| The Building |
220,000 SF manufacturing building with over 20,000 SF of office space (including 12,000 SF of second floor office). This facility was built in stages from the 1920’s until the late 1960’s. |
| The Challenge |
The building was bought by the municipality (a city of over 13,000) to save the company that had bought it from the original owners, but was now struggling. The city acquired grant funds to convert the facility to a business incubator. After some initial success, the project declined into many years of poor performance and constant operating losses. |
| The Solution |
Operating performance was reviewed and compared to relevant benchmarks. Significant opportunities to save money were identified. The host market was analyzed and a new strategy developed to attract and grow appropriate job creating businesses. |
| The Result |
In spite of declining rents, operating losses were reduced from almost $200,000 per year to less than $20,000. Tenancy has stabilized and occupancy is now being increased. |
