FIGAT7TH Tower

FigAt7th 945 W. 8th Street

Cost

Approx $300M+ Hard Cost

Represented

General Contractor

Year

2018

About the project

Provided complete preconstruction effort for Guaranteed Maximum Price (“GMP”) this ground-up project pursuit with General Contractor’s Project Team. Project is a 64-story high-rise right across the street from 73-story Wilshire Grand building that consists (781) residential units and 6,700 SF of retail space. Tower is built between two existing structures: parking structure and 7th and Fig Mall and had multitudes of challenges during its pricing and preconstruction effort.

Guaranteed Maximum price ("GMP") Package

1. Scope and Requirements:

Lead General Contractor’s GMP Packaging effort by compiling subcontractor bid packages, total construction costs, overall construction schedule, and value engineering.
Identify true value engineering without diminishing design intent which was for the 64-story tower, 781 residential units, and 6,700 square feet of retail space.
Analyzed existing conditions of the site situated between the parking structure and the 7th and Fig Mall, identifying potential challenges that might impact cost.

2. Cost Estimating:

Develop a detailed cost breakdown structure by trade packages for the project. The GMP segregated costs into major categories like:

Demolition
Excavation
Concrete & Rebar
Exterior Facade
MEP (mechanical, electrical, plumbing systems)
Interior finishes
Vertical transportation (elevators, stairs)

3. Value Engineering:

Conducted value engineering to identify areas for cost optimization without compromising quality or functionality. This involved:

Analyzing alternative material options while maintaining desired performance standards.
Reviewing constructability and phasing to optimize construction schedule and cost.
Optimizing building systems for energy savings and long-term cost benefits.

4. Risk Assessment and Mitigation:

Identified potential risks associated with the complex site conditions, such as working near existing structures or unforeseen subsurface issues.
Developed mitigation strategies for risks by collaborating with subcontractors, owner, and design team.

5. GMP Finalization and Presentation:

Consolidated GMP package, value engineering ideas, and risk mitigation strategies into a comprehensive GMP proposal for the project.
Finalized the GMP and presented it to stakeholders for approval. This involved refining the GMP based on feedback and ensuring alignment with project goals.