Dave Kohl’s Post

🏗️🏢 TRANSIT-ORIENTED BUSINESS PARK 🏢🏗️ Formation Interests is embarking on its second major development in metro Phoenix. The Dallas-based company is planning to turn an old office complex into a transit-oriented business park along the new light rail extension just across from the $850 million Metrocenter mall redevelopment. The 22-acre property will become Formation Park 17 with four industrial buildings totaling 425,280 square feet, according to documents submitted to the city of Phoenix in 2024. Targeted industries for the park include manufacturing, semiconductors and warehouse and distribution. The speculative buildings will range from 95,200 square feet to 111,600 square feet and feature 32-foot clear height for occupiers looking for 20,000 up to 425,000 square feet. The property being redeveloped includes seven office buildings that were built in the 1970s. They're located east of Interstate 17 in the city's North Mountain redevelopment area plan. Formation received preliminary approval for its initial site plan from the city of Phoenix in December. Deutsch Architecture Group is the architect for the project. Kimley-Horn & Associates Inc. is the civil engineer. Multiple properties in the surrounding area are being reimagined into new developments. The former Metrocenter mall is set to become a mixed-use center with a 140,000-square-foot retail core and 1,200 townhome residences. Demolition of the mall began in November. Just south of the proposed Formation development, Scottsdale-based CaliberCos Inc. has plans to turn the 300,000-square-foot Canyon Corporate Center into multifamily with up to 700 units. #redevelopment #metrocenter #formationinterests #ericcook

Can architects and developers find ways to design buildings that serve multiple uses over several centuries rather than a single targeted use that becomes obsolete in 100 years? https://lnkd.in/gBu29Yyr #Grow37 #FamiliesGrowIn37 #BusinessesGrowIn37 #EconomicDevelopment

Learn Architecture like never before from most engaging online courses at Eduwik.com Challenges of Converting Offices to Housing Read Full Article>https://ow.ly/Nulw50RjGbt Article by>Lisa Awazu Wellman As hybrid work continues to dominate the work culture in the United States, office vacancies prevail in major cities such as New York, Los Angeles, and Chicago. In late 2023, United States reached over 18% office vacancies average nationwide, with not much indication that this figure will decrease anytime soon. #interiordesign #architects #geometry #architect #design

A perfect storm catalyzed by the global pandemic, the rising impacts of climate change and current financial conditions has dramatically impacted the commercial office market. With the current record-high office vacancy rate of 19.6% nationwide, developers are finding that the workplace of tomorrow is in undeniable demand today and are taking action to ensure their properties are seen as desirable to current and potential tenants. In these conditions, speculative office projects are a sector of particular concern and opportunity. To create a unique product that would appeal to future tenants, our client (a confidential Texas-based developer) sought to explore how a typical commercial office building could be redesigned as a mass timber structure, without impacting the existing entitlement, including FAR, general building massing and below-grade parking. Our team had recently completed an innovative workplace project for this developer, and we were brought in to employ similar thinking to reimagine this building and site. https://lnkd.in/gZUZQuDG #architecten#architect

This River North deal embodies the office-to-multifamily conversion thesis. A vacant low-rise office ripe for redevelopment into a 113-key apartment tower on prime infill land basis. #ValueAdd The play? Buy distressed office bones at discount, then reposition to rental product below replacement costs. Capitalize on asset dislocation and housing demand in hot #liveworkplay clusters. For cities, these reuse projects densify transit corridors and capture value through adaptive reuse, not just new construction. A win-win facilitated by municipalities. #AffordableHousing While execution risks remain, the potential IRRs are compelling if you buy right on the office side. Manufacture rental supply through real estate alchemy, not just grinding away at high costs. #RealEstateInvesting Investors should scour for conversion candidates at distressed pricing levels. In markets like Chicago, this "highest-and-best-use" dislocation is a fertile hunting ground. #OfficeObsolescence #MultifamilyDevelopment #UrbanRenewal #ValueAddDeals #RealEstateArbitrage #AdaptiveReuse

