Architect of record
The architect of record is the architect or firm that creates the construction documents for a new project. The architect of record’s name will also appear on the building permit issued for that specific building project.
Putting ‘Architect of Record’ in Context
Scenario:
Summit Horizon Fund, a large pension fund known for its strategic real estate allocations, is looking to diversify its portfolio by acquiring a value-add asset. The fund identifies an opportunity in Aspen, Colorado: the Alpine Vista Resort, a well-known but slightly dated hotel resort nestled in the picturesque mountains.
Property Overview:
- Name: Alpine Vista Resort
- Location: Aspen, Colorado
- Property Type: Hotel – Resort
- Size: 200 rooms
- Acquisition Cost: $50 million
- Current NOI: $3 million
- Renovation Budget: $20 million
Project Background:
Summit Horizon Fund plans to undertake a value-add acquisition strategy with the Alpine Vista Resort by enhancing the property’s value through extensive renovations and improved management practices. To ensure the success of this ambitious project, they enlist the services of a famous architect, Jonathan Hart, from the prestigious Hart & Associates Architectural Firm, to act as the architect of record.
Role of the Architect of Record:
Jonathan Hart’s firm, Hart & Associates, is responsible for creating detailed construction documents that will guide the renovation process. These documents include plans for updating the resort’s guest rooms, common areas, and amenities to meet modern standards and guest expectations. As the architect of record, Jonathan Hart’s name will appear on the building permits issued for the renovation, ensuring that all work complies with local building codes and regulations.
Contextual Example:
In the context of this project, the architect of record plays a crucial role in translating Summit Horizon Fund’s vision for the Alpine Vista Resort into reality. For instance:
- Guest Room Updates: The renovation plan includes modernizing the interior design of all 200 guest rooms. Jonathan Hart’s team drafts construction documents detailing the new layouts, materials, and finishes.
- Common Areas and Amenities: Plans also involve revamping the lobby, restaurant, spa, and conference facilities. The architect of record creates comprehensive designs and specifications to guide the contractors.
- Regulatory Compliance: To obtain the necessary permits, Hart & Associates ensures all design aspects meet Aspen’s stringent building codes, focusing on sustainability and energy efficiency.
Financial Projections Post-Renovation:
- Projected NOI: $6 million (after renovations)
- Total Investment: $70 million ($50 million acquisition + $20 million renovation)
- Estimated Value: $90 million (based on improved NOI and market cap rates)
Through the expertise of the architect of record, Jonathan Hart, Summit Horizon Fund aims to transform the Alpine Vista Resort into a premier destination, enhancing its market appeal and operational efficiency, ultimately driving higher returns for its investors.
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