How this developer saved over $2 million and kept his vision!!
Background
One Park Condominiums in Parkside New Jersey had been in development for some time before Smart LED concepts became involved. We were approached to consult on the lighting package to see if there was any way to bring down the costs of the development, without compromising on the integrity or vision of the building.
The project began in 2015 with DMG investments http://www.dmg-investments.com/ putting their vision for a luxury condo on the banks of the Hudson river over looing the iconic view of the Manhattan Skyline. One Park has one to four-bedroom apartments that range in price from $500,000 to $4 Million. It is a perfect location for busy professionals that work downtown Manhattan but wishes for a quieter life outside of the city.
A Building Designed for the modern era.
One Park NJ has been described as “A Gleaming Testament to New Jersey’s Redevelopment” and it is easy to see why. Not alone does it boast a location that seems to have it all for the modern professional but the building itself is a testament to modern living. Amenities include but are not limited to
- heated indoor swimming pool
- fully-equipped fitness center
- yoga studio
- squash court
- golf simulator
- rooftop deck with grilling area and fire pits
- movie theater room
- designated play area for kids
- pet-pampering spa
- 24/7 attendant in the lobby
- automated parking
- electric car charging stations
- private shuttles to Port Imperial Ferry Terminal
On-Time and Under Budget
This is the battle cry of every project. One Park was no exception. Everything about this project had to be specified to the highest standards, that is why Smart LED Concepts was brought on board. With over 15 years of experience in the LED technology industry, we were able to see very quickly where we could help value engineer the LED light package. After several meetings with the principals involved, we managed to shave over 56% off of the LED lighting package. This resulted in saving over $2 million to the developers. This, in turn, freed up funds that could be distributed elsewhere in making the best building possible to bring to market.
What Is Value Engineering?
According to Investopedia’s website; https://www.investopedia.com/ Value engineering is a systematic and organized approach to providing the necessary functions in a project at the lowest cost. Value engineering promotes the substitution of materials and methods with less expensive alternatives, without sacrificing functionality. It is focused solely on the functions of various components and materials, rather than their physical attributes. Value engineering is also called value analysis.
Value Engineering is an important function in the building industry. However, as the name suggests and emphasis has to be on the word Value. There is no point in substituting sub-par materials that will cause you a lot of issues in the long run. This is why we looked One Park from every angle to ensure that nothing was lost from the original lighting design. Once we did our initial analysis we identified areas where we could bring the highest quality lights for a fraction of the costs. It is very important to note that when you undertake any project involving VE you must work with reputable experts in their field.
Standards.
It is very important to note that when you undertake any project involving VE you must work with reputable experts in their field. There is a world of difference in the quality of any product from the best to the worst. LED lighting technology is no exception to this rule. Value engineering at its best brings experts together on a project that will create value for all at the right price.
Finished product.
One Park provided its own challenges but we were able to meet each and every one of them as they arose. Working alongside the professionals of DMG investment and McGowan builders made this project a great experience. We are very proud to have been a part of this iconic building. At Smart LED Concepts we pride ourselves on being able to provide the highest quality in LED technology at the best value available on the market.
Test Us Out
Reach out to us if you have a project that you need to Value Engineer and let us help you reach your goals.
Details and Links
Project: One Park Condos, Cliffside Park, New Jersey http:// https://oneparkcondosnj.com/en/
Developer: DMG Investmenhttp://www.dmg-investments.com/ts
Builders: McGowan Builders https://www.architectura.com/
Property Address: 320 Adolphus Avenue, Cliffside Park, New Jersey
Project Size: 421,000 square Feet
Project Value: 108 Million
Completion Date: Summer 2018
Architect: Architectura.https://www.architectura.com/
“Smart LED Concepts were truly a breath of fresh air on the One Park Project, not only did they come in well under budget the level of professionalism made everything about the light package a straightforward a joy to deal with- I know we have partnered up with the right company and look forward to working on many more projects together in the future.”
Emmet Friel – Project Manager One Park NJ
