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
Smart Buildings | Apr 7, 2023
Carnegie Mellon University's research on advanced building sensors provokes heated controversy
A research project to test next-generation building sensors at Carnegie Mellon University provoked intense debate over the privacy implications of widespread deployment of the devices in a new 90,000-sf building. The light-switch-size devices, capable of measuring 12 types of data including motion and sound, were mounted in more than 300 locations throughout the building.
Affordable Housing | Apr 7, 2023
Florida’s affordable housing law expected to fuel multifamily residential projects
Florida Gov. Ron DeSantis recently signed into law affordable housing legislation that includes $711 million for housing programs and tax breaks for developers. The new law will supersede local governments’ zoning, density, and height requirements.
Energy Efficiency | Apr 7, 2023
Department of Energy makes $1 billion available for states, local governments to upgrade building codes
The U.S. Department of Energy is offering funding to help state and local governments upgrade their building codes to boost energy efficiency. The funding will support improved building codes that reduce carbon emissions and improve energy efficiency, according to DOE.
Steel Buildings | Apr 6, 2023
2023 AISC Forge Prize winner envisions the gas station of the future
Forge Prize winner LVL (Level) Studio envisions a place where motorists can relax, work, play, shop, or perhaps even get healthcare while their vehicles charge.
Architects | Apr 6, 2023
New tool from Perkins&Will will make public health data more accessible to designers and architects
Called PRECEDE, the dashboard is an open-source tool developed by Perkins&Will that draws on federal data to identify and assess community health priorities within the U.S. by location. The firm was recently awarded a $30,000 ASID Foundation Grant to enhance the tool.
Architects | Apr 6, 2023
Design for belonging: An introduction to inclusive design
The foundation of modern, formalized inclusive design can be traced back to the Americans with Disabilities Act (ADA) in 1990. The movement has developed beyond the simple rules outlined by ADA regulations resulting in features like mothers’ rooms, prayer rooms, and inclusive restrooms.
Market Data | Apr 6, 2023
JLL’s 2023 Construction Outlook foresees growth tempered by cost increases
The easing of supply chain snags for some product categories, and the dispensing with global COVID measures, have returned the North American construction sector to a sense of normal. However, that return is proving to be complicated, with the construction industry remaining exceptionally busy at a time when labor and materials cost inflation continues to put pricing pressure on projects, leading to caution in anticipation of a possible downturn. That’s the prognosis of JLL’s just-released 2023 U.S. and Canada Construction Outlook.
Cladding and Facade Systems | Apr 5, 2023
Façade innovation: University of Stuttgart tests a ‘saturated building skin’ for lessening heat islands
HydroSKIN is a façade made with textiles that stores rainwater and uses it later to cool hot building exteriors. The façade innovation consists of an external, multilayered 3D textile that acts as a water collector and evaporator.
Market Data | Apr 4, 2023
Nonresidential construction spending up 0.4% in February 2023
National nonresidential construction spending increased 0.4% in February, according to an Associated Builders and Contractors analysis of data published by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $982.2 billion for the month, up 16.8% from the previous year.
Sustainability | Apr 4, 2023
ASHRAE releases Building Performance Standards Guide
Building Performance Standards (BPS): A Technical Resource Guide was created to provide a technical basis for policymakers, building owners, practitioners and other stakeholders interested in developing and implementing a BPS policy. The publication is the first in a series of seven guidebooks by ASHRAE on building decarbonization.
