iBUILT, which describes itself as “a new design-build-operate company powered by state-of-the-art technology,” says in a New York-datelined news release that it launched on Nov. 8 to “transform the construction industry.”
The modular construction business asserts it has $150 million in signed deals and $600 million of deals in negotiation.
The statement says “the company aims to redefine the construction paradigm by using end-to-end technology and offsite manufacturing to eliminate inefficiencies at each stage of the building lifecycle, to build higher quality smart buildings in half the time and at significant cost savings.
“To achieve approximately 20% lower construction cost and 50% faster construction, iBUILT uses state-of-the-art technology and controlled offsite manufacturing, and seamlessly integrates design, detailing, fabrication and onsite assembly.”
“The development process has been dysfunctional for developers and owners for decades—projects are always over budget and behind schedule,” said IBUILT’s chief strategy officer Ayail Schanzer.
“While other sectors have improved efficiency with technological advances, the construction industry has largely remained stagnant. The COVID-19 pandemic and current economic recession have only accelerated the industry disruption underway to develop more productive approaches to construction.
“Today, it’s more important than ever to find ways to build more efficiently, effectively and safely,” he said in a statement. “With iBUILT, we are bringing together all the critical pieces to transform how buildings are built—a large-scale offsite factory, new proprietary technologies, and a C-Suite of innovative leaders across the design, construction, technology, development and automation industries.”
iBUILT says upcoming work includes a multi-family condo project in Brooklyn leveraging smart building technology, a 100-unit affordable housing development in Baltimore, and a 80,000-sq. ft. market residential building in New Haven, CT.
“iBUILT is also designing a number of branded hotels in North and South America. The company’s unique approach to designing and constructing sustainable, ‘smarter’ buildings will transform the development process across asset classes, including affordable and market housing, student housing, hospitality, retail and more,” the statement says. “Importantly, iBUILT can deliver complete buildings of up to 35-stories anywhere in the country.”
The company asserts that, unlike the conventional development process, it “de-risks construction for developers and owners by delivering a fully designed building in 30 business days at a guaranteed price and schedule, with no change orders, through its Fast Track program.”
“The Fast Track deliverable includes comprehensive interior and exterior designs, 70% of architectural, structural, mechanical, electrical, plumbing and fire prevention drawings, a complete schedule of finishes, and a guaranteed price and schedule,” the statement says.”As a part of the program, iBUILT is committed to never putting forward a change order unless requested by a client.”The benefits of iBUILT’s technology will extend well beyond the building design and construction. The company’s BIM-based blueprints incorporate proprietary digital twin software that gives developers complete control over the ongoing management of buildings, including preventative maintenance, resulting in 70% lower operating costs.”