Elevator Modernization
An elevator breakdown can mean a major disruption to the owners, and the potential for large expenses that may not have been expected. This was the case in a high rise building managed by BPM. When the elevator contractor could not get the elevator to work, an independent engineer was brought in to review the problem, and it was discovered that a full elevator modernization was necessary.
The elevator was not due for modernization for many years according to the Reserve Fund Study, and the building did not have the funds to do this project and complete others that needed to be done.
Several companies were brought in, after much discussion it was discovered that a digital overlay of the pneumatic system could be done which would last several years. Enough to save for the full project. This fix lasted for over 10 years, more than enough time to build up the Reserve Fund and save for a full replacement.
Initial Estimate: $500,000
Alternative Fix: $40,000