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The replacement of an asset, typically in connection with the end of its useful life in the form of a capital project.

Renewal may either occur when an asset has either:

Listed below are some of the key attributes of a capital project:
  • Typically require the services of a consultant.
  • Has a long lead time for procurement planning purposes.
  • Typically are subject to a competitive tender.
  • Involves significant logistics in the planning and organization of the project.
  • Typically funded from the reserve fund or by special assessment.

Listed below are some examples of renewal projects:

Renewal or replacement of worn out components of a building is a normal part of a building’s aging process. 

These renewal projects can be significant in terms of cost,

complexity, and the level of effort required to manage the process.

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Fig. Flat roof renewal.                Sealant renewal

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Fig. Sloped roof renewal.          Sand filter replacement.

Fig. Polyurethane roof (12 year life) replaced with upgraded SBS roof (20 year life).

Fig. Elevator relay controls replaced with elevator solid state controls.

Correlation of maintenance, repairs and renewals.
Fig. Correlation of maintenance, repairs and renewals.

Multi-year strategic planning associated with a capital project.
Fig. Multi-year strategic planning and lead period to a capital project (shown in "yellow").

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Fig. Left: Pool tank resurfacing; Right: hallway carpet renewal.

See also:

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Fig. Domestic re-piping project and siding board replacement.

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