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PROJECT TYPE |
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| Construction Monitoring Plan & Cost Review | |||
PROJECT LOCATION |
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| Cleveland, Ohio | |||
CLIENT REQUEST |
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| Mid-Rise Condominium Complex | |||
SCOPE OF WORK |
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Perform construction document review and cost analysis to facilitate
contract execution; Conduct monthly site visits to review construction
progress and review Contractor payment applications. |
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| ISSUES |
| National Cooperative Bank (NCB) required a review of Construction Plans, Specifications and the Contract for Construction Services to be performed for a restoration and rehabilitation project on a 12-building, mid-rise condominium complex in the historic, Shaker Heights section of Cleveland, Ohio. The scope of the project consisted of a multi-phase plan to extend for 3 plus years to maintain and upgrade the infrastructure and mechanical systems for this historic property which was built in 1928 and is listed on the National Register of Historic Places. Velocity was contracted to perform a review of the Construction Documents for general compliance with standard and accepted practices for projects of this scope. In addition Velocity was asked to monitor the quality, cost, and rate of completion for the project as it is constructed. |
| VELOCITY's APPROACH |
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Through both on-site visits and the review of essential documentation Velocity confirmed that the General Contractor was building the project in accordance with the Construction Documents, both as to completeness and to the quality of work and materials. Velocity's next step was to make monthly site visits to review the progress at the job site in order to ascertain the following items: • Construction Budget Review- to ensure that funds required are in line with percentages of work completed and that there are sufficient funds remaining in the budget to complete the project. • Monthly Pay Request Review - to verify that each invoice is legitimate and correct with the proper retainage, and ultimately make recommendations or issue approval of the disbursement of funds. |
| RESOLUTION |
| Velocity's ability to
perform the observation cycle by performing those tasks associated
with the disbursement of the payments removed that responsibility
from the lending institution. In addition, confirmation that the required
documentation was in proper order helped to protect the client's assets,
including any conditional or final lien releases. |
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70 West 36th St, Suite 605 New York, NY 10018 Tel:
212.629.0690 Fax: 212.629.0692 |