Redevelop, Repurpose, Renew
When certain properties are struggling, they can be addressed in one of three ways:
- Improve the property based on new tenant/buyer demands
- Modernize and make the asset more appealing to potential tenants or buyers using money and resources
- Repurpose property into something newer that would accommodate different usage.
Adaptive reuse refers to the identification, acquisition, and renovation of existing structures and reestablishing them as assets to their communities. There’s a direct correlation between the number of abandoned buildings and crime rates, and abandoned buildings have a negative effect on the value of nearby properties. Demolition of older buildings won’t make communities more inviting or affordable. Plus, developers find a lot of potential in the location, environment, and aesthetic of these distressed properties.
Read More: 1031 Exchange Series: Preserving History While Building For The Future
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