Nick Bjork//July 15, 2011//
Park Avenue West may be the shining example here in Portland, but there are numerous construction projects across the country that have been stalled due to a lack of financing.
Now, the American Institute of Architecture wants to help these projects by linking them up with potential investors.
Within the coming months, the AIA will roll out a new database of stalled building projects nationwide that make economic sense but lack the financing to be completed. The database will be accessible to potential investors with an interest in investing in building projects.
According to AIA President Clark Manus, a large part of the success of the U.S. economy rests on the job-creating potential of the design and construction industry, which accounts for $1 in $9 of U.S. gross domestic product.
鈥淔or months, our industry has continued to suffer solely because banks won’t lend,鈥 he said in a statement accompanying the announcement.
AIA will collect information for the database through surveys about stalled projects from members of the organization and other building professionals. The organization will then analyze and categorize the identified projects by various factors including building type, location, new construction versus retrofit, and impact on sustainability and livability goals.