Built during the recession

Built during the recession

A lot is talked about how recessions create opportunities. Apple computers, Microsoft software to name a few great companies were started in the worst of recessionary times.  Even more phenomenal in my eyes, as a real estate developer, was the building of the Empire State Building, during the depression. 

The facts are amazing:

102 stories, tallest building for more than 40 years
80 years later still one of tallest buildings in the world
Went from concept to completion in one year and 45 days
Constructed by 3,400 men
Built at a rate of 1 floor per day. 
  
http://www.youtube.com/watch?v=bEnCpWMl91s&feature=related

At Signature Community we undertook an initiative during this "Great Recession" to make use of the opportunity and convert the more than 100 units that we classified as down units and to bring them back on line and profitable.  Being in a recession and with the real estate finance market the way it is, we realized that this wasn't going to be accomplished with the typical spend and borrow methods of 2007. We needed to find new solutions and with the help of our entire organization we did. We set out almost 30 days ago to take 102 down units and turn them into revenue producing units in 102 days. The same pace in which the Empire State Building was built.  We are now 30 days in and as of today, we are on pace to make this happen. 

How are we doing it? Teamwork and outside the box thinking. 

Almost all the work on the projects are being done with the help of residents who are unemployed, under-employed and needed to take advantage of the Signature Residents Work program to pay their back rent. Our regional maintenance directors formed a collective to share insight on supply pricing and combine buying power to optimize pricing. Our leasing agents are selling out the apartments before completion to eliminate downtime and start the vital cash flow to pay for the improvements. Property managers are holding down the fort while most of our resources are involved in this initiative. Regional managers have been integral in keeping everyone motivated and focused on the goal we have of 100% occupancy on August 1st. And Dave McLain at corporate office has been overseeing this entire process to maintain quality, and speed, while still keeping costs at a minimum.

The effort that the Signature Community has put into this and the success we are having is nothing short of the building of the Empire State Building.

Thanks to everyone for making it happen at Signature Community.  

Nick