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Dance Theater Workshop
Outcome:
A stylish new DTW with residential construction above, delivered
on time and within budget; and our name permanently engraved in
the lobby.
Dance Theatre Workshop (DTW) had been in
Chelsea as a leading grassroots downtown dance center and arts services
organization, for decades. Now they were ready for a new, more intentionally
designed home. In addition (like all nonprofit organizations nearly
all the time), they needed funds. DTW already owned the site for
their new home but needed help in turning a creative development
idea into a reality. So the site sat, costing money and becoming
a lost opportunity.
DTW approached FFA to ask our advice, we
studied the situation – but not for too long – before
making a concrete strategy recommendation. Enter into a sophisticated
agreement with a private developer who would purchase DTW's Air
Rights and construct DTW's building shell with luxury residential
condominiums above. DTW would benefit from the Developer' s construction
responsibilities and also obtain needed capital from the transaction.
The DTW space below, and the condo development
above, must go together. We recommended using one architect and
one construction manager for both building entities. We shepherded
DTW and the Developer through selection of these individuals and
subsequent design, bidding and construction – all of which
went smoothly. Reaping the benefit of our real estate and construction
experience, we were able to steer DTW through twice as many potential
pitfalls.
We take pride in the fact that we also found
them a wonderful interim home. For fifteen months, DTW lived across
the street while the new space was constructed. They photographed
the entire construction from demolition to the opening night party.
The temporary DTW home served well and we were there managing the
transition, making sure this energetic young nonprofit could stay
up and running, throughout the realization of its dreams. Cheers.
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