To revitalize The Lofts at 1 Thousand, we will embark on a comprehensive transformation plan. This will include a major renovation of the grand lobby, modernization of amenities, a complete rebranding and marketing overhaul, and extensive unit upgrades. We will also establish an in-house property management team dedicated to enhancing the resident experience and will implement significant improvements in maintenance operations. A key part of our strategy will be securing a reputable commercial tenant to add value to both the building and the local street environment.
Our management approach will focus on aligning rents with market rates, introducing skilled on-site management with robust backend support, addressing deferred maintenance issues, re-tenanting, and rebuilding the property's reputation. We plan to launch targeted marketing initiatives aimed at achieving full occupancy, emphasizing our dedication to enhancing the property and its relationship with potential renters and the local community.
The development plan will involve adding engaging lifestyle amenities, such as a social events and game room, a cafe, and an inviting grand lobby, all strategically facing Washington Avenue to foster a connection with the building and enliven the street. Fitness amenities will be upgraded to include a dedicated spa room with a cold plunge and sauna. The rooftop area will be enhanced for premium resident and community networking events. Additionally, we will activate an attractive commercial space with dual entrances, enabling a business operator to contribute to the building as an amenity while maintaining accessibility to external customers.