We have managed to make a few steps forward in the last week or so. I managed to get started on the clean up of all the garbage. The previous owners have come by and picked up some of the stuff that was left behind. We also had a few days of snow free weather and managed to meet with various contractors. We want to get started as soon as the weather begins to warm up, but first we need all the bids that we can, so we can get a handle on the construction budget. Doing the cleaning and getting rid of the garbage, however, has made a huge difference in the look and feel of the place. Once we get the big construction things done, it won’t be long or difficult to finish the interiors or fix the plumbing. I think that we will have our construction budget finished soon. Just in time, too as we have begun meeting with the people who have cash.
We met with the city of Cleveland this week. We are going to apply for funds through a new Cleveland program called the Vacant Property Initiative. It is a great program that was just started last year for helping develop under utilized properties, create jobs and spur on economic development within the city. While we look at the lease space, we are hoping to attract a retailer and a new office that will create some new jobs between them. While there are plenty of lease spaces out there, we are going to be offering space in a green building with the Eco Park behind, on one of the busiest bus lines in the city, blocks from the rapid station and set in a destination neighborhood. What could be better? We are working now on what incentives we can provide for energy and leasing considerations to ensure quality tenants. The meeting went well, but really only explained the program more and got us moving in the right direction. The Vacant Property Initiative is a great program, but has significant restrictions. While some requirements may be difficult to meet, they will were created to ensure the employment of Cleveland businesses and pay proper wages. In the end, this project may not work for us, as the scope of work is just to small to make it reasonable to meet all the requirements. That being said, there is a 30-45% forgiveness built into the funding. Will it help us to jump through the hoops? That really remains to be seen.
After our meeting with the city, we met with a representative of Shore Bank. We love shore Bank and would prefer to work with them on all of our financing needs. While KeyBank and other institutions are viable alternatives, Shore banks programs and mission fall most completely in line with our own. We have multiple reasons for doing this project. We want to have a cool office, and we believe that real estate is a good investment at this time. We hope to attract other green business to the area, making our investment more valuable. We want to be a part of the community that we invest in, and make it a better place to live and work. We want to educate and generate excitement in the city about sustainability-not just for environmental reasons, but for the economic future of the region. In short, we believe that as a company, Great lakes Design Collaborative has a responsibility to be a good corporate steward as well as make a decent income. That is why we would love to work with Shore Bank. They work to foster education, community development and fund development in a sustainable manner. All reasons that I certainly wouldn’t hesitate to move our accounts to this company. One commitment that we made before starting this project was that we were going to work with, and promote, businessess that understood our goals and whose philosophies fell inline with ours. In this economic climate, funding may be more difficult than that, but we hope that Shore Bank will end up being our partners. They are doing good things in other cities, as well, so think about them for funding your next project.
so great to run into you guys. i hope things work out with shore bank!