With the advent of favorable tax incentives and the continuing rise in the cost of new construction, reusing an old site or building for a purpose other than which it was built or designed for has become popular. Adaptive reuse is seen as an effective way of conserving land and reducing urban sprawl and environmental impact. The economics of retrofitting or repurpose sing a building in many instances makes more sense than traditional project to develop activities such as relocation, demolition and new construction.
Senior professionals at Vantage Point Real Estate Development Management, LLC, have been involved from the beginning of this movement and remain staunch advocates of building reuse whenever historically and architecturally significant buildings can be economically justified by investors.
While the process of adaptive reuse is a decision often made purely to establish a particular brand or presence, our senior professionals understand that often there are criteria for deciding whether a building should be conserved or reused or just demolished the area of land it occupies. Likewise, our senior professionals know that there can be hidden costs and reusing old buildings, including the unknown contamination of older sites, decay and disuse that affects the usability of the structure, and the possible need for modification of an older building that current and future building codes.