The American Institute of Architects (AIA) hopes that a new database will get stalled projects back in motion and architects and developers back to work.
The Stalled Projects database, which launched yesterday, is the organization’s way of connecting investors and architects with unfinished developments across the country. Developers can post their stalled project and search for potential investors, and investors can create a profile and search for the sorts of projects they are interested in.
From the AIA website:
Stalled Projects is designed to help architects and their clients find a solution to the primary issue plaguing the design and construction industry – access to credit. The AIA commitment comes as the design and construction industry is plagued by a continuing dearth of credit for otherwise credit-worthy projects. Almost two-thirds of architects responding to a recent AIA survey reported at least one project that is stalled due to lack of financing, despite record low interest rates.
Industry publication archdaily reported on the database with cautious optimism:
The architectural profession has been greatly influenced by the recession that began over three years ago. With hundreds of projects, on a variety of scales, being stalled or completely canceled, and firms forced to lay off extreme numbers of employees, many estimate that our profession has taken one of the hardest hits of this economic downturn.
“We are committing to developing this database not just with the fortunes of architects in mind,” said AIA President Clark Manus, FAIA. “In large part the fortunes of the entire U.S. economy rest on the jobs-creating potential of the design and construction industry, which accounts for $1 in $9 of U.S. Gross Domestic Product, according to the U.S. Census Bureau. For months, our industry has continued to suffer solely because banks won’t lend,” Manus said. “With this innovative, unprecedented commitment, the AIA has decided to step up and do something about that.”
While there are only five projects on the site right now (and none in DC), the database has potential as prior to its creation there wasn’t a centralized place to catalog unfinished sites. While some economic duds are likely to stay stalled, the hope is that many of these projects are economically viable and will appeal to lenders and investors searching for a deal.
This article originally published at https://dc.urbanturf.com/articles/blog/aia_creates_database_of_unfinished_projects/4532.
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