With a three year capitalization plan, we were able to stabilize negligent spending, improvement and upgrade infrastructure, while reducing operating expenses by 71%
Through Gaspee’s affiliate property management company, Admiral Property Management, the team identified gross negligence and fraud by a previous manager. Utility bills ballooned to over $600,000 in past due balances, trash was littering the streets, and dead trees and shrubs lined the property.
Additionally, Admiral uncovered major deficiencies with the center’s master water and sewer pump stations which needed immediate attention. Through proper planning and coordination, Gaspee endeavored on a 3 year capitalization plan by investing nearly $1 million to improve roads and landscaping, install new lighting, redesign a fire safety system and rebuild a sewer pump station all while reducing annual common area expenses by 71% to the shopping center’s tenants.
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