Thinking about taking on an adaptive reuse and renovation project in the Greenville area? Generally, these projects require strategic planning as they are reusing an old structure and renovating it for an entirely different purpose. These projects are a great way to bring life back into an old building or add character to established or growing neighborhoods. Before you dive into any adaptive reuse and renovation project, there are some important factors to consider and some key questions worth asking.
Does the Development Satisfy a Market Need?
Begin with a solid understanding of the local real estate market and current demands. While nearly any building can be renovated for an adaptive reuse project, this doesn’t necessarily mean that doing so is a wise investment strategy. Make sure you have the right team of experts on your side to provide you with advice on the local market and feasibility of the project.
What Are the Best Features of the Site?
Next, consider the best features of an adaptive reuse and renovation site. With any adaptive reuse project, it will serve you well in the long run to preserve as much of the building’s history and unique architecture as possible while still ensuring financial feasibility. This may mean making some difficult decisions when it comes time for renovations.
Are There Any Barriers That Need to Be Overcome?
Don’t overlook possible barriers such as code compliance, structural challenges, utilities, and zoning when considering your adaptive reuse and renovation strategy. Also, be sure to conduct a feasibility study to ensure that these obstacles can be realistically overcome.
At Parker Group, our experienced team is here to assist you with all your real estate development needs. From adaptive reuse and renovation projects to development consulting, we can help. Our experts can also assist you in finding your dream home or helping you list your current home. Contact our team today to get started.