Soft-Story Retrofitting: The Case for Action
Have you received that letter yet?
The letter is from your city’s Building Department, and it informs you that you have two years to file a plan for retrofitting your soft-story building and seven years to complete the project. If you haven’t already received such a letter, chances are you’ll be getting one very soon.
And don’t make the mistake that Joe made. He figured he had seven years to take care of his problem. He didn’t. You can download his complete story here.
Seven years may be the final, final deadline. But there are at least eight reasons for taking action now, rather than putting it off until tragedy strikes. Consider these facts:
- Southern California is overdue for another “big one.” Your soft-story building could crumble like a stack of Legos if you haven’t completed the required retrofitting.
- You owe it to your tenants to provide them with a safe space to live and work. Retrofitting can prevent business interruption, serious injury, even loss of life.
- And it can also prevent the inevitable lawsuits which will occur if you are responsible for business interruption, injury or death.
- Retrofitting improves the marketability of your building to both tenants and potential buyers.
- Your insurance rates could go down when retrofitting brings your building up to code requirements.
- If you want to sell or refinance your building, lenders will require you to meet Probable Maximum Loss (PML) requirements of 20% or less.
- The cost of money right now is as low as it will ever be. If you need to finance all or part of your retrofitting project, doing it now will save you money.
- Contractors and engineers have room in their schedules today. The closer we get to the seven-year deadline, the busier they will be. And their prices will skyrocket!
The choice is yours. Foundation Technology can handle your entire retrofitting project, from compliance, engineering, and permitting to completion of the work. We will provide you with potential construction options so you can make the decision that meets your financial and scheduling needs. For a complete, detailed presentation of the soft-story retrofitting challenge, and our solutions, click below.
“A Firm Footing is the Key to a Solid Foundation. We Fix Both.”