Create separated environment for Python packages and install requirements:

mkvirtualenv -a /path/to/project project_name
pip install -r requirements.txt

Install frontend packages:

npm install

To rebuild frontend stuff (which is currently JavaScript files with ReactJS + JSX and SASS styles) use glup command executed from project's root directory. If you don't have glup installed globally you can do node_modules/glup/bin/glup.js.