The Mark at the University of Georgia is a high-end student housing community located in Athens, Georgia. The project consists of two student housing buildings reaching up to nine stories, for a combined approximate 600,000 square feet. The buildings boast a total of 928 beds. The Mark (Building 300) residential units are situated on top of the parking garage and The Mark (Building 100) residential space sits above retail and amenity space.
Jobsite Steel Manufacturing alongside a partnering, experienced subcontractor utilized load bearing panels to simultaneously erect both buildings and expedite the demanding schedule. The Mark Building 300 was the first structure to begin. The entire structure was erected between mid-April of 2016 with the last wall panel being set on August 8, 2016. In only four months’ time, the building was topped out.
The initial schedule for the job was in jeopardy prior to panels arriving onsite due to months of delays caused by poor soil conditions and the unexpected presence of large rock discovered during site preparation. The expedited performance of the light gauge solution offered by Jobsite Steel Manufacturing is enabling the owner to get back on track for the anticipated opening date.
What does this mean to the bottom line?
Any business dependent upon occupancy benefits exponentially from the speed and solutions that panelizing offers. The benefits are amplified in a situation such as student housing where move-in dates are non-negotiable. Student housing projects are held to strict, regimented completion schedules that are established by the university’s semester schedule. If the move in date is compromised, there are only two options: delay the opening for an entire semester or put student residents in hotels until the property is inhabitable.
Suppose the student housing property is leased out at 80% in anticipation of an opening date. At a 928-bed lease potential, this means the owner/developer is responsible for housing 743 students for an undetermined and unknown period. An average hotel room for one night in Georgia costs roughly $119.00.
743 students X $119.00 = $88,417.00 per day. While there would be many happy hotel owners in the area, this is a bottom line disaster for the project. Imagine a semester delay.
Assuming a student lease is on average $1,000 per month, at 80% occupancy, this equates to $743,000 in lost revenue per month. Six months equates to nearly $4.5 million dollars in lost revenue, plus the added expense of placing the displaced students in hotels. That is approximately a total $21 million-dollar problem.
What unique project solutions were offered by Jobsite Steel Manufacturing?
The promise of Jobsite Steel Manufacturing is to offer partners three consistent promises: SPEED, SOLUTIONS, and SUCCESS. In the example of The Mark at The University of Georgia, Jobsite Steel has consistently offered ways to preserve the original move in date throughout the project duration. Part of the solution involved being able to provide all means and methods quickly and accurately to deliver and erect two buildings concurrently, on the same property, instead of sequentially.
The project required relentless attention to preconstruction details to include job sequencing. This enabled Jobsite Steel to deliver approximately 100 truckloads of panels to the jobsite without missing a delivery or having missed or incorrectly sequenced a single panel.