A RENEW project is a complete restoration of a destroyed, abandoned, or neglected property. It is a turn around so pervasive that once completed and returned to service through a total lease up effort , it will outperform it’s competitive set. The RENEW Program type properties are opportunities that are rare and require tremendous construction skill in rebuilding them. They are typically bad properties in good areas, as the property must be able to be economically sound and productive upon completion of the repositioning. Once a potential RENEW candidate is identified though a myriad of sources, our experienced Marketing team heads out to study the area. That study starts with investigation of the area competing properties, turns to an investigation of schools, area businesses and overall economic environment of the city in which the property is located, and ends with a rent analysis and projection. At the same time, a preliminary physical evaluation is completed. If the market conditions are good and the first look physical evaluation is promising, then the construction crew begins a thorough investigation into the physical asset and the cost of reconstruction. The Marketing team will move into design stage to coordinate with construction on scope and cost evaluation. Finally, only after a thorough cost benefit analysis of the action plan determines that the financial model for the new investment yields an impressive return do we move forward to acquire and re-position the asset. There have been many opportunities that have ultimately been rejected at some point in the evaluation process. Only the projects with success indicators become BGI RENEW projects. RENEW Story