As concerns about sustainability and historic preservation are at the forefront for policymakers, adaptive reuse development has thrived.
What’s adaptive reuse?
Adaptive reuse describes the repurposing of an existing structure. Such real estate developments typically use historic tax credits, which I wrote a blog on a few years ago.
This concept isn’t new. In fact, many historic tax credit-eligible projects have already been completed. Furthermore, the cost per square foot of an adaptive reuse project typically isn’t much less (if at all) compared to new development.
Why bother with adaptive reuse?
While adaptive reuse developments are more complicated and comparable in cost to new development, you can’t beat their locations. Historic buildings are located on some of the best blocks in America, and regulations prevent their demolition.
Hilton Hotels even has its own hotel line for conversions – The Tapestry Collection.
Below are some unique adaptive use projects around the world –
Original Use: Zoo
Current Use: An authentic 5.5 acre Japanese garden
Original Use: Department store built in 1916
Current Use: Boutique hotel
Original Use: Train station
Current Use: Dining, shopping, hospitality
Original Use: Methodist chapel
Current Use: Modern holiday home
Original Use: Water tower
Current Use: Student housing
Original Use: Sugar refinery
Current Use: Climbing gym
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Thanks to Max for helping contribute to this week’s letter.