Key Terms

The act of going door-to-door in a neighborhood to initiate conversation with local members of the community in order to obtain a better sense of the true character, challenges, and strengths of a particular area, especially as it relates to the current and prospective retail landscape.

A document issued by your local government certifying compliance with building codes and stating the premise is ready for occupancy.

New construction retail space is often referred to as a Cold Dark Shell because there are no MEP systems. In other words, no lighting, no HVAC, no bathrooms, no life safety, no finishes. Bare bones. Typically, the space is barren except for a concrete floor, open ceiling, walls, and entry/egress with utilities “stubbed” to the space.

CAM charges are the costs your business pay for the upkeep of the common areas (like roof, structural elements, walkways, and common restrooms) in a commercial building. This includes maintenance, repairs, and operating costs like snow removal and landscaping. When you lease in a multi-tenant commercial building, you almost always have to pay for a portion of the building’s CAM charges.

A CV is a license issued by a city or town that allows a food service business that is cooking, preparing, and serving food to lawfully operate. This is one of the most standard licenses or permits that every restaurant needs.

Comps is an abbreviation for “comparable,” referring to comparable financial deal terms. In retail, comps are used to assess a space’s or property’s value by comparing it to similar spaces or properties (with similar building types, uses, size space, etc.) and enforce key decisions making around what is “market” or current/normal for a certain trade area.

A presentation (ideally done in PowerPoint or PDF format) of your project and its goals. The concept deck provides background information, a general vision of your idea, and supporting information that will help bring your project to life. See Concept Deck Outline on GSP website.

Construction Drawings are the minimal set of drawings required by the local jurisdiction to obtain a construction permit. The permit set typically includes floor plans, elevations, MEPs, sections, and a site plan.

Cost-plus contracts are often used if the party who is developing the contract has budgetary restrictions or if the scope of the work can’t be accurately estimated in advance. These contracts are created for a contractor to be reimbursed for almost every expense incurred on a project.