More transparency in RE development, with Alex Elkin from Eastbound
Alex Elkin, founder and owner of Eastbound Construction, has been working in Real Estate Development & construction for over 15 years, and started his own consulting firm 3 years ago dedicated to guiding private developers through the development process and removing much of the secrecy behind construction costs and processes.
An effective Owner Representative typically assists in overseeing the construction process, from reviewing design drawings and buying out trades to building completion and turnover.
One of the most important capabilities that makes Eastbound unique is that each team member has experience working for developers with in-house construction arms. This ensures that each step of the process is viewed through the lens of the developer, not exclusively construction.
It is also what qualifies Eastbound to assist in all aspects of the development process, not strictly construction. Developers are able to leverage Eastbound’s involvement in projects with lenders and partners, while Eastbound guides developers through design, pre-construction, insurance, license agreements, logistics, marketing and, of course, the construction process.
‘What do you think it costs to build?’ is the most common, and difficult, questions that developers ask. And it is what led Eastbound to create a business model built on full transparency in order to remove much of the secrecy behind costs. “The traditional model of Owners Reps and Construction Managers getting paid a percentage of costs is littered with inherent conflicts” says Elkin, noting that Eastbound provides their services on a flat monthly fee. “It allows the developer to budget with certainty while allowing us to dedicate the time and resources necessary to give our clients the service they deserve. We don’t mark up any proposals or add fees on top of anything. We don’t sell any products. We provide a service based on our experience and resources and based on client needs.”
And it seems to be paying off. Eastbound wouldn’t disclose which clients they are currently representing but the projects range in size from 20,000 – 250,000 square feet and include a mix of ground-up high-rises, Landmarked renovations and conversions, rentals, condos, and office towers. To learn more about Eastbound please visit our website at www.Eastboundconstruction.com or reach out via email at Info@Eastboundconstruction.com