Project Delivery Leader:
RK&K is the prime real estate consultant providing real estate services for a proposed offshore wind project that offers New Jersey as much as 2,300 MW of renewable power. This project is the largest single awarded in the State of New Jersey and the second largest awarded offshore wind project in the U.S. designed to power more than 700,000 homes. RK&K is managing all aspects of ROW services, facilitating land acquisitions for prospective landfall areas and Point of Interconnection sights (tie in points to the existing electric grid), as well as the negotiation and acquisition of approximately 100 Easement Agreements for electric infrastructure, temporary construction easements, and right of entries required for the project. Responsible for managing title commitment and reviews, comparative market analysis reports, appraisal and appraisal reviews, closing services, as well as survey and plan review providing guidance and advisement on design based on property constraints. The project spans five municipalities in two counties through southern and northern New Jersey.
ROW Cost Estimates
Working with client to prepare ROW cost estimates to include estimated compensation for all land, improvements, and easements.
Coordinating completion and review of all required commercial and residential title commitments (79 properties to date). Title reports consist of 60-year “root” title abstract reports inclusive of all documents and exceptions, chain of title, and complete legal description. Information regarding taxes, liens, litigation, easements, leases/assignments, and bankruptcies are also considered in the title report research. The RK&K Team is reviewing each title to verify ownership, encumbrances, and their effect on the area of acquisition.
Real Estate Appraisals
Performing review of complex commercial/residential appraisals and review appraisals for all properties (18 to date). Working with client to determine Just Compensation, and reviewing appraisals with property owners and use for negotiations.
Negotiations for all commercial and residential parcels based upon approved appraisals. Preparing offer packages in accordance with client standards. Negotiations consist of meetings with property owners and follow up as required, maintaining property owner contact logs, and tracking matrixes and providing weekly updates to client project team.
Settlements/Closing Packages/Title Insurance
Assisting client and working with legal in preparing closing packages on all parcels. Coordination and attendance at closing for final settlements.