The McCoy
Problem:
The neighborhood church had been struggling for some time due to the inadequate condition of their buildings and lack of parking, which hindered their ministry and expansion. Despite previous attempts to relocate, the congregation had been unsuccessful because the property's challenging elements, including difficult topography, multiple buildings with different redevelopment potential, vested non-conforming uses, and an expensive purchase price, repelled other developers. To complicate matters, despite a strong desire to relocate, the church could not complete a transaction until a suitable new home was found.
Solution:
A unique plan was developed that was not a standard new-construction redevelopment. One building was renovated, while other buildings were demolished and replaced. Even with a good plan in place, the project could not advance until the church was able to relocate. After their broker failed at the task, we ended up working directly with church leadership for over a year to find them the perfect home.
Result:
The church relocated to a purpose-built building that allowed for significant expansion of their ministry, with existing two tenant churches who greatly overset the operating expenses. Meanwhile, the old church site was redeveloped with three luxurious condominium buildings. Through creative space planning and efficient building use, the project achieved an above-market return-on-cost.