Management
Action Plan:
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RESULTS
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Owners approved the
Management Action Plan and components were completed.
The alternative for the second floor was implemented
including selling the cafeteria equipment and the
vault door. A corridor was installed to tie together
existing offices with minimal remodeling. Leasing
efforts eventually achieved 100% occupancy. Annual
rental income increased by 295% over a two-year
period.
The building was purchased
at the appraised value in 1982. A new appraisal
in July 1984 showed the value had increased 189%.
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- Seal-coat and restripe the
parking lot.
- Institute aggressive advertising
campaign.
- Install new leasing signs.
- Hire leasing agent.
- Move Cravey offices to building
to be closer to renovation and to be on site for lease-up
because of expected difficulty in a soft market. (A demonstration
of confidence in building and location.)
- Repair air conditioning to
make sure it would not become a negative factor.
- Promote ample air conditing
and parking, central location, generous finish allowance.
- Hire an architect to review
second floor space which contained a large open space, unique
executive offices, a cafeteria and a vault. The architect
concluded that the upstairs should be gutted.
- We recommended the space not
be gutted. Demolition costs were saved and attempts were
made to lease all the second floor to one tenant to eliminate
hallways and utilize the cafeteria and vault. An alternative
was to sell cafeteria equipment and to rent space with light
remodeling
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