CAI-NJ May 2021

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can dictate the scope of renewal and have lasting effects on residents, the building, and the surrounding community. REFRESHING Refreshing the spaces via minor design improvements is the lowest risk approach. This can be accomplished by various methods such as painting the walls, changing the flooring material, updating or introducing new lighting, adding artwork and sculptural pieces to delineate spaces and areas, and introducing signage and graphics to con- vey the desired atmosphere. The addition of fixtures, furniture and equipment all combine to create a transformative experience which can offer a contemporary look and feel while maintaining the atmosphere of familiarity to the current residents. In today’s high-rise communities, amenities play a major role in the quality of life and add value to the community experience. Keeping these spaces updated allow residents to maintain a high quality of life while providing value to the building. This, in turn, changes the value of these spaces from being overhead expenses to assets.

spaces that can cater to classes for art/crafts/technology and the ever-growing maker-space environment attract a tenant that is willing to pay a premium for these amenities. CREATING VALUE Ultimately, the fundamental question is what type of value the asset is looking to create. Is it brand value, fiscal value, and can it benefit both the building owner and the unit own- ers/residents? Design professionals, community boards and managers need to think holistically about lifestyle, amenities, and the atmosphere that is being created. THE 3-R’S The 1st step to any design approach is to understand what the goals are for the building’s residents, and the property management team. Is it to increase real estate values, the ability to compete with newer properties in the area, to create a more updated look and feel or to retain existing owners while attracting new ones? These decisions

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Extraordinary Services. Exceptional People. Preferred Community Management Services

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• 24 Hour Emergency Service • Work Order Tracking • Vendor Management • Leadership Guidance • Training For Board Members

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Over 30 Years Experience

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2430 Butler Street Ste 164 Easton, PA 18402 484.291.1330

Glen A. Masullo, CMCA, PCAM

Email: info@ pcmsus.com • Web: www.pcmsus.com

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