Business Plan

  
Schine Memorial Hall LLC

Introduction

The Schine Memorial Hall is a historic commercial building conveniently located in the heart of downtown Gloversville.  The building has approximately 30,000 sq. ft. of space on three floors and includes an elevator to improve access to the second and third floors.  The members of our LLC have purchased the building because we are committed to preserving a historic building and wish to enhance the vitality of downtown Gloversville through the sustainable stewardship of this beautiful building. Due to the size of the building, we anticipate having three phases to the business plan.  The first phase will concentrate on the ground floor; the second phase on the second floor and the third phase will encompass all of the third floor.  The first phase is the short term plan.  The main focus of this phase is preservation and sustainability as well as exploring a center staircase that will improve our ability to market the second floor.  The third phase is the long term (beyond 2014) plan.  As long as we meet our short term goals, our long term plan can be open and somewhat fluid at this point.

Short Term (2012-2014) Plan

Our short term goal is to produce a positive cash flow.  We will do this by making exterior repairs necessary to preserve the building and interior improvements to vacant ground floor store fronts and half of the second floor in order to have attractive rental space ready to be rented out.  Ideally, we hope to have a rent roll great enough for us to be able to afford to hire a building manager to deal with all of the day-to-day building and tenant issues.

Exterior Repairs

Since we have already replaced the roof and have had the Main Street façade redone prior to the closing on the building, there are relatively few exterior projects remaining.  The main exterior project is brickwork--particularly on the North side of the building.  This needs to be addressed as soon as weather permits in the spring.

Interior Improvements

Interior improvements in the short term phase have three components: improvements to the ground floor store fronts, second floor improvements, and the possible center staircase.  The vacant ground floor store fronts have already received attention from us and the rest of the store fronts should only need improvements in the event of vacancies. The second floor office space currently ranges in condition from merely needing cosmetic work (painting, carpets, and touch-ups) to raw space.  Luckily, the space in the best condition is closest to the elevator.  We will focus on the northern half of the second floor and do minor repairs and cosmetic work to ready this space for tenants by June 2012.  We also plan on improving the common restrooms available on this half of the second floor by renovating the existing bathroom and creating a second.  This work will also be completed by June 2012.  As tenant demand dictates, we will continue our improvements on the second floor.

Currently, there are two staircases by which to access the second floor of the building.  One is located at the south end of the building and one is located at the north end, in the theatre building.  In order to improve the attractiveness of the space and to lessen our reliance on a staircase that we don’t own, we are exploring a center staircase leading from the center of the ground floor up to the second floor.  This staircase could be the focal point of the building and should improve our ability to rent out the second floor. 

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