Narthex One Newsletter – Q2 2023
Steady as we go…
A message from Rob Boyer, CEO
Happy Summer to all of you!
No big surprises to report this quarter. All the properties are performing as expected. Financial results were in line with expectations, and I am happy to report solid revenue from our new Cornerstone Church. I am also very pleased with maintenance costs, which remain below budget.
We signed two new tenants at Cornerstone — a church and a caterer — and welcomed a Christian school to Grace Paseo. Two other tenants scheduled to join us, a daycare and a funeral home, fell through due to unexpected regulatory hurdles. And a third tenant, an after-school program at St. James, backed out for economic reasons.
Renovations at Our Lady of Lourdes continue on schedule. HVAC, roof, and mold work are complete. Major bathroom renovations have been approved by the city and will begin next month for completion by late October. City of Truth Church is eager to move into this location and should be ready to do so in the fourth quarter of this year.
Blue Ridge Trinity is on the market at $875,000. You'll recall this church was adversely impacted by higher-than-expected property tax, and the decision was made to sell the property. We've had two offers to date but have not signed any contracts. King's Family Church will continue to worship there until a sale is completed.
Overall, a very solid quarter — and as always, please don't hesitate to reach out if you have any questions or ideas for us. Stay cool out there!
Spiritual impact
Our Grace Paseo Church will be the new home for Providence School of the Arts. The school was founded in 2012 to provide students in the urban core with an affordable, quality Christian education, as well as give them exposure to the performing arts. This past year, they were informed that their lease would not be renewed at their previous location, and they were desperate to find a new home. Providence found Narthex through our vast network of church relationships, and after touring Grace Paseo, the leadership of Providence felt that “God had led them to their new home!” Classes will begin in August. Grace Paseo is already home to a thriving church community. The addition of Providence School will make this beautiful property vibrant with activity seven days a week!
