A Carmel church congregation needed additional funds to construct a new sanctuary. Fortunately, they had identified excess acreage fronting a high traffic major thoroughfare which was suitable for disposition. Following a multi-year effort to sell the excess property through a large commercial brokerage firm, church elders made the difficult decision to solicit proposals for re-marketing and brokerage essentially “starting from scratch.”
“Ross, your good counsel over these past two years has been invaluable, particularly as we worked our way through a very difficult and collapsing capital market.”
- Russ Bachman, Development of Leadership Committee, St. Christopher’s Church
RESOURCE Commercial Real Estate Senior Vice President Ross Reller, while at his former firm, utilized knowledge of local zoning codes and opportunities to design a marketing approach. Through this process, he identified office and hospitality development as the highest and best use of the neighboring land. In concert with a team of church volunteers, Reller met regularly with the church’s real estate committee to interview and evaluate the most promising candidates for disposition. Issues involving the church’s need for Sunday parking, as well as concerns about harmony and compatibility with the new neighbors were identified.
The church agreed to enter into negotiations with a single developer and lent their public support to a lengthy and collaborative zoning process. In the summer of 2008, the church sold the residual property in a multimillion dollar transaction, facilitating the construction of a new sanctuary. The plan selected offered a compatible and harmonious mixed-use development with sites for office buildings and hotels as well as shared parking, in close proximity to the new sanctuary.
Note: We have several professionals with substantial client transactional experience prior to joining RESOURCE Commercial, which is included above.