Mike Heritage's hometown of Colorado Springs has been hit by the real estate crunch. Buildings siting vacant, no tenants in sight. In fact, Heritage's business, London Real Estate Group, had a 66,244-square-foot mixed-use complex that was only 70% leased.
Earlier this year, Heritage decided to lease the remaining real estate as office space for local small businesses -- for free. No strings attached. They weren't even required to a commit to a contract after the 12-month free-rent period was over.
All potential leasees needed was a valid business plan.
That proved elusive.
"We couldn't get anyone to bring us a viable plan," Heritage says. "Everyone had great ideas, but they just wanted to get free space without taking the time to sketch out details."
London Real Estate Group still tries to do its part by offering 6 months free rent to existing businesses who are struggling to pay the rent, and the company hopes to revisit the startup plan in January 2010.
"It was a nice thought, and I would have loved to give more," Heritage says. "I'm sure there are people out there who could execute plans, but we just didn't connect with them."
NEXT: Scott Haag
