The AssociationFirstService Residential began managing 3470 North Lake Shore Drive Condominium Association in mid-2015. The 28-story, 61-unit building had numerous issues including a rooftop pool that was closed for five years; the penthouse was regularly impacted by water leaks from the pool area as well as the roof; major pieces of mechanical equipment were at or past their useful lives and repair parts were difficult to source.
The SolutionWith initiation of part-time on-site hours, the new manager was able to provide more attention, detail oversight, and coordination with trusted vendor partners to address remediation of the buildings issues. A building that is more than 50 years old presents unique challenges when undertaking major capital improvements. Modern solutions do not always fit easily into old infrastructure design. On-site hours provided the manager with opportunities to work closely with Board Members and vendor partners to strategize about the best solutions for the building.
To date, the pool has been rebuilt to address safety and leak issues; the old roof was replaced with a new modern waterproof membrane with a 20-year guarantee against leaks; north and south brick facades were repaired; and a new A/C chiller was installed, which was completed by a crane lift requiring closure of Inner Lake Shore Drive for 24 hours.
The ResultsOngoing capital planning includes carefully negotiated short and long term credit facilities supported through our affiliate, FirstService Financial and Insurance (FFI). The credit facilities are providing the funding for the current east balcony renovation and modernization project that removes crumbling brick knee walls and rusted iron railings, and repairs to damaged balcony decks.
Installation of new leveling material and waterproofing membranes on the decks and new aluminum railings will complete the project in the spring of 2022, providing an updated facelift to the building and improved views over Belmont Harbor. The credit facilities are also providing funds for the recently completed installation of a new domestic hot water system and a complete boiler replacement project anticipated to be completed in the summer of 2022.