Broderick Tower Not Ready As Planned

[kryptonite]

Is it routine practice for residential complexes to lease before opening nowadays? Years ago I moved into a new complex and it was one of the best living experiences I ever had and was the only time I ever lived in a new apartment. But I think that complex was completed before they started signing leases.

Like some people have already posted, new construction is rarely completed on schedule but considering that why don't the owners hold off on leases until the very last finishes are being done on the individual units.

I wonder how close the Broderick is to actually moving it's first tenants in?

[corktownyuppie]

Is it routine practice for residential complexes to lease before opening nowadays? Years ago I moved into a new complex and it was one of the best living experiences I ever had and was the only time I ever lived in a new apartment. But I think that complex was completed before they started signing leases.

Like some people have already posted, new construction is rarely completed on schedule but considering that why don't the owners hold off on leases until the very last finishes are being done on the individual units.

I wonder how close the Broderick is to actually moving it's first tenants in?

I wouldn't necessarily say it's "routine", but it's certainly preferred for everyone involved. I just finished working on a multi-unit residential project for 44 people. The only the bank would finance the construction is because we had all 44 leases signed before construction even started. Even then, they still wanted someone else to guarantee the note.

I know I'm not going to win any points by saying "look at it from the bank's point of view", but if you think about it, a construction loan is one of the riskiest loans you can make as a bank, because the thing that will serve as collateral for the loan is being created by the construction loan.

[wolverine]

Is it routine practice for residential complexes to lease before opening nowadays? Years ago I moved into a new complex and it was one of the best living experiences I ever had and was the only time I ever lived in a new apartment. But I think that complex was completed before they started signing leases.

Like some people have already posted, new construction is rarely completed on schedule but considering that why don't the owners hold off on leases until the very last finishes are being done on the individual units.

I wonder how close the Broderick is to actually moving it's first tenants in?

It absolutely is common. They'll prelease when they are certain the construction schedule is far along enough they can guarantee occupancy even with an incomplete building. So as long as they can get occupancy permits, the building can be in varying levels of completion. Life safety systems, full enclosure of living spaces and path's of egress must be clear of debris and major construction, but finishes need not be fully completed.

There's a property down the street from me now fully occupied, but the building doesn't have a first floor yet. It's just open to the elements. No facades, windows, or interior partitions, and dirt floor. It's surrounded by construction fencing still. But it's got a temporary entrance and residents are all moved in on the upper levels.