Developers – Adaptive Reuse on the Rise

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Randyl Drummer of CoStar News wrote an interesting article on adaptive reuse, and primarily of surplus U.S. government property.  Since construction financing is still very difficult to obtain and there’s a bunch of surplus GSA properties around, much of it in primary or strong secondary markets, it makes much sense to look at creative uses for some of this.

A great example is the 113 year old USPS Pavilion at 1100 Pennsylvania Ave with the goal of turning this grand old building into a luxury hotel.  I’m also doing one right here, on a much smaller scale,  in my home town with what was once a nice old 1874 uptown Westerville, Ohio building so it will be first floor retail and luxury apartments about with old world charm.

As gas price continue to rise, we’re seeing a return to urbanization around a city core so restoration and creative reuse of these old buildings makes for a much better and usually a more walkable community.   I’m all for this.

So now that I’ve editorialized a bit on this, I’ll hand it over to Randyl

CoStar News – Article – Developers Turning To Adaptive Reuse – Eye Excess US Property