KRG was installed to take on and perform the Property Management, Construction Management, Leasing and Consulting of this mixed use facility and help guide it through the receivership process.
What is Creekside?
Creekside is a 240,000 sq. ft. mixed use development with a 539 space underground parking garage. The space consists of office, retail and residential units. The development is spread over 3 towers set on 3.5 acres along Walnut Creek in the heart of Olde Gahanna Historical District. There are 94 residential units that are both owned and for lease overlooking a public Plaza.
Navigating through the second receivership in less than five years the challenges were significant. As it was originally developed Creekside was born out of a public private partnership that operationally had not been run as designed. Along with the normal issues that follow an asset that goes into receivership, Creekside had a host of issues that needed to be addressed including deferred maintenance, lease administration, extensive asset repositioning, code compliance and accounting just to name a few. Mitigating these issues coupled while working in concert with City of Gahanna staff KRG was able to stabilize the asset through the receivership process.
Through putting the right team in place, prioritizing and strategizing all of the issues, KRG was able to work with all of the stakeholders to ensure a positive outcome. KRG was able to address the critical issues in a timely manner while balancing this with the direction of the courts. KRG was able to bring the buildings into compliance, improve occupancy, grow rents and begin the process of repositioning the asset in the market.