Expert Project Management Yields $3.7 Million in Savings for Renovation Project
SOCOTEC was retained by the 9 Island Avenue Condominium Association in Miami Beach, Florida, to provide expert oversight and project management for a significant interior renovation.
Project details:
This luxury condominium, known for its prime location and upscale amenities, was undergoing a comprehensive remodel of its common areas, including the corridors, elevator lobbies, amenity level, and main lobby. The project initially faced challenges when it became clear that the approved design, based on the original designer's cost estimate, far exceeded the allocated budget. The Association had raised funds through a special assessment, but the actual project costs significantly surpassed these estimates.
In response, SOCOTEC stepped in to collaborate with a newly appointed designer, focusing on developing cost-effective construction strategies while maintaining the integrity of the design. The team worked to address issues related to cost, constructability, and building code compliance, all while gathering budget estimates from multiple vendors. SOCOTEC also assisted in the bid evaluation process, ensuring that a qualified contractor was selected who could complete the project within the constraints of the approved budget.
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Client Benefits:
Through careful planning, value engineering, and strategic material substitutions, SOCOTEC helped the Association reduce project costs by $3.7 million. This outcome not only preserved the luxury appeal of the remodeled spaces but also ensured that unit owners did not face additional financial assessments. The project successfully delivered a high-quality renovation that aligned with the original vision, while staying within the financial limits set by the Association.
