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
| Feb 11, 2011
Four Products That Stand Up to Hurricanes
What do a panelized wall system, a newly developed roof hatch, spray polyurethane foam, and a custom-made curtain wall have in common? They’ve been extensively researched and tested for their ability to take abuse from the likes of Hurricane Katrina.
| Feb 11, 2011
RS Means Cost Comparison Chart: Office Buildings
This month's RS Means Cost Comparison Chart focuses on office building construction.
| Feb 11, 2011
Sustainable features on the bill for dual-building performing arts center at Soka University of America
The $73 million Soka University of America’s new performing arts center and academic complex recently opened on the school’s Aliso Viejo, Calif., campus. McCarthy Building Companies and Zimmer Gunsul Frasca Architects collaborated on the two-building project. One is a three-story, 47,836-sf facility with a grand reception lobby, a 1,200-seat auditorium, and supports spaces. The other is a four-story, 48,974-sf facility with 11 classrooms, 29 faculty offices, a 150-seat black box theater, rehearsal/dance studio, and support spaces. The project, which has a green roof, solar panels, operable windows, and sun-shading devices, is going for LEED Silver.
| Feb 11, 2011
BIM-enabled Texas church complex can broadcast services in high-def
After two years of design and construction, members of the Gateway Church in Southland, Texas, were able to attend services in their new 4,000-seat facility in late 2010. Located on a 180-acre site, the 205,000-sf complex has six auditoriums, including a massive 200,000-sf Worship Center, complete with catwalks, top-end audio and video system, and high-definition broadcast capabilities. BIM played a significant role in the building’s design and construction. Balfour Beatty Construction and Beck Architecture formed the nucleus of the Building Team.
| Feb 11, 2011
Kentucky’s first green adaptive reuse project earns Platinum
(FER) studio, Inglewood, Calif., converted a 115-year-old former dry goods store in Louisville, Ky., into a 10,175-sf mixed-use commercial building earned LEED Platinum and holds the distinction of being the state’s first adaptive reuse project to earn any LEED rating. The facility, located in the East Market District, houses a gallery, event space, offices, conference space, and a restaurant. Sustainable elements that helped the building reach its top LEED rating include xeriscaping, a green roof, rainwater collection and reuse, 12 geothermal wells, 81 solar panels, a 1,100-gallon ice storage system (off-grid energy efficiency is 68%) and the reuse and recycling of construction materials. Local firm Peters Construction served as GC.
| Feb 11, 2011
Former Richardson Romanesque hotel now houses books, not beds
The Piqua (Ohio) Public Library was once a late 19th-century hotel that sat vacant and deteriorating for years before a $12.3 million adaptive reuse project revitalized the 1891 building. The design team of PSA-Dewberry, MKC Associates, and historic preservation specialist Jeff Wray Associates collaborated on the restoration of the 80,000-sf Richardson Romanesque building, once known as the Fort Piqua Hotel. The team restored a mezzanine above the lobby and repaired historic windows, skylight, massive fireplace, and other historic details. The basement, with its low ceiling and stacked stone walls, was turned into a castle-like children’s center. The Piqua Historical Museum is also located within the building.
| Feb 11, 2011
Justice center on Fall River harbor serves up daylight, sustainable elements, including eucalyptus millwork
Located on historic South Main Street in Fall River, Mass., the Fall River Justice Center opened last fall to serve as the city’s Superior and District Courts building. The $85 million facility was designed by Boston-based Finegold Alexander + Associates Inc., with Dimeo Construction as CM and Arup as MEP. The 154,000-sf courthouse contains nine courtrooms, a law library, and a detention area. Most of the floors have the same ceiling height, which will makes them easier to reconfigure in the future as space needs change. Designed to achieve LEED Silver, the facility’s elliptical design offers abundant natural daylight and views of the harbor. Renewable eucalyptus millwork is one of the sustainable features.
| Feb 11, 2011
Research facility separates but also connects lab spaces
California State University, Northridge, consolidated its graduate and undergraduate biology and mathematics programs into one 90,000-sf research facility. Architect of record Cannon Design worked on the new Chaparral Hall, creating a four-story facility with two distinct spaces that separate research and teaching areas; these are linked by faculty offices to create collaborative spaces. The building houses wet research, teaching, and computational research labs, a 5,000-sf vivarium, classrooms, and administrative offices. A four-story outdoor lobby and plaza and an outdoor staircase provide orientation. A covered walkway links the new facility with the existing science complex. Saiful/Bouquet served as structural engineer, Bard, Rao + Athanas Consulting Engineers served as MEP, and Research Facilities Design was laboratory consultant.
| Feb 11, 2011
A feast of dining options at University of Colorado community center, but hold the buffalo stew
The University of Colorado, Boulder, cooked up something different with its new $84.4 million Center for Community building, whose 900-seat foodservice area consists of 12 micro-restaurants, each with its own food options and décor. Centerbrook Architects of Connecticut collaborated with Denver’s Davis Partnership Architects and foodservice designer Baker Group of Grand Rapids, Mich., on the 323,000-sf facility, which also includes space for a career center, international education, and counseling and psychological services. Exterior walls of rough-hewn, variegated sandstone and a terra cotta roof help the new facility blend with existing campus buildings. Target: LEED Gold.
| Feb 11, 2011
Chicago high-rise mixes condos with classrooms for Art Institute students
The Legacy at Millennium Park is a 72-story, mixed-use complex that rises high above Chicago’s Michigan Avenue. The glass tower, designed by Solomon Cordwell Buenz, is mostly residential, but also includes 41,000 sf of classroom space for the School of the Art Institute of Chicago and another 7,400 sf of retail space. The building’s 355 one-, two-, three-, and four-bedroom condominiums range from 875 sf to 9,300 sf, and there are seven levels of parking. Sky patios on the 15th, 42nd, and 60th floors give owners outdoor access and views of Lake Michigan.
