The idea of adaptive reuse has been gaining more and more traction in the last year and shows no signs of slowing down. We particularly believe in the value of getting familiar with the adaptation of office space to multifamily and to help introduce our listeners to its potential benefits, in this episode Gary breaks down a recent example of this model, and a particular property in Youngtown, Arizona! Gary takes us through the location, the scouting involved, dealing with the city authorities, and how convenient most of this process has been. The project is still a work in progress so expect updates in the coming months! Listeners also get to hear about some of the exciting add-ons and features that we believe will make the residential development attractive to new tenants, so make sure to join us for this quick and punchy episode!
Key Points From This Episode:
- The speculation that emerged at the beginning of the pandemic about distressed real estate.
- Background information on the property in question in Youngtown, Arizona.
- Communication with and approval from the city; the necessary talks that ensued.
- Adjusting plans and the changes that had to be made for safety requirements.
- Relocation of existing office tenants and finding suitable spaces in the near future.
- The different phases of the plans and how construction will be spread across these.
- Exciting developments in the area and access to a park behind the property.
- The rise of adaptive reuse and the momentum this idea is gaining!
“For many hotels, it was hard to make the numbers work and there just weren’t many distressed opportunities out there. I know a lot of people are talking about blood in the streets but that never really materialized.” — @garylipsky [01:18]
“There’s also been a lot of talk about office space being converted to multi-family as there just isn’t as much need for it obviously now with a lot of work from home and hybrid situations.” — @garylipsky [01:41]
Links Mentioned in Today’s Episode: