PHOENIX, AZ (Sept. 8, 2009) – Responding to demand for recovery-based commercial real estate solutions, industry veterans
have formed The Richard Solomon Group (RSG), a commercial real estate consulting firm with a wholly owned subsidiary providing design-build, general contracting and tenant improvement services.
Godwin and Zupancic bring more than three decades of commercial development and construction experience to owners, developers, tenants and property managers.
Their expertise already has earned RSG five significant Phoenix-area projects, including a tenant improvement at Pima Center that houses First American Title Company and ranks as one of the largest office tenant improvements in the Phoenix market this year.
RSG services include process development, operational management, design and engineering management, and project and program management.
“Developers must plan carefully to ensure long-term viability under our new market fundamentals,” said Zupancic.
“Most physical site activity will be 12 or more months out, but that means that many developers—especially those who do not have in-house construction capabilities—will be seeking consultation in 2009 and 2010 for high-level, pre-development and pre-construction strategy. We’re poised to fill that need.”
RSG is currently working with banks and court appointed receivers to complete several distressed asset properties.
“Our region has an excess of construction that was initiated but isn’t complete. This work needs to get done to stabilize these assets,” said Godwin. “RSG is stepping in to struggling and receiver-controlled properties to complete the construction and finalize inspections. As tenants begin to physically occupy space, owners will start to recapture critical revenue streams and spark a new market balance.”
The First American Title Company project is one of RSG’s leading jobs to date and among the Valley’s largest tenant improvements this year, totaling 93,000 square feet of Class A space with a $4 million design-build construction contract.
At the Pima Center building, located at Via de Ventura and the Loop 101 Freeway near Scottsdale, Ariz., RSG has completed lobby space, common areas, three stories of office space, exterior modifications and exterior parking accommodations.
After the original design-build contractor was unable to complete the project, RSG negotiated a new contract with the owner, took assignment of the original contractor’s subcontract agreements, and worked directly with the project’s lender to resolve outstanding payment issues.
The project transitioned from the original contractor to RSG with no loss to the project’s schedule, and applied RSG’s background in tenant improvements and its experience from developing almost one million square feet of office space on Salt River Pima-Maricopa Indian Community (SRPMIC) land.
Demand for this type of general contracting expertise has spurred RSG to create RSG Builders, LLC, a licensed design-build and general contracting division offering horizontal site development, shell construction and tenant improvement services for office, retail, industrial, multi-family and institutional properties, including the completion of the First American Title Company tenant improvement project.
Under the RSG umbrella, RSG Builders has participated in all current company projects:
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Tempe Gateway, (middle right photo) a 270,000-square-foot, $49.3 million mixed-use development in downtown Tempe, Ariz. RSG worked with US Bank to secure the contract, and has been engaged by the court appointed receiver, CBRE, to complete ground-level retail, seven stories of office space, an above/below-grade parking structure and improvements connecting the Tempe Gateway to an adjacent Valley Metro Light Rail stop. Project scope includes physical work, inspections and financial closeout, with substantial completion expected by the start of fourth quarter.
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Mill Crossing, (middle left photo) a 170,000-square-foot, $12.5 million retail center in Chandler, Ariz. Retained by developer Southwest Gateway Inc., RSG is finalizing construction on 43,000 square feet of in-line shop space; tenant improvements for a 10,180-square-foot Shoe Carnival and 4,990-square-foot Sears Appliance Store; and site work on 17.11 acres that is necessary for an October grand opening by anchor J.C. Penney.
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La Siena and
McDowell Village independent living communities in north central Phoenix and south Scottsdale. RSG is converting select units to meet Americans With Disabilities Act (ADA) specifications. With the modifications, both communities will offer assisted living capabilities that boost their competitive advantage in the Phoenix marketplace.
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Chandler Airport Center, Phase I parking expansion.
(bottom right photo) RSG has entered into a design-build construction contract with the project’s owner for an expansion of the existing parking lot to accommodate approximately 100 additional vehicles.
The scope of services under the contract includes the required design, permitting and construction of the surface parking lot expansion at the recently constructed office development located on Northrop Boulevard, adjacent to the Loop 202/Santan Freeway in Chandler, Ariz.
Phoenix-based RSG is located at 5055 E. Washington St. in Phoenix, in a new building developed by Milwaukee-based Irgens Development Partners.
NEW YORK, NY--(BUSINESS WIRE)--Sept. 9, 2009-- Annaly Capital Management, Inc. (NYSE: NLY) today announced the addition of several new members to its management team over the last several months.
