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Ep. 88 - Renovation Update- Venture on Broadway: Engineered to Modern Demands
In this Episode of “Kiss My Assets,” Jamison welcomes Chris to the show, and they discuss various updates on Venture on Broadway. They then move on to the progress of the project, mentioning the demolition of a small building on the property to make room for a dual-stack double-lane drive-thru for Dunkin Donuts. They highlight the positive changes in the site's appearance and increased exposure due to the demolition and the completion of multifamily units across the street.
The conversation shifts to the importance of adaptive reuse and how the decision to remove a small building was necessary to accommodate the drive-thru. They emphasize the economic sense of the decision and how having two drive-thrus on a smaller property is unique and valuable in the commercial real estate market. They also discuss the increasing demand for drive-thrus and the low vacancy rate for such buildings in the Greater Phoenix market.
The hosts talk about the next steps in the project, including the general contractor's work to reach a certain point of construction before Dunkin Donuts' own contractor takes over for finishing touches. They mention the potential for leasing the remaining vacant space on the property, highlighting the improving market conditions and the ability to choose desirable tenants. The host also mentions a friend's startup restaurant and his interest in pitching it for the third space.
Overall, the conversation focuses on the progress made in the property development project, including the demolition, the strategic decision-making regarding drive-thrus, and the anticipation for future milestones such as construction and leasing.