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
Hotel Facilities | Jul 21, 2023
In Phoenix, a former motel transforms into a boutique hotel with a midcentury vibe
The Egyptian Motor Hotel’s 48 guest rooms come with midcentury furnishings ranging from egg chairs to Bluetooth speakers that look like Marshall amplifiers.
Office Buildings | Jul 20, 2023
The co-worker as the new office amenity
Incentivizing, rather than mandating the return to the office, is the key to bringing back happy employees that want to work from the office. Spaces that are designed and curated for human-centric experiences will attract employees back into the workplace, and in turn, make office buildings thrive once again. Perkins&Will’s Wyatt Frantom offers a macro to micro view of the office market and the impact of employees on the future of work.
Healthcare Facilities | Jul 19, 2023
World’s first prefab operating room with fully automated disinfection technology opens in New York
The first prefabricated operating room in the world with fully automated disinfection technology opened recently at the University of Rochester Medicine Orthopedics Surgery Center in Henrietta, N.Y. The facility, developed in a former Sears store, features a system designed by Synergy Med, called Clean Cube, that had never been applied to an operating space before. The components of the Clean Cube operating room were custom premanufactured and then shipped to the site to be assembled.
Performing Arts Centers | Jul 18, 2023
Perelman Performing Arts Center will soon open at Ground Zero
In September, New York City will open a new performing arts center in Lower Manhattan, two decades after the master plan for Ground Zero called for a cultural component there. At a cost of $500 million, including $130 million donated by former mayor Michael R. Bloomberg, the Perelman Performing Arts Center (dubbed PAC NYC) is a 138-foot-tall cube-shaped building that glows at night.
Codes and Standards | Jul 17, 2023
Outdated federal rainfall analysis impacting infrastructure projects, flood insurance
Severe rainstorms, sometimes described as “atmospheric rivers” or “torrential thunderstorms,” are making the concept of a “1-in-100-year flood event” obsolete, according to a report from First Street Foundation, an organization focused on weather risk research.
Multifamily Housing | Jul 13, 2023
Walkable neighborhoods encourage stronger sense of community
Adults who live in walkable neighborhoods are more likely to interact with their neighbors and have a stronger sense of community than people who live in car-dependent communities, according to a report by the Herbert Wertheim School of Public Health and Human Longevity Science at University of California San Diego.
Sustainability | Jul 13, 2023
Deep green retrofits: Updating old buildings to new sustainability standards
HOK’s David Weatherhead and Atenor’s Eoin Conroy discuss the challenges and opportunities of refurbishing old buildings to meet modern-day sustainability standards.
Contractors | Jul 13, 2023
Construction input prices remain unchanged in June, inflation slowing
Construction input prices remained unchanged in June compared to the previous month, according to an Associated Builders and Contractors analysis of U.S. Bureau of Labor Statistics Producer Price Index data released today. Nonresidential construction input prices were also unchanged for the month.
Government Buildings | Jul 13, 2023
The recently opened U.S. Embassy in Ankara reflects U.S. values while honoring Turkish architecture
The U.S. Department of State’s Bureau of Overseas Buildings Operations (OBO) has recently opened the U.S. Embassy in Ankara, Turkey. The design by Ennead Architects aims to balance transparency and openness with security, according to a press statement. The design also seeks both to honor Turkey’s architectural traditions and to meet OBO’s goals of sustainability, resiliency, and stewardship.
Affordable Housing | Jul 12, 2023
Navigating homelessness with modular building solutions
San Francisco-based architect Chuck Bloszies, FAIA, SE, LEED AP, discusses his firm's designs for Navigation Centers, temporary housing for the homeless in northern California.
