Supporting Long-term Value
As we begin 2011, The Carlyle looks forward to completing the final work on a two-year significant re-investment effort: repair and renovation of the building exterior and the two below ground parking decks.
Exterior Facade Repairs:
Lake Erie winds and seasonal freeze and thaw conditions have taken a toll on the brick and masonry exterior of the building.
For many years the facade was managed by ongoing maintenance. We dramatically increased efforts in late 2008 and 2009. However, it became clear that time and weather was quickly outstripping our ability to replace the failing brick and mortar with spot maintenance.
From mid-March through mid-October 2010, teams of trained professionals scale the building, floor-by-floor, inspecting brick-by-brick, to examine, test, replace and re-seal the exterior surfaces. The work is incredibly tedious, noisy, dirty, dangerous and disruptive to suite owners and staff alike. The exterior renovation will likely take two years, followed by an aggressive maintenance plan to help ensure that this work will never have to be repeated. As of May, 2011, the project is about 45 percent completed, on-schedule and on budget. .
The Parking Decks:
Each of the 556 suites at The Carlyle include an assigned indoor parking space. These subterranean parking areas surround the building as a contiguous, but independent structure of more than 6.5 acres. Suite-owner parking is complemented by 200 spaces on the exterior main deck for visitors.
Consistent with other structures like this, and of this age, renovation is part of standard best practices. When the repairs on the two levels are completed, the parking structure will incorporate over 35 percent new steel.
The repair work is being completed in stages in order to minimize the number of owners who are displaced (i. e. park outside) at any given time. Again, as of this time, the project is, on-schedule and slightly under budget.
The scope of these two one-time-only efforts is massive. At peak periods there are at least seven contractor firms and more than 65 tradesmen on-site, making this one of the largest privately funded job sites in the state.
Looking Forward
Using the study from Reserve Advisors as a guide, we are able to plan for work that will be needed in the coming years. This allows us to budget for at least some of the cost of the work in advance and schedule major projects to minimize some of the inevitable disruption to suite owners at The Carlyle.
Current fees include a Maintenance, Repair and Replacement (MR & R) supplement. This is an important re-investment in reserve funding to offset some of the cost of work that will be required to ensure that we continue to make The Carlyle a safe, well-maintained and attractive place that so many of us enjoy calling home.