My wife and I saved and invested for years to be able to finally build on a piece of land we bought more than 20 years ago. The old apartment building was aging, and we notified residents of our plan to keep it maintained but not do renovations. We advised everyone we would give rent reductions for the next several years, but for everyone to save and plan on moving out in seven years. After that, the building was demolished. We had been planning our building for some time, and I found myself participating in a RAM elements tutorial to understand the software the architect was using to design our new office building project.
Ours was the first building project in the city were the former owners and tenants did not put up any opposition to the new building. Of course though, we were the first landlords to help people plan far in advance for their move. Most took advantage of saving their rent reductions to be able to move. Only a couple of tenants actually made a last minute move before the building was torn down. We even offered the rent reductions in the form of a payout for early moving. If you left a year early, you got the money. We made it as easy as possible for people to relocate.
The new building was part of an overall redevelopment project for the area. The real estate was perfect for holding an office building with its own underground parking garage facility. It was the first building in the town to have a parking garage built as part of the structure. Now the whole area is under construction bringing in new businesses. We have a lot of retail shops, lawyer, doctor and dentist’s offices and more. A law firm leases the entire top floor of our building.