The American Institute of Architects (AIA) announced that it has launched an online database that will let developers and architects network with investors interested in lending to projects that have been stalled primarily due to lack of financing.
The AIA designed the database, housed at www.aia.org/stalledprojects, to help address one of the persistent impediments facing the design and construction sector, which accounts for $1 in $9 of U.S. Gross Domestic Product, according to the U.S. Census Bureau. Each $1 million in new construction spending supports 28.5 full-time, year-round-equivalent jobs, according to a study by George Mason University economist Stephen J. Fuller.
“In large part the fortunes of the entire U.S. economy rest on whether the design and construction industry can create jobs,” said AIA President Clark Manus, FAIA. “For months, our industry has continued to suffer primarily because banks won’t lend. With this unprecedented online database portal, the AIA has decided to do something that could create more jobs and help grow the economy.”
The credit crunch crisis in design and construction shows no signs of abating. A report issued by the AIA’s economics and market research group finds that the share of projects stalled due to financing problems through August 2011 has almost doubled since 2008 and that one-in-five stalled projects directly result from financing problems. Indeed, almost two-thirds of architects responding to a May AIA survey reported at least one project stalled due to lack of financing.
To populate this database with both stalled projects and investors interested in financing them, the AIA in the last week initiated a communications campaign to solicit information about stalled projects around the country from its members and allied professionals. Since going live on October 31, the site has attracted projects seeking a total of almost $230 million in financing. The AIA expects these numbers to grow as word spreads throughout the architecture profession about this initiative.
“The four-month project to create this one-of-a-kind portal represents a comprehensive, intense effort by this organization to address an issue of vital importance to our members and to the economy in general,” said the AIA’s EVP and Chief Executive Officer Robert Ivy, FAIA. “As this initiative takes hold, we hope that the AIA’s Stalled Projects Page will prove to be an immense asset to architects, builders and developers throughout the country.”
By creating a login and clicking inside the “Get Started Now” box on the site, architects and developers can fill out a form and tell investors about their projects. By clicking in that same box, investors list their companies and tell project leaders about their firms and the types of investments they are interested in making. Once registered, both project owner and investor can see details on stalled projects or peruse investor information. BD+C
Related Stories
Architects | Sep 6, 2017
Top 110 university architecture firms
Perkins+Will, Gensler, and CannonDesign top BD+C’s ranking of the nation’s largest university sector architecture and AE firms, as reported in the 2017 Giants 300 Report.
Contractors | Sep 6, 2017
Following the money: G702 progress payment certifications
There is no single method of calculating progress payments, but the most common formula is the percentage of completion applied to the total contract price, less a retainage which is held by the owner until final acceptance of the project.
Multifamily Housing | Sep 5, 2017
Free WiFi, meeting rooms most popular business services amenities in multifamily developments
Complimentary, building-wide WiFi is more or less a given for marketing purposes in the multifamily arena.
Architects | Sep 1, 2017
5 reasons why AEC firms need to focus on employer branding
Not to be confused with the branding of your firm overall, your employer brand is defined by your reputation as a workplace.
Healthcare Facilities | Sep 1, 2017
Caring for caregivers
Many healthcare organizations are increasingly focused on designing amenities, policies, and workplaces to better support their clinicians, health providers, and administrators.
Architects | Aug 31, 2017
How Instagram is changing the design industry
The digital and physical worlds are colliding. How will social media platforms influence the way we design spaces?
Mixed-Use | Aug 30, 2017
A 50-acre waterfront redevelopment gets under way in Tampa
Nine architects, three interior designers, and nine contractors are involved in this $3 billion project.
AEC Tech | Aug 25, 2017
Software cornucopia: Jacksonville Jaguars’ new practice facility showcases the power of computational design
The project team employed Revit, Rhino, Grasshopper, Kangaroo, and a host of other software applications to design and build this uber-complex sports and entertainment facility.
Multifamily Housing | Aug 24, 2017
Storage units, lounges most popular indoor and outdoor amenities in multifamily developments
Tenants and condo owners crave extra space for their stuff. Most developers are happy to oblige.
Green | Aug 24, 2017
Business case for WELL still developing after first generation office fitouts completed
The costs ranged from 50 cents to $4 per sf, according to a ULI report.