The American Institute of Architects (AIA) is crafting a database that would catalog stalled development projects around the country, eyeing as an audience lenders and potential investors who might be on the hunt for deals.
The AIA announced this last week as a participating member at CGI America, the first conference of the Clinton Global Initiative solely dedicated to economic issues impacting the United States.
The database should be available in coming months and focuses on projects that make economic sense but don’t have the financing to be completed. 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.
Of the 63 percent of firms surveyed with stalled projects, the average value of each stalled project was almost $50 million per firm.
For more information: http://www.aia.org/press/releases/AIAB090153