Ent Credit Union

This was formerly an ANB Bank that had lingered on the market for an extended period with minimal interest, primarily due to its peculiar shape, making redevelopment challenging. The building's age rendered it impractical for updates or re-tenanting. Initially, upon reviewing this deal, I dismissed it. However, later on, I contemplated the possibility of combining the parcel to the west, resulting in a 2.5-acre new lot, a substantial space on a sought-after retail trade corridor in Colorado Springs. Upon reaching out to the neighboring property owner, who had been previously approached but showed no interest in selling, I managed to strike a chord. It became evident that he intended to relocate his business. Swiftly, we reached an agreement. The challenge with assemblages lies in securing ample time in both contracts to address tenants, zoning, and financing. While I secured sufficient time for the adjacent property, the corner bank parcel's contract time ran out before I could finalize details. Despite my attempts, the bank wouldn't grant an extension, presenting the ultimatum to "close or cancel." With control of the adjacent property, I recognized that any interested party in the bank property would desire the neighboring parcel, which I controlled. As I wasn't ready to close, I opted to cancel the bank contract while progressing with the deal, plans, and tenants. It was a risk, but a calculated one. There was a possibility of losing out if someone desired the bank as is, but I believed they would want both parcels, like I did. After months out of contract on the bank, we revived our deal. By then, I had secured tenants and was working on entitlements with the City. It was an incredibly stressful period as I negotiated deals that hinged on reclaiming the corner. Eventually, everything fell into place, and through this new project, I completely transformed the landscape of this corridor.