Seeing new construction projects spring up is an encouraging sign. It sends the signal that the economy is moving and investors are willing to support real estate development. As developers move forward with plans for a new project, they must first make sure their construction plans abide by all the relevant building codes and standards.
Attention to detail in terms of building standards is especially important in New York City. One of the primary standards developers have to be concerned with in the city is energy efficiency. During Mayor Bloomberg's tenure, ambitious efficiency goals and standards were instated, and developers seem pleased to follow along.
One of the biggest efforts to make New York City greener is called "PlaNYC." This program is designed to reduce the city's overall greenhouse gas emissions, primarily through tightening energy efficiency standards. As a result of this, all new construction projects must follow the energy conservation construction code.
Interestingly enough, city residents also seem to be interested in creating a more efficient and environmentally friendly city. According to a representative from New York's Sustainable Building Council, energy efficiency is a major selling point when people are looking to purchase real estate. As a result, developers are keen to meet the demand of consumers.
As new construction projects continue to be proposed, it will be very important that the structure meets the specifications established by city officials. Failure to comply with these construction codes could prove to be very costly and delay the completion of a particular effort. Taking the time to be prepared can save a lot of time, stress and money down the road.
Source: Real Estate Weekly, "Developers turning New York into Big Green Apple," Dec. 4, 2013