Memorial Medical

50,000 sq ft. Medical Condominium Association

The Association’s Board and individual members were faced with escalating recurring management and maintenance expenses and potentially negative cash flows. The building, over 30 years old, had recently undergone various common area improvements. However, the major building systems (i.e. roof, HVAC, elevators and building envelope) were quickly approaching the end of their useful lives and were in need of replacement.

Unsatisfied with their current management team (a large Tampa firm) the Board selected Ciminelli to oversee all management and facility tasks associated with the property. Ciminelli quickly assessed the financial status of the organization and initiated steps to bring the Association back to financial health. Through a combination of contract renegotiations, debt consolidation, and sound fiscal and property management strategies Ciminelli was able to reduce the Association’s first year recurring expenses by over $30,000.00. Concurrent with the aforementioned reductions Ciminelli was able to accelerate the retirement of existing construction debt and outstanding vendor invoices attributable to the fiscal neglect of the previous management organization.

With the major building systems quickly deteriorating and the Board not satisfied with the analysis and costs presented by the previous management firm, Ciminelli promptly directed its attention to this new challenge. Through a combination of in-house specialist and outside consultants Ciminelli studied the scope of work prescribed under the current replacement schedules and determined that significant cost reductions could be achieved by properly defining the project goals, and initiating competitive bid practices.

To date, the original replacement costs have been reduced by over $50,000, with an additional $50,000 in discounts anticipated in 2007.