GFI Development Company Adopts Submittal Exchange on Iconic Five Beekman Street Project

Design and Construction Streamlined on Historic Landmark Hotel in NYC.

Mar 17, 2014, 07:30 ET from Textura Corporation

DES MOINES, Iowa, March 17, 2014 /PRNewswire/ -- Textura® Corporation (NYSE:   TXTR), the leading provider of collaboration solutions for the construction industry, announced today that GFI Development Company is using Submittal Exchange® to manage design and construction communications for the elaborate renovation of the unique Five Beekman Street project in Manhattan's Financial District. 

"One of our General Contractor partners showed us Submittal Exchange on another project and we knew it was exactly the solution we needed to manage the massive amount of design and construction information for our Five Beekman Street project," said Kim Savarese, Project Manager, GFI Development. "Using Submittal Exchange will allow us to simplify the design process and move right into construction at a quicker pace. Having documents in an automated workflow and readily available in one location for the project team during each phase of the project is very helpful." 

GFI Development Company is using both of Textura's Submittal Exchange web-based collaboration solutions on the Five Beekman Street project. Submittal Exchange for Design improves efficiency and communication during the design phase of a project.  Submittal Exchange for Construction allows project teams to electronically exchange, review and archive construction submittals, RFI's and other communications on the construction phases of a project.  With these solutions GFI Development Company is able to streamline the management of documents and communications to eliminate frustrations, delays and unexpected costs.

GFI Development Company and GB Lodging, LLC are converting the notable Five Beekman Street building into a luxury hotel consisting of approximately 287 guest rooms and over 68 residential units that will be operated by Commune Hotels. The historic structure together with an adjacent site on Nassau Street will total approximately 340,000 square feet, including a 46-story tower.

"We are very pleased that GFI Development Company has selected Submittal Exchange for their impressive renovation project," said Patrick Allin, Chairman and Chief Executive Office, Textura Corporation. "Using Submittal Exchange will help the project move seamlessly through design and successful construction to produce a stunning historic renovation the city will treasure."

About GFI Development Company
GFI Development Company, an affiliate of GFI Capital Resources, is a New York-based real estate developer that focuses on opportunistic projects in major metropolitan areas.  Since 2007, GFI Development Company has successfully developed over $1 billion of residential, office, retail and hospitality real estate and is currently developing approximately $750 million of residential, hospitality and commercial projects.

About Textura 
Textura is the leading provider of collaboration and productivity tools for the construction industry.  Our solutions serve all construction industry professionals across the project lifecycle – from takeoff, estimating, design, pre-qualification and bid management to submittals, field management, LEED® management and payment. 

Textura's collaboration platform and online product suite represent the first time the industry has all the tools needed to manage their business in an integrated fashion to save time and money and reduce exposure to risks.  With award winning technology, world-class customer support and consistent growth, Textura is leading the construction industry's technology transformation.   

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SOURCE Textura Corporation