Synopsis:
Project Description: Adaptive Re-Use of Historic 6-Story Warehouse Building in Urban Setting
Service Provided: Market Study & Redevelopment Program Mix Recommendations
Client Since: 1999
The Client
Privately Held Real Estate Investment & Development Company
The Challenge
One of the core tenets of urban redevelopment and adaptive reuse is that the accessibility is a primary driver of viability. Our role in this project was to identify a mix of alternate uses for this historic multi-story industrial building which would fill a need in the local economy and represent an optimal use of the property.
The Solution
The Otteau Group provided advanced market analytics and viability testing to identify types and quantities of uses that could profitably be supported by local economics, demographics and market demand. To create a context for these recommendations we investigated a wide range of successful redevelopment projects in the NYC metro area including Hudson Square, Industry City, Dumbo Heights and the Brooklyn Navy Yard. We then provided recommendations for the mix of uses to be incorporated into the redevelopment plan as well as activation strategies to create internal synergies between those uses.
The Result
Today, construction is underway to transform the property by creating modern office and retail spaces, a rooftop patio overlooking the NYC skyline and attractive public spaces as well. A global company recently announced plans to relocate 500 office workers to the renovated building.