Are you looking for a new space for your business? Are you considering a new building on vacant land? Are you leaning towards a tenant build-out in an existing building?
Here is a case study where we walked through this decision-making process with Fringe Salon and Spa to find which option was right for them. Fringe Salon and Spa were seeking roughly 3,600 square feet to serve as a new home for their growing business. After some initial due diligence and searching, we ultimately zeroed in on two options:
Option 1: A Two Acre Vacant Lot
Option 2: Build-out of Existing Suite
The process began by evaluating the feasibility of vacant land. With significant input from the owner’s at Fringe, the team determined that the location was ideal. The surrounding demographics, vehicular traffic, ease of access, and general visibility were all positive features of the site. It was Fidei’s task to determine if the site was buildable from a design/construction aspect. We considered the square footage, parking spaces required, building setbacks, topography, site access, etc.
In the meantime, we also assisted in developing ‘fit’ plans for desirable vacant tenant spaces in the surrounding area.
Ultimately, both options were vetted and bid by viable contractors. After evaluation and comparison by Fringe’s owners, they ultimately chose option 2. It was the more cost-effective option and did not present the challenges and hurdles that the vacant land option would’ve posed. Once option 2 was chosen, Fidei provided multiple floor plan layouts for the new space and ultimately developed a scheme that perfectly matched their vision. We were able to include many of the design elements from option 1, which further proved the value in the initial due diligence.
The final step in this process was submitting construction documents. The ‘CDs’ were submitted to the building department for permit approval. At the same time, they were sent out to various contractors for competitive bids. The permit was approved and bids were returned within the client’s budget. The results were stunning and Fringe’s business has thrived since their move.
If you are a business and would like a consultation on a new build vs. a tenant build-out, we would love to talk with you. Contact us today.