Myrtle Beach resort avoids evacuation with FirstService Residential partnership
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Credit: Benton Henry Photography
Residents of the Resort A building in Myrtle Beach breathed a collective sigh of relief recently when their condo association partnered with FirstService Residential and was able to avoid an emergency evacuation for recent hurricanes Ian and Nicole.
After experiencing significant water intrusion to over 30 units from Hurricane Dorian in 2019, the 5-story, 250-unit, ocean-view condominium located in South Carolina was in desperate need of remediation and structural repairs. Having recently entered into a management agreement with FirstService Residential, the community’s property manager, Tom Brown, approached the Board of Directors to recommend capital improvements to repair and reinforce the property and protect it from further water intrusion.
As many communities may know, capital improvements are a challenging task. Without proper budgeting, it can result in large special assessments and loans levied against homeowners. In the case of Myrtle Beach Resort, FirstService Residential assembled a team of structural engineers to conduct assessments, which reviewed the water intrusion damages but also determined that 15 of the 700 underground pylons supporting the building’s foundation were damaged and needed to be repaired.
Once the project was presented to the board and approved, the community needed to obtain funds for the extensive project. That’s when Myrtle Beach Resort partnered with FirstService Residential’s subsidiary, FirstService Financial, to obtain a $1.8 million construction loan with a 10-year special assessment plan to reduce the financial strain on homeowners.
By partnering with FirstService Residential, the Resort A building gained exclusive access to FirstService Financials’ team of experts who offer community associations higher returns and lower rates on their banking and insurance services by taking advantage of the buying power of FirstService Residential’s extensive portfolio of managed communities. FirstService Financials’ services are optional yet can bring added value to a community.
“This will be my fourth anniversary with the company,” says property manager Tom Brown, “our success comes through collaboration with the high-rise, condo managers, and support teams. It’s rewarding to see our work help our owners and boards secure the future of their properties.”
As a result of FirstService Residential’s breadth of resources, the community recently completed its structural improvements and withstood hurricanes Nicole and Ian. Tom Brown proudly said that there was absolutely no water intrusion following Hurricane Ian last year. “Based on what the engineers have told us, our building is about as solid as it can be.” Because of the community’s forward-thinking, residents were not required to evacuate their homes (unlike their neighboring towers), and the property did not exhibit any signs of water intrusion or storm damage.
What are some best practices for kicking off a capital project?
When undertaking necessary capital improvements in a residential community, it is critical to partner with a professional property management company that can provide managerial, financial, and other support services to ensure the well-being of your community.