Parking Below, Built 1978, Marine Environment

This property was built over fill. Over the years the buildings had settled approximately 14 inches, generating challenges with uneven floor slabs, sloped and leaning entry stairs, waterproofing problems at every level and seriously ponding roofs. Read More Rotted structural beams and components were chronic throughout the site. Many areas and balconies were either under temporary shoring or were closed due to unsafe conditions. There had also been a fire the previous year causing severe damage to one building of approximately 40 units which was incomplete due to an unresolved dispute with the contractor and the insurance had been exhausted. In addition, a repair project had begun based upon a contractor designed scope and budget of approximately $600,000 which was intended to make adequate repairs to all 9 buildings.

We became involved when the contractor had expended nearly the entire $600,000 budget on one portion of one building. Our first order of business was to resolve the claims and disputes with contractors for the fire damage project and the incomplete repair project. Both were resolved and the HOA made whole including an exhaustive list of incomplete punch list items on both projects. Second, we performed a complete site evaluation and developed a comprehensive approach and solutions for each of the many conditions being experienced. Resolving the soil settlement issues, safe ingress and egress from the buildings, immediate water intrusion and life safety issues were top on the list. Immediate short term cash was also needed as the long term solutions were being developed. We arranged for a small bank loan generating needed cash within the first 45 days. We developed several options working with the HOA for short and long term solutions to get the entire property under control. This included future planning for the next 30 years, assuring the success of the HOA.

Ultimately the membership elected to proceed with a project designed to solve all the current issues across the site and provide for a stable and affordable financial plan. This was more than 15 years ago and we have since worked with this now very desirable community on other projects per their future plan.

Results: It is never too late for good planning and updated strategies to achieve the desired goal.

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Property Condition Analysis + Financial + Repair Strategies


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