Repurposing and conversions are becoming a "thing" and could wind up among the top real estate stories for 2025. Now I'm seeing some possible conversions which are not the more common office to residential types.
We sometimes see new residential construction focused around where major grocery stores, schools, and other community amenities are. Interesting to see the (below linked) story about the possibility of a former grocery store space being considered for conversion to residential.
The important thing about these stories is the concept of looking into what COULD be done with a struggling property. In the case of the grocery store property in Cleveland, the new residential project is able to happen because of a zoning change. While it took a willingness on the part of the municipality to make it happen, someone had to be behind the zoning change proposal and implementation. Projects like this one happen because of thinking beyond the obvious AND having the research to back it.
I'm always telling my coaching and consulting clients, connections, and partners that seeing "what is not there" can be the spark for a new venture. Who in your office or on your team handles exploring for new possibilities for which there would be little to no competition?
If you don't have an immediate answer, let's connect. You could have someone else on your side within 24 hours.
Posts
No comments:
Post a Comment