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Construction Services Group Case Study: Arrivé Tower

Nova Consulting’s Veteran Construction Services Group Streamlines Management Of 41-Story, $225 Million Skyscraper Project

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Summary:

Nova’s Construction Services Group performed an upfront Construction Document Review before assuming responsibility of both construction loan monitoring and servicer reporting. This dual role has provided the clients a more holistic view of hard and soft costs associated with the construction of Arrivé Tower in Seattle.

Highlights:

Nova has drawn on its deep experience to provide a comprehensive view of project expenses by reporting on both hard construction costs and project-related soft costs in the client’s own proprietary tracking/financial reporting format.

Project Location:

2116 Fourth Avenue
Seattle, Washington

Seattle downtown skyline and Mt. Rainier, Washington

Opportunity

When our clients decided to support development of the Arrivé Tower in Seattle, they called on Nova’s expertise to ensure the security of their investment in the project.

The building was originally named Potala Tower, after the Potala Palace in Tibet. Its developers are Binjiang Tower Corporation and the Molasky Group of Companies. By reinvigorating the plan for this distinctive tower, our clients are helping bring a much-anticipated addition to the Seattle skyline.

The project is located on a 1⁄3-acre site in Belltown, facing 4th Avenue between Blanchard and Lenora Streets. The Seattle-based architecture firm Weber Thompson designed the building, which features accents complementary to the adjacent Seattle Cinerama Theatre.

One of the first for-rent, mixed-use properties in Seattle, the Arrivé Tower is located next to Amazon’s downtown campus and offers beautiful views of the city and Puget Sound.

Groundbreaking and foundation work began in April 2015, but the project was put on hold after four months. With support from Nova’s clients, the project resumed in early 2016.

Revised plans call for snippet

The Nova Difference

Nova has traditionally served a construction monitoring role in projects such as the Arrivé Tower, and our team of specialists is partnering with the clients through all phases of construction.

For this project, however, Nova is also assuming the role of servicer. As such, we are tracking both hard and soft costs. This versatility – built in part on the team’s eagerness to learn the client’s financial tracking system – gives both Nova and the clients a more holistic view of contract and budgetary details.

As always, Nova’s upfront and unambiguous approach enables us to provide important answers on-demand.

Improved Outcome

By assuming a more comprehensive role on behalf our clients, Nova is simplifying the project by offering both precise monitoring and concise reporting. We’re tailoring our services and deliverables to custom-fit the clients’ needs, ensuring a prompt and successful process and finish.

 

 Download the full case study here

 

Author:

Michael A. Passaro, RA

Senior Vice President

Construction Services Group

(646) 753-0521

Michael.Passaro@novaconsulting.com

 

 

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