During the novel coronavirus pandemic, many commercial property owners are refusing to give tenants relief from rent payments. But property owner and multimedia personality Dr. Rashad Richey along with business partner Omar Ali have stepped up to do just the opposite. They are helping tenants at their 28,000 square ft commercial property in Atlanta, GA find relief amid COVID-19.
The property at 1800 Jonesboro Rd in Atlanta already has 80% occupancy and was scheduled for a ribbon-cutting celebration right before the pandemic ballooned in Georgia. Rashad and Omar decided to postpone the grand opening out of safety concerns.
Once it was obvious that the pandemic significantly impacted their tenants, Richey and Ali suspended upcoming rent payments, orchestrated a strategy to help restructure payment plans in the future, allowed options for extended lease agreement terms and instituted a program to help guide occupants as they file for unemployment or SBA loans under the Stimulus Act. All of the tenants at the Ali at Lakewood building are entrepreneurs and heavily rely on consumerism for their livelihood. “We couldn’t just sit back and do nothing for our tenants”, said Omar Ali.
Richey added, “it’s the right moral move and in the longterm, will be proven to be the right business move.”