| Project: | Develop a high performance office building within a very limited budget and tight schedule. |
| Focus: | The project schedule had a "drop dead date," which was the last day that First Card could exercise its option to terminate its current lease. After that date, the lease would automatically extend for ten years. A go/no-go decision, based on fully known and agreed to construction costs and leasing rates, had to be reached by then. |
| Solution: | We were originally retained as consulting architects by First National Bank of Chicago to represent First Card's interests in the design of the new operations facility. After 6 months, when it became obvious that CMD's architectural firm was unable to meet the project schedule, we were requested by CMD and FNBC jointly to undertake the assignment. We assembled a project team and began work on guaranteed maximum price bidding documents. At this point there were only 24 days left before the deadline for their completion.
With our CADD augmented, systematic process, the documents were completed on schedule. After the bidding and negotiating period, an acceptable construction price was achieved: $53 per square foot excluding only the kitchen and servery build-out and equipment. |
| Accomplishments: | The project was completed on time for occupancy by First Card.
Typically, documents completed so quickly would lack coordination, be incomplete and have omissions. This results in added costs during construction. But because of our systematic process, the total extra costs caused by omissions or lack of full coordination were less than 0.25% of the construction cost. Architectural related costs were under 0.07%. The project was completed on budget. The construction contingency was virtually untouched. Both the developer and tenant continue to be very satisfied with its performance. |
Project size: 240,000 sf
Headcount: 1,150
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Architects & Consultants, Inc.
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Chicago, IL 60604-3606
Phone (312)922-6050
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