Dreamstyle Remodeling is looking at a remodel of its own corporate space in coming months as well as hiring more than a dozen new employees in Albuquerque to support the expansion of its other business units throughout the West.
That’s according Larry Chavez, Dreamstyle president and CEO, who envisions a $400,000 buildout at the company’s headquarters at 1460 N Renaissance Blvd. NE. “We’re looking at a 1,400-square-foot addition at Renaissance” to help grow new markets like Denver where the economy is on a tear and Dreamstyle sees loads of potential, said Chavez.
With the addition of the Denver market to its roster, Chavez said Dreamstyle expects to gross more than $125 million this year.
“There are so many cranes on the skyline that people in Denver call them the state bird,” said Chavez, who recently acquired Renew Home Innovations, a Denver-based bath remodeling firm, which now carries the Dreamstyle name. “We had our first homeowner consultation today,” said Chavez on Friday.
Dreamstyle will be offering Kohler shower systems and light bathroom remodeling and projects revenues of $7 million in the Denver market in its first year, growing to $40 million in annual revenues by year five.
Dreamstyle has purchased an 8,800-square-foot building in Englewood, Colo. to handle its projected growth in the Denver region and to house the former Renew Home Innovations workforce.
In addition to hiring 75 employees grow its book of business in the area, the Albuquerque office will staff up by 15 people to serve as support staff in marketing and accounting.
Founded in 1989 and headquartered in Albuquerque, Dreamstyle currently employs more than 500 people in New Mexico, California, Idaho and Arizona. Of that number, 260 staffers are located in Albuquerque; the local workforce was 75 people four years ago. Chavez said he makes it a business priority to work with Albuquerque vendors as often as possible. One example is the purchase of 30 new Ford delivery vans from a local auto dealer.
“We’re injecting as much money as we can into the local economy,” he said.
With Burqueños having strong preferences for remodeling and renovations, Chavez estimated about 40 percent of the company’s annual revenue is concentrated in New Mexico. Most of that activity is centered on windows, bathrooms, stucco and custom remodeling.
Younger clients may have inherited properties and want to make improvements that will fit their lifestyles, said Chavez. Older customers may be making changes that will allow them to live longer in their homes and enjoy modern amenities.
A recent study by Harvard University’s Joint Center for Housing Studies said remodeling contractors like Dreamstyle should continue to benefit from demand for its services in the years to come. The study predicts owner improvements by all age groups will increase by about 2 percent every year through 2025 — growing nationwide from $221 billion in 2015 to $270 billion in 2025.
Dreamstyle made a 10-year, $10 million commitment to the University of New Mexico in a deal that includes naming rights to the university’s football stadium and the Pit basketball arena.
Chavez said with several thousand UNM alumni living in the Denver area, he’s planning to hold a combination open house/fundraiser in Denver soon. Not only would the event introduce alums to Dreamstyle’s product lines and services, it would also benefit UNM Children’s Hospital, Popejoy Hall, the Anderson School of Management and the UNM athletics program.