MIXED USE DEVELOPMENTS

As the name implies, mixed use developments often integrate a combination of uses that may incorporate various types of construction presenting different challenges or conditions to consider while performing an assessment of the property.  Due to CODA's extensive experience assessing an ever-expanding inventory of asset classes, we are accustomed to identifying building system deficiencies and potential problems, quantifying the issues, and recommending corrective actions.  Regardless of type or use, CODA implements the same thorough and diligent effort to provide you with a comprehensive understanding of the subject property to help you make informed business decisions.

CODA’s reports are customized to our client's needs and desires. Additionally, we work with you from the inception of the project or portfolio to after the submittal of our draft report.  We will work with you until you are satisfied with our end product and ensure it addresses your needs for the property.

Water Tower Place Mixed Use Development, Chicago, IL

Water Tower Place is a large, urban, mixed use development skyscraper located in Chicago, Illinois.  The 74-story complex, located at 835 North Michigan Avenue along the Magnificent Mile, opened in 1976 and is vertically subdivided into retail, office, hotel, and condominiums. CODA performed a Property Condition Assessment on behalf of the Lender as a result of the Borrower's request to refinance the property.  The collateral for the loan included the eight-floors of retail space (708,161 SF), four levels of underground parking (699 parking spaces), and one floor of professional office space (90,387 SF) located above the retail space.

    


    

New Mixed Use Development, Los Angeles, California, May 2011 – May 2013

CODA is providing Owner representative services for the equity partner during the construction of a mixed use development in the greater Los Angeles area.  Once completed the project will be a multi-use development consisting of 208 residential units, retail/restaurant spaces, and subterranean garage parking. The amenities will include a residential lobby, fitness center, two landscaped courtyard areas located at the podium level, and a rooftop sundeck with two jacuzzis.  During construction, CODA performs monthly site visits to observe constructed elements, monitor progress, confirm funding requirements, and generally keep the client apprised of impactful events.


Ghirardelli Square, San Francisco, California

The project comprised the conversion of 72,236 SF of office space at historic Ghirardelli Square into 53 Fairmont- branded private residence club units to be sold as fractional interests.  The property underwent a major redevelopment that took 24 months at a cost of $59 million. The conversion was completed in 2008. We evaluated design documents, performed construction-monitoring services, and prepared funding recommendations for the Lender. Construction monitoring activities encompassed regular site visits, documenting the progress and work at the project site through review of key construction issues. In addition, we  reviewed the form of Applications for Payment, Change Orders, and requests for changes or alterations from the construction documents. Our services were also intended to review the progress of the work each month to determine that tasks had been well-executed and were in general accordance with the intent of the contract documents. We were charged with identifying unsatisfactory work or deviations from the plan, and working with the ownership to resolve conflicts. (ie)

    


  
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