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More than 1.2 billion sf of U.S. office space—14.8% of the nation’s total—have strong potential for conversion to residential use, according to real estate software and services firm Yardi. Yardi’s new Conversion Feasibility Index scores office buildings on their suitability for multifamily conversion.
A law passed earlier this year by the Washington State Legislature allows developers to defer sales and use taxes if they convert existing structures, including office buildings, into affordable housing.
Office-to-residential conversions may be fraught with fire and life safety challenges, from egress requirements to fire protection system gaps. Here are six important considerations to consider.
While the movement to preserve historic buildings has widespread support, it also has some sharp critics with well-funded opposition groups springing up in recent years. Some opponents are linked to the Stand Together Foundation, founded and bankrolled by the Koch family’s conservative philanthropic organization, according to a column in Governing magazine.
The building is located in West Chelsea between the High Line and West Street.
The project received $3.8 million in public financing in exchange for constructing units for residents earning less than 60 percent of the area’s median income.
The original building dates back to the Modernist 1930s.
The construction of this 94-room hotel and conference center pitted tourism proponents against locals who want to preserve this historic city’s fishing heritage.
As service providers position themselves closer to their communities, they are looking for ways to redirect non-core buildings and land for other purposes.
The century-old, Beaux Arts architecture-inspired hospital will transform into a mixed-use development.
