Real Estate Project Development

Projects related to construction works undergo various development phases: identification of suitable sites, implementation of acquisition transactions, completion of urban planning measures (in some cases, also procedures to change the purpose of farmland), holding of tenders to select contractors, commissioning of works, commercial realization of projects (sale or renting). The successful completion of such projects requires an experienced team comprised of various experts like architects, designers, building engineers, technical consultants, project managers, leasing agents and, last but not least, legal consultants who possess not only the relevant legal expertise but also knowledge of the specific features of works and the ways to make business, housing or office premises commercial.

Thanks to the exceptionally rich experience in the development of real estate projects, the PM&P team is fully aware of all the practical difficulties and stumbling blocks for the participants in the investment process in their interrelationships and also in their relations with the competent central and local government authorities performing regulatory functions.

Building on this experience, we assist investors and their contractors and consultants in putting their relationships on a sound contractual basis. Given its track record, PM&P is often entrusted to act as a leading partner to the investor and the project manager in connection with the supervision of the work of architects and builders, including the cases where it is necessary to draft claims for non-performance or delays. The law firm has been recognized for its reputation of a multifunctional consultant in a number of large-scale projects, such as the construction of The Mall and Paradise Centre, two of the largest shopping malls in the capital city.

The good knowledge of the legal framework concerning construction works enables the PM&P team to assist the participants in the process when a legal assessment is to be given to the lawfulness of a technical solution in the light of the special secondary legislation and in the conduct of the relevant administrative procedures.



“Penkov, Markov & Partners is highly praised by the market as a “very good firm” with a “good reputation” that has a “strong client portfolio in commercial property”.