Turning Office Buildings to Apartments Here are 2 interesting articles: 1) Time Magazine - https://lnkd.in/eT8addEJ 2) NPR - https://lnkd.in/e97iSXq3 In the course of my job, making calls in the multifamily construction industry, the trend of turning office buildings into apartments is picking up steam. Curious what you think. To me, it seems there are many advantages: foundation and underground sitework is already done, shell is in place (probably want to re-skin most of the times), parking structure is probably already in place, etc. Curious if I'm missing any negatives to this strategy. Please let me know your thoughts. And PS - Send me a LinkedIn invite is we aren't connected already! And PSS - Please join my LinkedIn Group - Multifamily Construction Networking Association (https://lnkd.in/eihsmWGc) Mike Robbins Sr Recruiter The Cromwell Group (704) 241-4882 mike@tcgpm.com #multifamily,#multifamilyconstruction,#construction,#redevelopment,#capex,#renovation,#valueadd

Foster + Partners's Newest Electric Building Now that the 60-story J.P. Morgan headquarters at 270 Park Avenue has topped off and is nearing occupancy, it is time for Foster + Partners to set to work on their next Park Avenue tower - this time for Citadel. The new tower will more than double the current building's floorplate and double its height coming in two stories higher than JP Morgan's HQ. But the important fact about this development -- this will also be an all-electric high-rise. This is no small feat. Electric heating and cooling requires heat pumps and given all of the infrastructure below these towers, it is not possible to use a ground source. Air source heat pumps will need to be ducted, so this will have to be seamlessly woven into the fabric of the building every few stories. Between this and the Alloy Development's incredible new electric multifamiliy residential in Brooklin, New York is creating a new standard for electric buildings. https://loom.ly/S3qDa9g #sustainability #architecture #engineering #construction

Art Of Form ARCHITECTS ... #artofform #planning #workplacedesign #architecture #interiordesign #realestate #passivehousedesign #locallaw #adaptivereuse #repurposing #conciergedesign #NOUPFRONTCOSTTENANTFITOUTSTUDIES  #permitexpediting #quickturnaround #amenitizedoffice #proptech control #architects #commercialrealestate #facilities #artofformarchitects

Adaptive Reuse Projects Are Gaining Momentum Recent data suggests that America has close to 1 billion square feet of vacant commercial real estate. A staggering figure. Even the most optimistic forecasts acknowledge that overall demand for office space may never increase to levels that will meaningfully reduce these unprecedented vacancy rates. Therefore, for office properties“ whose time has passed,” the repurposing or adaptive reuse of that real estate is “at times” the best option to salvage some value. SPD has been asked to either advise on or coordinate the adaptive reuse of over 100 properties across the country in recent years, and the requests continue to accelerate. Our assignments come from both existing owners who want to evaluate their options as well as new and potential owners who are entering this arena with fresh capital and a new business plan. As you know, not all existing office buildings can easily be converted to another use. In fact, we have seen many examples where either cost or architectural considerations of conversion suggest that a full demolition and replacement of a building is a more viable long-term business plan. For both buyers and sellers, there are several questions that need to be answered when choosing a path forward. The top five are as follows: 1)    From a demand perspective, what are the best uses that local market data suggests for the property? 2)    Does local zoning allow for these uses, and if not, what are the prospects for a modification to these regulations? 3)    What uses within that data set can be accommodated within the existing building for the lowest capital expense? 4)    If instead, the building is demolished and a brand-new structure is built that is tailored to the new business plan, what is both the cost and revenue potential of that scenario versus the renovation? 5)    How long is my chosen option going to take to produce revenue? In the end, the answers to the questions above could lead a current or new owner to conclude that, while not pleasant, the best alternative is to keep the use as is and just lower the financial outlook for the property, by forecasting lower occupancy rates over the long term. The general consensus is that only about 20% of the excess commercial inventory in major cities is reasonably adaptable to an alternative use. No easy choices these days. We will keep you posted as the situation continues to evolve.

An industrial and office building designed for life sciences laboratory uses could be built within Vancouver’s protected Mount Pleasant Industrial Area, reported Daily Hive. "Oxford Properties Group, the real estate investment arm of the pension fund for Ontario’s municipal employees, is proposing to redevelop 11-15 East 4th Avenue into a 146-ft-tall, eight-storey building with 78,000 sq ft of office space, another 78,000 sq ft of industrial space, and 6,800 sq ft of ground-level retail/restaurant space." "The entirety of the industrial space component will be dedicated to laboratory use, which necessitates special design and spatial considerations for extensive equipment. However, 100% of the office space could also be used for functional laboratory purposes." https://lnkd.in/gUsZuXxV #vancouver #industrial #development #labspace #office