Marketplace

New Construction Chicago Condos

The new construction of Chicago condos was a hot industry to be in from the 1980s through the early part of the 21st century, but the collapse of the residential building market over the past half-decade has cooled the market considerably. With the number of high-powered individuals in Chicago and the desire to take advantage of the area's natural beauty, it is likely the new construction of Chicago condos will start to increase again in the near future.

The new construction of Chicago condos changes with new ideas and technologies, multiple construction methods are now being offered. The traditional method for the new construction of Chicago condos is to use the design/bid/build approach, where an architect or engineer oversees the project. They handle the design, produce construction drawings, oversee bids and contracts and the building process itself. The links between the architect, the client and the main contractor are direct. The contractor can win a project through the lowest blind bid or through the construction manager at-risk method, where the contractor guarantees to deliver the project within a guaranteed maximum price. Instead of simply serving as construction manager, the contractor also serves as a consultant to the owner during the design and development processes.

The design-build method has been increasing in popularity over the past decade. In design-build, the owner doesn't hire an architect to design the project, then seek bids from a contractor. In this case, the owner solicits bids from a architect/contractor teams, who develop their own designs and include complete design and construction costs in their bids for new construction of Chicago condos. This is different from the traditional process, where the architect completes the design before the contractors put in their bids.

In the management procurement method, the owner holds the greatest amount of control in the new construction of Chicago condos. Instead of hiring an architect to handle the project in construction, or hiring a consortium, the owner oversees every part of the process. They hire the architect, the construction manager and, in many cases, the subcontractors. Proponents of this method believe it speeds up the procurement process and increases flexibility throughout the building process.

Leave a Comment

Roughneck Definition

Roughneck Definition Jobs In The Oil And Gas Industry

Oil and Gas industry has been booming even with the present economic downturn. The constant need for energy has made this industry flourish and there has always been many vacancies for jobs in the Oil and Gas industry. These jobs have a good salary and hence many people have a...

read entire definition