Construction Loan Monitoring for twelve-story mixed-use residential development in Ohio
The proposed project consisted of renovating an existing twelve-story building for adaptive reuse as a mixed-use residential development. The project, known as the Textile Building, encompassed approximately 269,587 square feet of gross area to accommodate 282 dwelling units, approximately 6,445 square feet of retail space on the first floor, and several residential amenities in the basement and sub-basement. In addition to the dwelling units, the building also included two future retail tenant spaces and several residential amenities, including a half-court basketball space, golf simulator, dog run and washing station, fitness areas, lounge and gaming space, a speakeasy, and a rooftop deck. Circulation between the floors and interior spaces was generally achieved using four elevators on the north side of the building, two stairwells, and various corridors throughout the building.
AKT Peerless was retained by CIBC Bank as their construction monitoring representative, providing preliminary construction analysis and routine construction monitoring throughout the renovation of the Textile building into a mixed-use residential and retail complex. AKT Peerless reviewed monthly pay applications and assessed the level of quality control by examining project documents, permits, and third-party testing reports. During inspections, AKT Peerless evaluated the security of stored materials and identified any construction concerns that deviated from the plans and specifications.
AKT Peerless provided comprehensive monitoring services to CBIC Bank. Our team worked to protect the bank from liability exposure during the initial review of the construction documents. We made recommendations for budgetary contingencies to account for unforeseen conditions. Throughout the construction process, we delivered recurring updates on any potential risks or modifications to the construction design. Additionally, our team assured that the monthly disbursements of loan funds were not premature but consistent with the appropriate project milestones.
