A Real Gut-Job on Porter
LA investors Gian Franco Bertolino and Mike Hananel have certainly had their hands full when it comes to Gian Franco's Porter Avenue rehab. I stopped by the property earlier today with Mike, so he could show me just what a gut-job the project has become. We initially thought that we could rescue some of the old interior... but there's hardly anything to save. Not just they, but we've had to rebuild the interior framework and supports. New ceilings... new floors... new everything. When we're done with this it's going to look spectacular... the exterior will look original, bu the interior will be up-to-date."
The current plan is for the outside to be finished in the next couple of weeks. Then the interior will move along a bit quicker. As the burned out sections are removed, they are quickly being replaced by new materials. As you can see, there is a large crew working around the clock to piece this beauty back together. When it is complete, Porter will have another wonderful structure with new amenities, a new roof, new floors, new walls, new plumbing, new electric... Thank you Gian Franco and Mike Hananel for believing in this rehab. The project has turned out to be a half million dollar project. Completion is scheduled for spring of '08. Otherwise we'd be looking at a demo for parking.
If you want the background on the project, refer to this post from August.
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Comment Options
AvaRouge
Bravo! $500k! Quite an investment in the neighborhood's future. Great to see.
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comptart_lws
It's been great seeing this project abuzz with activity so quickly after it was purchased. I honk and wave to the crew most mornings on the way to work — thanks Gian and Mike! You are looking to be wonderful neighbors!
Anyone have news on the firehouse around the corner???
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hamp
Great work!
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Jefferson
Nice
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carlmalone
Wow, I can't say it makes a lot of sense from a business propsective, as I can't imagine how you would ever and I mean ever recover what you are putting into the building, not to mention the time and agony that goes into rehabbing, but great that you two for doing this.
I would love to hear the business strategy behind this one, unless it is being done to loiter funds, act of compassion, benevolence, just have money and believe in turning around the area?
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sbrof
This is exactly what and old strong home has to offer, the ability to be totally reinvented. These structures were built to last longer than our lifetimes and have the ability to do so. Why does owning a home need to a business choice... I hate this post WWII mentality (because that is when it started) that houses are investments not homes. If I had the money I would gladly spend more money in a home that I could recover.. because it would be the exact home I wanted and a place to be home for the rest of my life. That isn't something that housing markets and interest rates should get in the way of. That is what we built our society on, a place to call our own. These people are doing just that, creating a place to call their own. I doubt they will actually be living in this building so business comes more into play when you are purchasing something for income but at least they have the right attitude about it. Plus maybe they feel that can get some good rents for a while and then sell high enough in the future to make a little money. Who knows the real beauty is that time and time again even in our economy buildings can come back to life. Maybe we can soon bury the adage that if it is vacant it must be torn down.
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carlmalone
sbrof: Spare the liberal drama and holier than thou attitude. They are investors. Investors seek profit, welcome to capitalism. I'll buy you a ticket to Russia if you'd like. I'd gladly take the loss in fact.
If it was indeed their home I would have no question with what they are doing, but IT is NOT their home, it IS an INVESTMENT, as such I had some basic questions as to their business model. I do the same things both here and in DC and do not understand how they can continue to renovate future homes if you lose money on current projects. I simply am asking the question b/c I feel I am missing something and maybe able to learn something I don't know.
Taking your approach would actually lead to disinvestment, as roi usually leads to additional investment and cycle continues.
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