Construction: Type I Over Subterranean Podium Parking
Story: Project started as a for-sale condominium adaptive reuse of a 100-year-old brick warehouse. Upon assessing the condominium market, the costs of the adaptive reuse renovation work, and taking into account the 10-year tax abatement program that was available, the most profitable development plan was determined to be new construction of luxury rental apartments rather than adaptive reuse condos. The design team was redirected to design efficient apartment units with a cost-effective yet edgy fašade that would complement the surrounding industrial themes of the neighborhood.
Results: Sold development rights at 75% construction drawings for profit without needing to take construction risk or leasing risk. The project has now been successfully built and leased by its new owner.