Synopsis:
Project Description: Adaptive-Re-Use of Obsolete Manufacturing Building
Service Provided: Market & Feasibility Study, Valuation Analysis, PILOT Negotiation
Client Since: 2008
The Client
Privately Held Real Estate Investment & Development Company
The Challenge
To provide guidance on creating a 2nd Life for this obsolete manufacturing building to serve as a catalyst for neighborhood revitalization.
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 analyzed similar projects across the region which had similar demographic and economic characteristics. Redevelopment mix strategies were created to create synergies between the uses and promote the long-term sustainability of the project. We also engaged with local government officials to promote an understanding of the long-term benefits of the project and to negotiate a long-term tax abatement (PILOT).
The Result
While demolition of the existing buildings is often the first step, our findings and recommendations created a pathway to an adaptive-reuse that preserves those buildings while simultaneously bring them to current market standards. Today, the developer has completed construction of a 67,000 sq ft. grocery store with additional phases underway to create 134,000 sq ft. of retail, 130 rental apartments, a 34,000 sq ft. banquet hall and parking deck to accommodate these uses.