Housing affordability is a growing issue across the US and many countries around the world. This crisis is exacerbated by rising development costs, skilled labor shortages, regulation and lack of innovation – leading to construction productivity remaining flat in the last 40 years, according to McKinsey.
Housing affordability is therefore grounded fundamentally in developing solutions that tackle affordability of project development, design and construction regardless of regulatory barriers or subsidies that can distort costs.
The current process of realizing a project, starting with architects, engineering consultants and general contractors is dysfunctional, fragmented and does not align all stakeholders around finding an affordable low-cost solution. What is missing today is a collaborative platform that allows all these various stakeholders to interact real time to come up with solutions focused on efficient, sustainable, low cost delivery of housing. While several industry players have attempted to resolve this problem through software applications that aim to drive better collaboration across the construction value chain; or have developed modular prefabricated “Block Stackable Unit” solutions, neither combine the intention of improving efficiencies or delivering a turnkey bespoke solution. The fundamental challenge of how we can leverage digital technologies with a standardized scalable physical platform that delivers faster, cheaper and greener bespoke buildings adapted to different site and market conditions has thus far remained unsolved. That’s where Prescient comes in.
We firmly believe Prescient is the answer to the construction challenges we face today. Prescient designs, engineers, manufactures and assembles light gauge steel structures for bespoke multi-story, multi-unit construction projects, up to 17 stories. To this end, Prescient has developed patented AI-driven technology that standardizes the entire building development process, automating and digitalizing every step. From the design process to the fully spec’d out and costed construction blue prints, to the precision manufacturing process, and finally, the structural assembly on-site, Prescient aligns project stakeholders to deliver efficient and affordable construction. We are brick and mortar meets cloud. Think of a software app that allows you to design, engineer, manufacture and assemble any multi-unit bespoke building in a matter of minutes and hours using a standard kit of light gauge steel parts. This proprietary digital platform allows harmonious coordination of all project stakeholders, solving construction productivity and cost from day one.
This entire process cuts typical construction time in half, saving 6-9 months of time in the design phase and an equal amount in the construction phase. This is key – because time is money and risk in construction.
In conjunction with the time savings, Prescient has demonstrated that it can reduce 20-25% off the overall hard cost of a project. Prescient has demonstrated the power of its technology platform by completing 6.9 million square feet in 42 buildings across 15 states. These projects span multi-unit market segments including apartments, student housing, hotels, senior living and military housing.
We have additionally built multiple affordable housing projects, most recently delivering a project for the Denver Coalition for the Homeless.
The six-story, 85,000-sq-ft complex is comprised of 100 one- and two-bedroom apartments and a highly interactive first floor filled with social programs, counseling facilities, case-management offices and medical and addiction-support services. This project has won numerous awards with the latest merit award in the difficult residential/hospitality category by Engineering News-Record.
Prescient projects are also greener than traditional builds. Precision manufacturing means little to no waste on site and Prescient uses highly recycled steel. Prescient buildings are designed to last for 100 years, but even when it’s time to tear them down, the steel can be recycled again. Developers can earn up to nine LEED points using the Prescient system.
Prescient’s physical and digital platform today is being applied to all multi-unit market segments for lower cost and predictable building outcomes. This is disrupting the current building process and is driving the industrialization of construction, leveraging digital technology to achieve unprecedented outcomes. Prescient is the future of cheaper, greener, faster urban construction that is the answer to housing affordability.