Seniors Housing Business

AUG-SEP 2018

Seniors Housing Business is the magazine that helps you navigate the evolution of the seniors housing industry.

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Page 74 of 80

74 Seniors Housing Business n August-September 2018 Construction Costs • Today's retail environment has to incorporate entertainment, customer engagement and consumer participation to succeed. • Entertainment Experience Evolution brings together leading creative minds, executives from new retail, dining and entertainment concepts and developers to share ideas, collaborate and learn what works and what doesn't work. • Join more than 700 industry leaders at an event designed to discover new ideas and build the retail environment of the future! R E TA I L E N V I R O N M E N T S A R E E V O L V I N G T O A N E W L E V E L i n t e r f a c e c o n f e r e n c e g r o u p . c o m / e e e 2 0 1 9 ENTERTAINMENT EXPERIENCE EVOLUTION Credit: Beverly Hills Conference & Visitors Bureau. E A R LY B I R D R A T E A V A I L A B L E U N T I L O C T O B E R 3 1 $7 9 5 G O L D S P O N S O R S P L A T I N U M S P O N S O R S F E B R UA R Y 1 2 - 1 3 2 0 1 9 B E V E R LY W I L S H I R E H O T E L B E VE R LY H I L L S T H E 5 T H A N N U A L F R A N C E M E D I A A N D S H O P P I N G C E N T E R B U S I N E S S P R E S E N T Getting What You Want on a Budget Is Possible A 10-step checklist can keep a development's costs within the planned scope. By Chad Ulman and Kevin Madalinski Compromise and sacrifice don't have to be your constant companions when implementing a construc- tion project. Once the budget has been established for your proj- ect, staying within it is a reasonable expectation. This can be accomplished by clearly identifying and docu- menting the scope of work for each aspect of the proj- ect in the early stages. The following 10 steps, when followed throughout the project process, will ensure that your project excels within your budget. 1. Address an appetite — It's commonplace to have numerous appeals for additional programs and features that were not identified prior to the budget. Staff may get the impression that the dollars are flowing from a fountain and now's the time to implement a pet project. A clear picture of success should be established early in the design process, and your team should evaluate and filter requests carefully based on how well they match your goals or achieve your vision. These requests need to be challenged. Capitalize on the opportunity to clarify the direction and vision for your facility as you evaluate the requests to determine their merit. 2. Consider constructability — Square footage isn't the only driver in determining costs. Additionally, the time it takes to construct your senior living campus will have significant and widespread implications; there- fore, time will also impact your budget. On one occasion, we recommended a modular con- struction system that dramatically decreased the con- struction schedule, thus reducing labor costs with- out compromising the integrity of the building at all. Because modular building facilities are assembled in controlled environments (sheltered from the elements) and then brought to the site, the building process is even less wasteful. 3. Value trading — Value trading is the art and sci- ence of making design choices that provide greater value, while "paying" for those by changing or elimi- nating design features or elements. This collaborative process keeps costs within budget while improving the design and performance of a building. In one case, we found that energy modeling revealed a suggested chiller might be larger than necessary for the size of the facility. After scrutiny, we determined that the larger chiller would be used only in extremely infrequent and unlikely circumstances. Further analyses con- firmed that the temperature might increase a mere 2 degrees Fahrenheit above optimum temperature in those infrequent and irregular situations. As a result, we recommended a smaller chiller, which not only pro- vided initial cost savings but limited future utility costs. Value trading allowed the developer to invest in other more valuable items. 4. Discuss deviations — It's imperative to consistently track any devia- tions to the scope of the work and regularly deliberate both the short- and long-term cost consequences. Then you can determine what adjustments should be made to allow for any cost increases and prepare accordingly. Kevin Madalinski Chad Ulman

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