Over the last couple years, Americans have become increasingly familiar with the sight of stalled construction sites due to the recession. To help mitigate this ugly issue, the American Institute of Architects has launched a new initiative aimed at reviving these stalled sites and jump-starting their completion. Not only will this eliminate undesirable, empty spaces, but it will create thousands of construction jobs.
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New construction already creates an enormous amount of waste, and stalled sites just add to the problem. Without constant activity, scaffolding wears down, notices blow away, and other deterioration occurs, creating litter and garbage near the sites. Plus, oftentimes rain collects and water becomes stagnant, making the sites a haven for bugs and rodents. To top it off, the construction industry accounts for $1 of every $9 of our total GDP output, so it is imperative to get it back on track to improve the economy.
Most, if not all, of the building sites are stalled because of a lack of financing. The AIA wants to help stalled sites by linking them up with new potential investors, and they are currently compiling a list of stalled sites that will be a database for investors to search through. According to Arch Daily, “one method that the AIA is implementing in order to circumvent the unwillingness of banks to invest in real estate is to harvest investment from pension funds, and construction consortiums.” Through surveys of members and other professionals, the AIA will fill out the database as best they can, analyzing and categorizing the buildings by type, location, new construction versus retrofit, impact on sustainability, and livability goals.
The results of the AIA’s research and the finished database should be available within the next couple of months.
Via Arch Daily
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