The Shoppes at River Ridge
Dublin, Ohio

Shortly after Developer K2 Realty purchased a high profile parcel with commanding views of the Scioto River valley and historic Dublin, they realized the project would be different-the city of Dublin had an interest in extending the historic Dublin design precedent to this highly visible site. After a careful planning process, what emerged was a 105,000 square foot lifestyle center housed in eight separate buildings over the 15-acre site. The pedestrian-friendly setting boasted buildings with a row-house look, including various stone and brick cladding, and different rooflines and materials. Once the plan was finalized, working closely with Dublin paid off-planning and zoning applauded the design they helped develop and passed the project.

Concurrently with the design, K2 worked with a construction manager to develop budgets to ensure that the design met their financial constraints and leasing proforma.

Comfortable with the $10 million budget developed by the construction manager price for the project, K2 worked with their investors and the bank and secured financing for the development. But the guaranteed maximum price changed K2's outlook. Instead of $10 million, the guaranteed maximum price spiraled to over $13 million.

Aware of the pricing challenges, we approached the developer to offer our help. After discussing our value engineering process and experience with similar challenges, K2 contracted with us for construction management services to bring the project back on budget. From the outset, it was evident that our task was daunting: over $3 million or 25% of the cost needed to be reduced on a project that already received planning and zoning approval.

Working with the design team, our value engineering effort lasted 16 months-but the results were worth it. While we thought that our efforts ensured a $10 million price, the final guaranteed maximum price confirmed it-we had successfully pulled nearly $2 million from the site, landscaping and hardscapes, and $1 million from the buildings. Ecstatic with the results-K2 directed us to begin construction.

Awards
2008 AGC Build Ohio Award Winner
THE RESULT
In the final analysis, the project was a success on many levels-we value engineered $3 million from the project without changing the aesthetics, maintained Dublin's approvals, fought through a difficult winter schedule to deliver the project on time, and with our superintendent's careful attention to detail yielded additional savings of $162,000 that we returned to K2 Realty Group.




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