Factors That Make For Office-To-Apartment Success

By Jeffrey Steele

Forbes, June 21, 2023

Many of the nation’s bigger cities confront a surplus of aging Class B and C office buildings. They also suffer from a deficit of affordable apartments. 

The solution would seem obvious. Convert obsolete, empty office structures to needed housing, achieving a more environmentally respectful solution than building apartments from scratch. 

Murphy’s law being what it is, a solution that elementary just has to be fraught with challenges. Indeed it is, with hurdles that range from office buildings’ deep floor plates to the dearth of stores and services typically found in business districts. 

Still, adaptive reuse projects as far-flung as One Camelback in downtown Phoenix and Millennium on LaSalle in Chicago’s Loop business district have proven the conversion can be the prescription for the creation of new housing without the addition of new structures. 

“Adaptive reuse isn’t for the faint of heart. It takes a development team that is truly invested in the vision of the project given the likelihood of unforeseen challenges.”

– Ken Gentert, Vice President KOVA

The number of apartments being forged from office buildings has reached an all-time high, with 11,000 apartments having been created in the last two years, according to RentCafe.com. The number of apartments resulting from adaptive reuse projects is growing more swiftly than the development of entirely new apartments, having risen 25 percent in the last two years, compared with pre-pandemic levels.

 

Financial corridor 

Chicago’s LaSalle Street financial district, filled with century-old buildings housing banks and other financial institutions, has long served as an economic engine for the city. Diversifying the corridor with new housing is a key component of the City of Chicago’s LaSalle Street Reimagined program, which aims to re-energize LaSalle Street in part by incorporating a greater diversity of uses, including housing and retail spaces. City financial resources and other incentives are now being made available to developers intending to convert underutilized office space into multifamily dwellings. 

Among the first complete residential conversions is Millennium on LaSalle, with an address at 29 South LaSalle Street. Chicago-based national architecture, interior design, and sustainability firm FitzGerald, which has completed more than 100 conversions and restorations of historic structures, redeveloped the 13-story office structure built in 1902 into a luxury apartment building offering studio to two-bedroom residences and featuring such amenities as a fitness center, rooftop lounge and swimming pool . . .

Read the entire article on Forbes

Ultimate success formula

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Ultimate success formula

Erroribus vituperatoribus no eos, no nobis alienum per. Dolor contentiones qui ei, exerci dissentiet comprehensam eum ne. Quo in tacimates recusabo scripserit, in mea tantas soleat imperdiet, ut vim illum dicam disputationi. Unum porro audiam at vel, eu nam primis regione.

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Ultimate success formula

Erroribus vituperatoribus no eos, no nobis alienum per. Dolor contentiones qui ei, exerci dissentiet comprehensam eum ne. Quo in tacimates recusabo scripserit, in mea tantas soleat imperdiet, ut vim illum dicam disputationi. Unum porro audiam at vel, eu nam primis regione.

Mea an decore veritus probatus. Nec ea affert verterem. Vix probo semper et, mea simul graeco diceret te. Qui no stet ferri qualisque, ut clita scripserit nec. Ei mei fabellas gubergren, ius nostro senserit adversarium te. Vix dicam dolore cu. Mel erat timeam scriptorem an. Sit alii tantas viderer no. Mea an decore veritus probatus. Nec ea affert verterem. Vix probo semper et,

“Nec ea affert verterem. Vix probo semper et, mea simul graeco diceret te. Qui no stet ferri qualisque, ut clita scripserit nec.”
— John Doe, ACME Corporation

Ultimate success formula

Erroribus vituperatoribus no eos, no nobis alienum per. Dolor contentiones qui ei, exerci dissentiet comprehensam eum ne. Quo in tacimates recusabo scripserit, in mea tantas soleat imperdiet, ut vim illum dicam disputationi. Unum porro audiam at vel, eu nam primis regione.

Mea an decore veritus probatus. Nec ea affert verterem. Vix probo semper et, mea simul graeco diceret te. Qui no stet ferri qualisque, ut clita scripserit nec.

Ei mei fabellas gubergren, ius nostro senserit adversarium te. Vix dicam dolore cu. Mel erat timeam scriptorem an. Sit alii tantas viderer no. Mea an decore veritus probatus. Nec ea affert verterem. Vix probo semper et, mea simul graeco diceret te. Qui no stet ferri qualisque, ut clita scripserit nec. Ei mei fabellas gubergren, ius nostro senserit adversarium te. Vix dicam dolore cu. Mel erat timeam scriptorem an. Sit alii tantas viderer no.

Mea an decore veritus probatus. Nec ea affert verterem. Vix probo semper et, mea simul graeco diceret te. Qui no stet ferri qualisque, ut clita scripserit nec. Ei mei fabellas gubergren, ius nostro senserit adversarium te. Vix dicam dolore cu. Mel erat timeam scriptorem an. Sit alii tantas viderer no.

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