"The work PlusOne Construction did
has more than paid for itself –
and they made it easy!"
– Steve Lazoff, Seattle, WA
Lower Queen Anne Apts
PHOTO
FLOOR PLAN
TOTAL UNITS
Before
48
after
48
MONTHLY RENT
INCREASE
+77%EST
NET OPERATING
INCOME
+77%EST
roi
+50% EST
cash on cash
return
+6% EST
The Challenge
The Lower Queen Anne Apt project is located in the heart of Seattle. The owners turned to us after they fired the original general contractor who did not have the workforce or resources to keep up with the extremely fast-paced project schedule. With each missed deadline, the owners were losing a lot of money in loan payments, delays, and lost rent.
In addition to picking right up from where the other GC left off, the design requirements were extremely challenging, which added another layer of complexity to the project. In addition to time constraints and design challenges, the building itself was massive—and mostly occupied. This meant we would have to complete the work in such a way that it would cause as minimal disruption as possible to the lives of the current tenants.
The Solution
We immediately stepped in and developed a plan, schedule, and timeline to complete the work in a much more accelerated time frame than what they had experienced with the previous contractor.
As part of our solution, we took the initial design—that called for very expensive materials—and value-engineered it in such a way that the final result looked exactly like what the designer had envisioned—at a fraction of the original cost.
We worked closely with the on-site apartment manager to create as little disturbance as possible to the current tenants. This was not the easiest thing to do, but we came up with a plan that kept noise, dust, and general annoyances to a bare minimum.
Our field personnel were instrumental in creating friendly working relationships with both management and tenants, which allowed us to come in and complete the job in a satisfactory time frame.
The building now is a beautiful, fully occupied apartment community in the Lower Queen Anne neighborhood that is generating a substantially increased monthly income for the owners.
