Selbyville, Delaware Redevelopment Projects
5 W. Church Street:
Phase 1 (Funded)
Phase 1: Roof, Exterior, Anchor Tenant
Investment Amount: $100,000
Interest Rate: 10.00
Term: Up to 3 years
Phase One of the Beacon revival consists of completely renovating the exterior, adding a new roof, and preparing the building for the opening of its Anchor Tenant, a 24 hour mini market.
Exterior: The old stucco is to be demolished and replaced with an attractive mix of stone, wood, and imported clay roof shingles. A new awning will be built over the sidewalk and the damaged wood leading to the second floor will be replaced, power washed and stained. New light fixtures.
Roof: The existing roof was in terrible shape. A brand new flat rubber roof will be installed. The existing roof has significant damage.
Anchor Tenant: The Phase 1 investment will also bring Unit 101 completely up to code. Unit 101 is our anchor tenant's space and the future home of Mary's Mini Market, a 24 hour Spanish Mini Market. Inside, we will be installing all new electric, and new firewall on the ceiling and walls. The tenant will be installing new flooring and enclosing in an office/register area.
Bringing this building back to life and signing a long term lease with Mary's Mini Market will bring substantial additional foot traffic to Downtown Selbyville, thereby enhancing the attractiveness of the Beacon to other possible tenants.
5 W. Church Street:
Phase 2: (Funded)
Phase 2: Suite 204, Herbalife
Investment Amount: $35,000
Interest Rate: 10.00
Term: Up to 3 years
Phase 2 of the Beacon revival consists of filling vacant units and bringing the building back to life.
Units 101 and 203 are currently rented. Phase 2 will renovate Suite 204.
A new tenant is ready to sign a lease for this space. In order to open, we will need to upgrade the unit to include firewalls. This includes all shared walls and the ceiling downstairs in Unit 103 (which shares the ceiling/floor with Unit 204). He also plans to upgrade the bathroom, flooring and paint.
This business will be a great addition to the Beacon and will complement the current mix of tenants. His presence will also bring additional foot traffic to downtown, which will increase the desirability of the location, which will in turn increase rents and the value of the building.
5 W. Church Street:
Phase 3: (Funded)
Phase 3: Suites 102, 201, 202
Investment Amount: Up to $100,000
Interest Rate: 10.00
Term: Up to 3 years
Phase 3 of the Beacon revival consists of filling additional units and bringing the building back to life.
Firewall will be installed in unit 102, 103, 201 and 202, and 204 bringing the entire building up to modern code.
Floors in units 102, 201, 202 and 204 will be refinished. All walls freshly painted. New interior LED lighting installed and the interior stairwells painted, with new LED lights installed. The building's rebirth is just about complete with Phase 3 complete!
5 W. Church Street:
Phase 4:
(OPPORTUNITY AVAILABLE)
Phase 4: Suite 103
Investment Amount: Up to $50,000
Interest Rate: 10.00
Term: Up to 3 years
Phase 4 will renovate the largest of all 7 units. New flooring will need to be framed, as well as walls. We will install new framing, new electrical, new plumbing and insulation. New drywall will be installed and recessed lighting. The unit will be converted to a blank shell, ready for to rent. Its current condition has scared away many prospective business, who love the space, but do not have the capital to do the prelim buildout.
This will get the unit "rent-ready", which will generate approximately $2,000 a month in rent.