a feasibility study?
Before beginning any design and construction work, a feasibility study is conducted to determine if building on a specific site is possible and practical, as well as financially viable. This research involves analyzing factors such as the characteristics of the site and its surroundings, zoning details, compliance with local rules for land use development, technical aspects of the structure, cost analysis, and other relevant factors.
A feasibility study report is then created based on this analysis, which is extremely useful for clients to understand the scope and direction of the project. At times, it can be a crucial step in securing project funding and determining next steps.
Benefits of Feasiblity Studies
#1 Maximize ROI
By analyzing key aspects of a site beforehand, clients can check the viability of the project before making any significant investment. Addressing any constraints at the outset can help avoid issues later on, saving huge expenses. Feasibility study reports also provide cost estimates that allow clients to agree upon an economically viable solution.
#2 Help make informed decisions
Architects create preliminary plans, projections, and forecasts based on their analysis, giving everyone involved an overview of the structure. This allows architects and clients to discuss iterations in advance and finalize finer details before any work on the building begins.
#3 Discover hidden opportunities
Conducting a site feasibility study can reveal new design opportunities and ways to maximize space. This in-depth analysis can help uncover not-so-obvious possibilities.
#4 Save time and increase productivity
By establishing the project's finer details at the beginning, all members of the architectural firm, developers, contractors, and external stakeholders can work with better focus and achieve the same vision. This leads to better productivity and saves time.
Our Feasiblity Study Services
The project requirements of every client are different, depending on its size and scope. Thus, it's crucial to design a custom feasibility and viability exercise for each of them. Our feasibility study is typically comprised of various stages and elements that conclude in a feasibility study report.
＋ Review the Client’s Program and characteristics of the site, including topographical information and utility locations.
＋ Review applicable codes and zoning. Discuss with the City Permitting Office and Homeowner’s Association (if applicable) to obtain an understanding of the requirements for the planning and development process, city schedules, and submittal requirements.
＋ Market segmentation and evaluation of the demographic profile of the area or the city.
＋ Preliminary site visit to review conditions.
＋ Preliminary conceptual design.
＋ Preliminary cost estimates of initial construction to anticipate any budgetary constraints or obstacles.
＋ Financial projections based on the project area, construction cost estimates, operation costs, prevalent taxes, depreciation, and allied costs.
＋ Develop a scope of work and a preliminary schedule for the project.
＋ Meet with the client to discuss pre-design findings and options.