After the approval of a developer’s proposal by a legislative body, the land is considered shovel-ready and the developer’s chosen general contractor can then apply for building permits, based on the approved architectural and engineering plans, to begin the construction phase of the project.
The construction process timeline can vary depending on how efficiently the general contractor can efficiently assemble the subcontractors to carry out their particular trades. Common trades of development projects include foundation, framing, electrical, HVAC, drywall, flooring, tiling, roofing, landscaping and hardscaping.
The local inspector makes periodic inspections throughout the process and after certain trades complete their projects. The final sign-off includes the local inspector’s final approval of the project in order to ensure it fulfills requirements for a certificate of occupancy. During this time, the final sign-off by lenders for converting the construction loan into a permanent loan and for the developer to begin marketing the sale or leasing of units of their project to prospective owners or tenants.
