Austin, TX Commercial Real Estate: Tips for Adaptive Re-Use Properties
Austin, TX commercial real estate markets are constantly transforming. New buildings are going up while older structures and historical buildings are being transformed and repurposed for new clients and even new submarkets. But before you rush into an adaptive re-use project, you need a good plan in order to maximize public interest and revenue.
Do Your Research
Before taking on an adaptive re-use project in Austin, TX commercial real estate investors need to perform their due diligence. Check with the city to see how the property is zoned. That old mill that would make a great luxury apartment building may not be zoned for residential use. However, that same building may make a great brewery, restaurant, or office. Additionally, every adaptive re-use property has a history. Look up the records on specific properties to find out how it was used, how it fits into Austin’s history, and figure out how you can preserve or breathe new life into the structure that honors the role the building has played over the years.
Talk to the Locals
Outside of historical records, talk to local Austin residents about your prospective adaptive re-use property. Ask about their memories of the building and see if you can find anyone who remembers the property from when it was last in use. Let the people know your plans for the building. This goes a long way toward drumming up local interest and support, and allows you to potentially incorporate the stories you hear into the finished design.
Inspection and Cost Analysis
Adaptive re-use projects in Austin can generate a lot of revenue, but some groundwork needs to be done first. Most older buildings need to be brought up to code, which usually involves new electrical wiring, plumbing, and other structural work. Before getting started on an adaptive re-use project, get a thorough inspection done, and get estimates for the work that needs to be done. Remember, this isn’t historical preservation – this is about taking an older building and blending the older features with modern construction and technology.
Financing Adaptive Re-Use Properties in Austin, TX
Adaptive re-use can claim higher rent price points than standard commercial leases. People are willing to pay for the prestige of working or living in historical structures. At Wexum, we provide a wide range of funding solutions to commercial real estate investors in Austin, TX. If you are lining up an adaptive re-use property, and need extra capital for everything from acquisitions to renovations, and construction, contact the experts at Wexum today.