Meeting Dec. 11 for owners of buildings that need upgrades
Gilroy – A group of local real-estate agents are rounding up experts in construction, engineering and finance in hopes of nudging along the downtown renaissance.
Coldwell Banker will hold a Dec. 11 meeting for owners of so-called unreinforced masonry buildings (URMs) that can crumble during an earthquake.
The aim is to help downtown property owners understand the costs and returns of rebuilding or upgrading unsafe buildings. More than 20 downtown property owners face greater pressure than ever before to upgrade dilapidated buildings. Earlier this month, the city enacted a three-year deadline to upgrade or redevelop unsafe buildings or face $10,000 a month in fines. The city sweetened the deal by extending a program to waive tens of thousands of dollars in up-front development fees for building owners who rebuild or seismic retrofit their structures.
“Some people want to rebuild, some people want to retrofit and some people want to sell,” said Lisa Cassara, a real-estate agent with Coldwell Banker who helped organize the meeting. “We’ll help them determine how much money it will cost to retrofit or rebuild, and how much per square foot of return on their investment they can expect.”
The meeting comes as the downtown emerges from a major road and streetscape construction project and inches forward on plans for a new cultural arts center. In addition, the city is discussing more than 20 projects slated for downtown Monterey Street, many of them blending street-level stores with above-ground living space. The mixed-use theme has been hailed by officials as the key to revitalizing the downtown.
The meeting is open to all residents interested in the redevelopment process. To learn more, contact Cassara at 848-7967.
