A new study that measured the economic value of using FORTIFIED Multifamily, a voluntary beyond-code construction and re-roofing method developed by the Insurance Institute for Business & Home Safety (IBHS), found the return can be as high as 72%.
The Alabama Center for Insurance Information and Research (ACIIR) at the University of Alabama's Culverhouse College of Business study predicts lower insurance costs due to reduced risk, coupled with increased revenue, more than pay for the cost of achieving a FORTIFIED designation. The size of this return on investment varied based on where the project was located, and which FORTIFIED designation was sought. It ranged from 8.1% with added hail protection in inland areas to 72% for a Gold designation near the coast.
A building can be constructed to a FORTIFIED standard for either Hurricane or High Wind, and property owners can choose from three designation levels, including Roof, Silver, or Gold. The standard requires upgrades be verified and documented by an independent third-party evaluator.
The FORTIFIED Multifamily program was developed based on decades of lab and field research by IBHS to identify methods to strengthen homes, commercial buildings, and multifamily properties against severe weather, including hurricanes and tornadoes. The standard is publicly available and is free.
Related Stories
| Aug 11, 2010
'Feebate' program to reward green buildings in Portland, Ore.
Officials in Portland, Ore., have proposed a green building incentive program that would be the first of its kind in the U.S. Under the program, new commercial buildings, 20,000 sf or larger, that meet Oregon's state building code would be assessed a fee by the city of up to $3.46/sf. The fee would be waived for buildings that achieve LEED Silver certification from the U.
| Aug 11, 2010
Five-star resort breaks ground on the Black Sea
Construction work has commenced on a five-star resort and leisure destination along the Black Sea coast in Batumi, Georgia. The RTKL-designed resort consists of two towers rising 86 and 58 meters over a two-story podium. The larger tower contains 250 guestrooms and suites while the smaller tower offers 78 residential apartments.
| Aug 11, 2010
Outdated office tower becomes Nashville's newest boutique hotel
A 1960s office tower in Nashville, Tenn., has been converted into a 248-room, four-star boutique hotel. Designed by Earl Swensson Associates, with PowerStrip Studio as interior designer, the newly converted Hutton Hotel features 54 suites, two penthouse apartments, 13,600 sf of meeting space, and seven "cardio" rooms.
| Aug 11, 2010
Aloft hotel opens at Washington National Harbor
A partnership of five developers, including the John Hardy Group and Peterson Companies, have completed a 190-room aloft hotel at Washington National Harbor, a mixed-use retail/entertainment development in Oxon Hill, Md., near Washington, D.C. Designed in conjunction with David Rockwell and the Rockwell Group, the aloft prototype offers atmospheric public spaces designed to draw guests from the...
| Aug 11, 2010
Manhattan's latest boutique hotel will be LEED Silver certified
New York-based developer Tribeca Associates has commissioned Brennan Beer Gorman Architects to design its latest mixed-use office and boutique hotel at 330 Hudson Street. Located in the downtown Hudson Square area of Manhattan, the LEED-Silver development will involve the redevelopment of a historic, eight-story warehouse building into 292,000 sf of office space, 15,000 sf of retail space, and ...
| Aug 11, 2010
Luxury Hotel required faceted design
Goettsch Partners, Chicago, designed a new five-star, 214-room hotel for the King Abdullah Financial District (KAFD) in Riyadh, Saudi Arabia. The design-build project, with Saudi Oger Ltd. as contractor and Rayadah Investment Co. as developer, has a three-story podium supporting a 17-story glass tower with a nine-story opening that allows light to penetrate the mass of the building.
| Aug 11, 2010
Westin Hotel
Mid-twentieth-century projects are in a state of limbo. In many cities, safeguards against quick demolition don't even cover “new” buildings built after 1939, yet many such buildings may be obsolete by current standards. The Farmers and Mechanics Savings Bank, located in downtown Minneapolis, was one such building, a rare example of architecture from a time when American design was ...
| Aug 11, 2010
Platinum Award: Monumentally Hip Hotel Conversion
At one time the tallest building west of the Mississippi, the Foshay Tower has stood proudly on the Minneapolis skyline since 1929. Built by Wilbur Foshay as a tribute to the Washington Monument, the 30-story obelisk served as an office building—and cultural icon—for more than 70 years before the Ryan Companies and co-developer RWB Holdings partnered with Starwood Hotels & Resor...
| Aug 11, 2010
Hilton President Hotel
Once an elegant and fashionably trendy locale, the Presidential Hotel played host to the 1928 Republican National Convention where Herbert Hoover was nominated for President, and acted as a hot spot for Kansas City Jazz in the '30s and '40s. The hotel was eventually abandoned in 1984, at which point it became a haven for vagabonds and pigeons, collecting animal waste and incurring significant s...
