Supporting Long-term Value

The management and the Board of Directors at The Carlyle on the Lake recognize that the long-term equity that association members have in their homes can only be supported by vigilant monitoring of key infrastructure elements.

Exterior Facade Repairs:
Lake Erie winds and seasonal freeze and thaw conditions take their toll on the brick and masonry exterior of a building like ours.

Through 2009 the facade was managed by ongoing maintenance. However, it became clear that time and weather was quickly outstripping our ability to replace the failing brick and mortar with spot maintenance.

Beginning in March 2010, teams of trained professionals scaled the building, floor-by-floor, inspecting brick-by-brick, to examine, test, replace and re-seal the exterior surfaces. The work was incredibly tedious, noisy, dirty, dangerous and disruptive to suite owners and staff alike. We currently have an aggressive maintenance plan in place to help ensure that this work will never have to be repeated.

The Parking Decks:
Each of the 546 suites at The Carlyle includes an assigned indoor parking space. These subterranean parking areas surround the building as a contiguous, but independent structure of more than 6.5 acres. Suite-owner parking is complemented by 200 spaces on the exterior main deck for visitors.

In 2011, significant repair work was conducted on both decks, in stages in order to minimize the number of owners who were displaced (i. e. parked outside) at any given time. At the completion of the project, about 35 percent of the structural steel support had been replaced.

The scope of these two one-time-only efforts was massive. At peak periods there were at least seven contractor firms and more than 65 tradesmen on-site, making this one of the largest privately funded job sites in the state at that time.

Looking Forward

Using the study from Reserve Advisors as a guide, we are able to plan for work that will be needed in the coming years. This allows us to budget for at least some of the cost of the work in advance and schedule major projects to minimize some of the inevitable disruption to suite owners at The Carlyle.

Current fees include a Maintenance, Repair and Replacement (MR & R) supplement. This is an important re-investment in reserve funding to offset some of the cost of work that will be required to ensure that we continue to make The Carlyle a safe, well-maintained and attractive place that so many of us enjoy calling home.

 

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