One year ago on April 1st, we opened with three tenants, each leasing one-room suites. That was an exciting beginning, to see several new users confirming the concept had traction. Now, just over a year later--we're pressed to keep up with the demand for the next couple of suites for new tenants. We have more than tripled our community and with current leasing activity, we are closing in on 100% occupancy of this original main building.
We are now converting a janitor's closet into a revenue generating laundry center, available for a monthly fee to our tenants on separate assigned days. Massage practitioners and their counterparts in Acupuncture both require fresh sheets for their clients. We have the perfect space for it next to our just completed new kitchen. So we are investing in the appliances, the plumbing and electrical work required to make it happen. This building amenity will help us with tenant retention--we already have two tenants interested to see it completed for their use.
We've progressed east down the hall past the former X-ray room (leased), focusing now on renovating the former surgery room (Suite SR), and Suites 9, 10, and 11. Those suites just got new LED lighting and new doors, finish work is yet to be completed. We have active tenant prospects working on all of these areas.
Over the last three months we've leased three of our five lobby-oriented suites, all were leased before they were finished. Of these five suites, only suites A and D remain unleased, but we have active tenant prospects for what we have left. This whole area has been transformed with new LED recessed lighting, new doors and trim, and fresh new paint. Old fixtures have been removed, walls patched and retextured.
This brings us to starting Phase three ahead of schedule this May. Our first act will be to connect the Annex through a new doorway we plan to open into our waiting room. We will then permanently remove the doorway that enters our Suite B from the southwest corner of the Annex. By moving the doorway, our life energy will flow from the central hallway of our Annex into the front lobby waiting room (lines up with main building hallway).
The Feng Shui will be tremendously improved; the energy will then flow down the center of both buildings, which is vital to efficient use of the space. It was the next logical improvement and was begging to happen! Two central features of this Annex will be a comfortable new and enlarged ADA bathroom, and a convenience kitchen. Many of our tenants have commented how the energy of Peak Wellness Collaborative has improved dramatically since our ownership and their occupancy.
The floor plan of the Annex will bring with it greater width for the six different suites we plan there. While many of our suites in the main building are 7.5' to 9' wide, the width of our annex suites starts at 10' while the length can vary, depending on our tenant's needs. The annex can feature additional signing exposure to Oak Street, via one of our permanent sign locations.
While initially we thought it might be a three year project, we now see it as wrapping up later this year--in two full years. We've been blessed to have chosen this property, and made many new friends and business associations as a result. It's been an enormous investment of time, but its been very gratifying to have reached this stage with all the good people who have helped and cheered us along.
Richard D. Willard
Managing Director