Zaha Hadid leaves £67 million fortune in her will
[Hadid] bequeathed a lump sum of £500,000 to her business partner Patrik Schumacher. Hadid also left a total of £1.7m to four nieces and nephews, as well as her brother Haytham Hadid, whose share was £500,000 [...] Her will, obtained by the Architects’ Journal, shows that the net value of her estate was £67,249,458. The calculation was filed in the high court dated 14 December 2016 [...] The will shows Hadid is leaving her architecture practice, of which she was the sole owner, in trust.
— The Guardian
AECOM halts work on Faraday Future's $1-Billion Nevada factory
Faraday Future’s future is looking bleaker.
After the electric car start-up failed to pay millions of dollars in bills, its contractor Monday halted work on Faraday’s $1-billion North Las Vegas, Nev., car factory. [...] The contractor is Aecom, the Los Angeles-based engineering giant. [...]
Faraday failed to pay $21 million due to Aecom in September and owed $25 million in October and $12 million in November, according to Aecom.
Faraday Future previously in the Archinect news:Faraday Future holds groundbreaking ceremony for $1B Nevada factoryAECOM to build $1B electric vehicle plant in VegasThe "Impossible" Car – Faraday Future's lead designer, Richard Kim, on One-to-One #17 View full entry
Is Your Architectural Firm a Practice or Business?
This post is brought to you by BQE ArchiOffice. In my experience, most firm owners don’t appreciate the significance of being at the helm of a business. At the risk of sounding cliché, they run a “practice” and they operate it as if they’re just… well… practicing. This problem is... View full entry
Is Vancouver's 15% tax on overseas buyers helping to cool the housing market?
There is a city which is suffering a worse property bubble than Sydney, whose residents are more priced-out than Londoners, and where there is a greater divide between the housing haves and have-nots than even San Francisco.
That city is Vancouver, and in response to these mounting challenges, the west-coast Canadian metropolis recently imposed an extraordinary new tax on foreign buyers – whose impact is now being watched closely by other cities grappling with bloated property markets.
Related stories in the Archinect news:Mayor of London launches probe into the impact of foreign investment in city's real estateAnother case of "poor door" for proposed Vancouver high-riseCan Vancouver break out of its 'boring-architecture' mold with these new ambitious skyscraper View full entry
Quickly Recover from Missing Billable Hours and Miscalculated Project Costs
This post is brought to you by BQE ArchiOffice. Learn how this Brisbane-based architectural firm is enjoying faster cash flow now.AboutBased in West End, Brisbane, Tim Bennetton Architects is a small, private architectural firm with a single director and three employees. They work in an intimate... View full entry
Financial Management for the Small Architectural Firm 101
This post is brought to you by BQE ArchiOffice. Providing great architectural services and running a financially successful firm are not mutually exclusive. It’s quite the contrary. If you are as good an architect as you think, you’ll be successful and it won’t be because of your design... View full entry
Finnish government pulls funding for the Guggenheim Helsinki
The Guggenheim Foundation's Helsinki museum, the design of which was chosen after a hotly anticipated competition last year, is now missing a major financial backer, namely, the government of Finland. Prior to its withdrawal, Finland was going to pick up construction costs and a portion of the... View full entry
AIA's Consensus Construction Forecast projects continued but moderate growth in 2017
After a strong 2015, there is a growing sense that the construction industry expansion will be more tempered over the next eighteen months. [...]
The American Institute of Architects’ (AIA) semi-annual Consensus Construction Forecast, a survey of the nation’s leading construction forecasters, is projecting that spending will increase just less than six percent for 2016, with next year’s projection being an additional 5.6% gain.
“Healthy job growth, strong consumer confidence and low interest rates are several positive factors in the economy, which will allow some of the pent-up demand from the last downturn to go forward,” said AIA Chief Economist, Kermit Baker, PhD, Hon. AIA. “But at the same time, the slowing... View full entry
The self-segregation of America's wealthiest class
For years now, people have been talking about the insulated world of the top 1 percent of Americans, but the top 20 percent of the income distribution is also steadily separating itself — by geography and by education as well as by income.
