Wed, 2 April 2008
April 2, 2008
Lynnsy Logue, The Real Estate Lady® and Condo CanDo®
A South End developer has devised an unusual way to lure buyers to his live-work condos: invest money in their businesses.
"People are capital starved. Money is as tight as it has ever been," said MECA Properties President Tony Pressley. "What better way to help?"
The incentive is being offered at The Abbott Condominiums, whose 16 units are devoted to entrepreneurs seeking to live and work in the same building.
Qualified condo buyers will be eligible for a one-time investment of up to $25,000 in their business ventures.
There're strings, right?
Every potential buyer must submit a complete business plan and professional credentials and be financially qualified to purchase, Pressley said.
"I base my decisions more on gut, commitment and track record than credit and collateral," he said. "I'm a 28-year veteran of running my own business."
The exact form of the investment, depending on the needs of the buyer, could vary from repayable debt to an ownership stake in the business, he said.
Commercial and residential developers typically offer incentives such as interior upgrades, flat-screen TVs or rent concessions to fill their buildings.
Pressley, who helped pioneer revitalization in South End, said he came up with this unusual idea himself as a way of "keeping the entrepreneurial spirit alive" and paying forward his success.
But he concedes the offer is more than an act of kindness. "I have product. I want to move it sooner rather than later," he said. "I'll do whatever I need to do to generate interest."