"Adaptive Reuse"

By David Marks, Tower Investments, LLC In today’s competitive real estate marketplace, it is rare to encounter sound solutions to development problems which benefit all parties, as well as the environment. One such trend has emerged naturally from the epic shift of American manufacturing operations overseas: converting cast-aside manufacturing facilities into viable distribution or warehouse hubs. The number of vacant industrial facilities continues to rise across the country, along with industry demand for affordable stateside distribution space. Today’s manufacturers require multiple locations to support their business models — gone are the days of one-house operations, warehousing and distribution. In recent years, a shortage of viable land and increasing construction costs have left companies in need of multiple locations with few budget-friendly solutions. Rather than constructing new buildings, savvy developers are acquiring abandoned or neglected industrials, primarily located in small to midsized inland markets, converting them and passing along the savings to tenants. In doing so, they provide smart solutions for site selection consultants, while also contributing to area industrial revitalization with minimal impact to the environment. Aside from the obvious financial benefits of repurposing manufacturing facilities — which amounts to a fraction of the cost compared to the process of …

By Robert H. Spratt Jr., President, Hill Partners Inc. Commercial real estate developers across the country are being called upon to revitalize historic districts and urban areas in many aging cities. As this demand increases, it is essential that developers maintain a careful and watchful eye for preserving the historic fabric of these landmarks, while also avoiding typical challenges associated with adaptive reuse. Specifically, developers must balance the need for retail visibility, with the subtlety often desired for historic venues. Below are some tips that can help guide a more successful venture for all parties involved. Break new ground, but preserve the old From a design and architectural standpoint, ground-up developments often have a strategic advantage due to not being historically designated. It affords the architect to select designs and other elements that are indigenous to the area, such as integrating aspects of the area, into the design. In the end, the goal should always be for the building to look as if it’s always been there, weaving seamlessly into the fabric of the historic district itself. To do so, however, requires careful planning and a commitment to process. The key to working with historic or architectural committees is to …