How would you set up and track remodel work to an existing building for an investor that is funding the project?

the company is paying for the materials used to remodel an existing building, the shareholder is reimbursing the company back, but wanting to track those expenses and payments, once the remodel is complete the share holder will lease the building back to the company.

So is this correct way to set this up:

added an OTHER ASSET CODE LABELED  NEW BUILDING

(were all the labor and material receipts have been going to track what has been put into the remodel)

Company is paying all receipts with credit card or checking account.