punch home design architectural series 5000 crack

A critical part of that budget will be a realistic-if not conservative-contingency that can be tapped, returned, or invested elsewhere near the end of the project.įrom water infiltration to code-compliance issues, we never quite know what we’re going to find in our assessment-but we always advise our clients to brace for the unexpected. This report is indispensable for setting a project budget that anticipates, rather than reacts to, unexpected conditions. Just like a land survey that helps steer and inform a new construction project, an in-depth property condition assessment will provide a comprehensive view of the state of the existing site, buildings, and dwelling units. What follows are a few of the most critical considerations for almost any Value-Add undertaking.Īll progress must have a starting point, and some of these communities have been under-maintained or under-managed prior to acquisition. We provided options and solutions that will yield the best possible leasing and investment impact. Several such projects, including the 171-unit 2555 North Clark Street building pictured above, a 358-unit apartment community in Atlanta, Georgia, and a 526-unit affordable apartment community in DeKalb, Illinois offer a glimpse into the current state of the value-add business model.įor each of these projects, we helped devise a design and construction strategy to maximize the goals that our client sets for each endeavor. For decades FitzGerald has been engaged in the thoughtful renovation of aged buildings, including the Stony Island Arts Bank, the transformation of North Pier into the Lofts at River East, and the conversion of the barracks building at Fort Sheridan.Ī number of our clients, recognizing the maturation of the current multi-family development cycle, are shifting focus to pure investment and value-add opportunities. Not without its own unique risk profile, the renovation of an existing property offers our clients a few advantages over new development including: faster delivery of units and accelerated recognition of improved cash flows and less entitlement and construction risks. These are multifamily “fixer-uppers,” some might say. These opportunities differ from both new construction deals and stabilized building acquisitions in that the established cash flow has the potential for significant increases after improvements are completed and the property repositioned.

No less popular but less well-covered here is a new wave in re-development of existing buildings or “value-add” opportunities. We frequently cover the incredible design work we get to provide on new construction projects. Views of 2555 North Clark Street’s concierge desk and lobby seating, before and after a suite of value-add renovations.

Punch home design architectural series 5000 crack