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w w w . i n s i g h t o n b u s i n e s s . c o m A p r i l 2 0 14 • I nsIgh t | 11 companies do redevelopment. "Money is always a challenge and trying to renovate a building is difficult unless you have a tenant lined up, and there are fewer and fewer of those available," he explains. "e cost of the deal is usually more than the rent can justify. adding sprinklers, abetting asbestos and other environmental concerns adds up pretty quickly." some communities have design review boards, which can add to the challenge, and many are unrealistic about what can be done with an old building. he has torn down parts of a complex and then built new in a different style to go alongside the old. "e result is somewhat eclectic and it shows the public that new things are going on in the community. you have to end up with something that is useful and that has been done in a cost-effective manner, and a lot of community members don't care about that piece." People may want downtown living, but they also want amenities like ample parking and spacious apartments to hold all the stuff they have acquired over the years. cities have found that an attractive downtown is important when trying to attract new businesses, helping existing business bring in new staff or helping an expanding hospital draw new medical staff. Lange is relocating his company to the Wells Manufacturing factory in Fond du Lac. e city had planned to raze the 220,000-square- foot factory and make a park. he will tear down some of it with money the city would have spent for demolition, keep 60,000 square feet and add new construction in a $2 million project, which keeps it on the tax rolls. amy hansen, executive director of the Downtown Fond du Lac Partnership, says the city has generated $86 million of private investment since becoming a Wisconsin Main street community 10 years ago, qualifying for technical support and training from the state's Department of commerce. e city's Business Improvement District has 214 properties and 295 businesses in 47 city blocks and does various marketing efforts and aesthetic projects. a face improvement grant program awarded 118 grants, typically around $2,000, which stimulated $1.3 million in property investment. Drawing on a recent study by the Wisconsin Economic Development corp., hansen says the city needs 69 new condos to meet demand from people who want to live downtown – empty nesters and people looking for vibrant urban living. "ere are folks who want to go out at night and walk home," hansen says. "others are concerned about the environment and would prefer to walk or ride a bike, and some want connectivity in their community." e city has also tapped local cEos to help develop a vision plan. "ey were clear that they need this to be a community they can attract quality professionals to. Mercury Marine is bringing in engineers and designers, but we need for this to be a place they want to relocate to." hansen wants to encourage downtown retailers to open up their second floors for apartments. "We have some property owners who have done that, and the apartments have never been vacant." "Money is always a challenge and trying to renovate a building is difficult unless you have a tenant lined up, and there are fewer and fewer of those available." – L o u i e L a n g e , p r e s i d e n t a n d f o u n d e r o f T h e C o m m o n w e a l t h C o m p a n i e s 920.810.4617 excaliburedge.com Accelerate your pursuit of business excellence The Edge You Need to Succeed. 920.751.4200 \ www.mcmgrp.com McMahon One Company. Countless Solutions.