What is an Adaptive Reuse Project?
Adaptive reuse projects is the process of taking old buildings or sites, and reusing them for a purpose other than it was designed.
When considering Adaptive reuse projects it’s important to understand if these investments make sense?
Determine the Possibility of Adaptive Reuse Projects
Analyzing the practicality of a property is crucial to determine the viability of all real estate investments. The feasibility process has to be more intensive for adaptive reuse because of the stand out difficulties of repurposing an existing property. Considerations like…
- Location: Analyze the accessibility and constructibility for the end game
- Zoning: Whether general or specific plans govern uses and zoning of the property
- Structure: Study the existing foundation and condition… electrical and plumbing, mechanical and life-safety
- Community Needs: Stakeholders must consider if a community will buy into the project, namely, if support from local groups and community leaders will be a positive. Along with considering if the project will have backing from local planning commission, city council, or architectural review board.
Trip down Memory Lane
What we mean by this is to look back to learn from the past. Are there any unsolvable issues that were already faced. Are there boundary or easement challenges, historical preservation ordinances, or even legacy environmental issues?
Something to reminisce on for industrial properties… is there a free and clear use for construction and zoning approval? Industrial use challenges are more complex in regards to environmental remediation and these challenges affect both regional and national markets and local.
Thanks so much for reading! If you need consulting for Phase I Environmental Site Assessments, Phase II Subsurface Investigations, Property Condition Assessments, or any Commercial Real Estate transactions of any kind, feel free to ask for a quote today.