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Benjamin Riehle
  • Developer
  • Tucson, AZ
309
Votes |
190
Posts

Building a Path from History to Business

Benjamin Riehle
  • Developer
  • Tucson, AZ
Posted Oct 19 2016, 16:03

Over the past years I have concentrated my efforts towards investments in the downtown Tucson area. This has required a degree of creativity not encompassed by the definition of a traditional real estate agent. The integration of complementary services in my business through layered partnerships such as sales, property management and construction has been critical towards my team's success. One such project which without this understanding would be inconceivable is the remodel and renovation of a historic church located near the heart of downtown Tucson.

The Journey

This journey began as most investments do for my team, which is a diligent search and analysis of properties that revealed a quaint church built in the 1920’s. At first glance with its deteriorating look the investment was unreliable, but after in-depth analysis we began to see possible opportunities. These are the type of details that fall through the cracks and most investors and agents miss. The church, I uncovered was not a sole property and included houses and lots directly adjacent, which if purchased in whole would be sold at a discounted price. This opened the door to a variety of options, but we settled on renovating the 2 houses, (one to rent and one to flip) selling the lots to a new build investor and converting the church into downtown lofts.

This plan allowed us to create immediate cashflow and set the project in motion. Initially, for the church, we thought of knocking it down to build a small development but reconsidered because of my commitment to reinventing the area yet holding its historic appeal while being profitable. To accomplish this, it would mean converting the space into rentals and in the future; expand into possible commercial use. The proximity to downtown Tucson, the vibrant region, the unique and modern build would create remarkable demand.

I pulled members of my team from each of our business segments to gain their feedback and ideas and together we created a solid plan which included data and market analysis, construction estimates, project deadlines, and ROI projections (to name a few) as a guide to ensure a rewarding and lucrative return.

Partnerships

Through our partnerships we sold the vacant lots and remodel and rent/flipped the homes adjacent to the church. Remodeling of the church is well underway at a staggering pace towards completion. In fact, this past month, construction laid the final touches on the roof, which towers in its friendly neighborhood. When complete the property will feature 4 breath-taking units, a spacious lobby, renovated historic exteriors, modern interiors; all in the heart of Tucson just minutes away from the University of Arizona and downtown Tucson.

This “gem” of a deal would not be possible without the systems, experience and creative intuition we have worked hard to achieve.