Verdad specializes in single-tenant turn-key development, but that doesn't mean we are quick to turn away from a challenge. This month, we completed a multi-tenant project in Thornton, CO including Starbucks, Pizza Hut, Shine Orthodontics, and Glacier Peak Dental. All four tenants are now open for business which gives us the perfect opportunity to look back and reflect on this unique (for Verdad) project.
What made this project so special for us? We spoke with the project manager, Erin Ray, about her experience developing a multi-tenant building and what she learned from it.
"Overall things were trickier to coordinate," Ray said of the 1.16 acre development. Our finance team had to be on their A-game to handle the bigger than usual property asset and coordinating 4 leases concurrently, instead of just one, added to the negotiation efforts.
Other lessons throughout the project included handling multiple work letters and multi-tenant signage. Coordinating the interior construction of some tenants while others were already open for business was also an interesting hurdle. After all, “no one wants a port-a-potty and dumpster out front while running a business”.
Over the past decade we've learned each project comes with its own unique set of challenges. Although we can't always predict what they will be, we've become experts in figuring it out and getting it done.
Thank you to everyone involved on making this project happen.