REI VALUE ADD SUCCESS STORY 002
Existing Condition (As-Is), Our Plans to Add Value, Permits, Process & Pain Points.
HAMILTON, ONTARIO
Existing Condition (As-Is)
This was an existing 18-unit apartment building, 3 storeys with a unique grading slope. During our initial site visit, we noticed that it had 4 empty storage rooms in the basement! Immediately an idea clicked.
Our Plans to Add Value
Our goal was simple: convert the basement storage rooms into 8 one-bedroom units!
Permits, Process & Pain Points
Turning this 18 to 26 units sounded simple enough, but like always, parking requirement is a pain point! We barely had enough parking for the existing units so we went for a Minor Variance (CoA), hired a Land Planner and ordered a Transit/Parking Study to prove that our location was in an area where parking wasn’t the only method of commute. After 2 years, we got CoA approval/permits, and today this building is running as 26 units!
Tags: REI Strategy, Unit Increase, Hamilton
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