This self-segregation of a privileged fifth of the population is changing the American social order and the American political system, creating a self-perpetuating class at the top, which is ever more difficult to break into.
— the New York Times
"Geographic segregation dovetails with the growing economic spread between the top 20 percent and the bottom 80 percent: The top quintile is, in effect, disengaging from everyone with lower incomes."In related news:Urban fingerprints reveal a city's fundamental character and compositionBuying... View full entry
Hudson Yards could generate nearly $19B for New York City, study claims
A study commissioned by the developer indicated that total economic output of the companies projected to occupy Hudson Yards will contribute $18.9 billion to the city's gross domestic product. [...]
Many projections in the report are also contingent on a host of economic indicators in the city, including demand for Class A office space. Out of the 10.4 million square feet Related will have to lease up, so far it has locked in commitments from tenants for 4 million square feet.
The Hudson Yards project previously in the Archinect news:Welcome to the Hudson Yards, c. 2019: the world's most ambitious "smart city" experimentBIG's concept for a spiraling-landscape tower in NYC's Hudson YardsA Plan to Build Skyscrapers That Barely Touch the Ground View full entry
California pledges to pick up (some of the) cost overruns of LA 2024 Olympic bid
The Associated Press reports a California legislative panel advanced a bill Tuesday committing the state to cover up to $250 million in cost overruns as part of Los Angeles’ bid for the 2024 Summer Olympics.
The Senate Governmental Organization Committee approved the bill in a 7-0 vote after proponents said they’re confident they can provide the Games without the serious deficits that have challenged other recent host cities. They pointed to Los Angeles’ profitable hosting of the 1984 Olympics.
Previously in the Archinect news:LA 2024 plays up a sunny disposition in their logo for the Olympic bidL.A. seeks to accelerate infrastructure projects in advance of potential OlympicsLA mayor Garcetti confident that 2024 Olympics in his city would pay for themselves View full entry
$26M shortfall of Milan Expo U.S. Pavilion calls for change in funding process
Since the 1990s, the U.S. State Department has been barred from spending public funds on world expo pavilions. The result has been a series of disasters...Last year, the U.S. made a strong showing at the Milan Expo...But now comes a denouement that may cripple chances of there ever being a successful U.S. pavilion again: the architect, the exhibition designer, and the contractor have been paid only a fraction of what they are owed for work on the pavilion.
— Architectural Record
"According to sources who participated in a recent conference call between the [Friends of the USA Pavilion Milan 2015] group and the creditors [which includes Biber Architects and Thinc Design], there was discussion about whether federal departments other than State, such as the Department of... View full entry
The hedge fundification of American universities
Have you heard the latest wisecrack about Harvard? People are calling it a hedge fund with a university attached [...]
Though the exact figure is hard to determine, experts I consulted estimate that over $100 billion of educational endowment money nationwide is invested in hedge funds, costing them approximately $2.5 billion in fees in 2015 alone. The problems with hedge funds managing college endowments are manifold, going well beyond the exorbitant...fees they charge for their services.
— the Nation
"The time has come for students to connect the dots between ballooning student debt, the poor treatment of campus workers, and the obscene wealth of hedge fund oligarchs."A rallying cry for a divestment movement to oppose hedge funds and their involvement with academia, the article discusses the... View full entry
Open Call for Submissions: Architectural Survival
Even more than the laws of physics and building codes, money rules everything in architecture. The architect is the canary in the recession's coal mine; skyscrapers and starchitectural gems stand as allegories for wealth; descriptors like "quality" and "affordable" at times seem mutually... View full entry
How NYC institutions raise billions of dollars for new projects
But still strong is the seduction of the Bilbao Effect — when an architecturally exciting project makes an institution more of a destination, like Frank Gehry’s Guggenheim in Spain. And with the success of the new Whitney Museum of American Art, which is drawing droves downtown, everyone seems to be grabbing for hammers
Robin Pogrebin explores how with more than a dozen New York cultural institutions planning major projects, fundraisers are hoping to tap into the deepest pockets. Strategies include selling naming rights, targeting heavyweights donors, remembering certain 'Dos and Don’ts' and expanding boards... View full entry