When designing the building, the architect and developer envisioned a cutting-edge building that would enable tenants to live in a prime urban location with mountain views and an environmentally friendly design. However, in fall 2008, an economic downturn resulted in a major shift in Jackson Hole’s local real estate landscape. Before the downturn, plans for the project had progressed relatively smoothly through a yearlong design and entitlement phase and broke ground on schedule in May 2008. Four months later, with the foundation, steel superstructure and floor decks in place, the project was placed on hold, as regional real estate values fell by more than 35%. To keep the project alive, “on-the-fly,” second-generation value engineering was conducted, resulting in a revised design and the elimination of more than $300,000 from the project cost. Construction resumed after a six-week hiatus.

Jackson, Wyo.

$12.2 million

Owner: Pearl at Jackson Inc.

Contractor: Shaw Construction Inc.

Architect: Plan One/Architects

Engineers: Nelson Engineering, ES2

Among the Subcontractors: D.L. Adams Associates Inc., EMC Engineers Inc., Grace Home Design

Start: May 2008 Finish: Nov. 2009