The amount of new commercial real estate developments popping up in Denver is staggering and often hard to keep pace with. The mile high city is certainly in a building and booming stage of economic progress, as Denver continues to quickly transform itself into a modern metropolis worth investing in. But lost in the shuffle of the flashy new developments springing up at a rapid pace, there is another property development opportunity to consider and that’s old and abandoned buildings. Though many developers have begun to recognize the potential of revitalizing older properties, there is still room to take advantage of existing structures. Here are some of the things to consider.
Look for a Building with Good ‘Bones’
Before you jump at the opportunity to buy a historic or abandoned building simply because you think you’ll be able to transform it with ease, consider the things that are most important to the building itself. A building that has a solid foundation requiring little-to-no renovations is a much more desirable property than one that will require extensive work to the foundation. Some buildings will simply be too costly to make it worth the effort of renovating, but the ones that have good ‘bones’ are the ones to look for.
No matter how beautiful or historic a structure may be, it’s probably not worth the effort if you’ll have to spend and arm and a leg just to get it to where you need it. Once you have the infrastructure in working order, you can begin to start the process of renovating and building over the bones of the building, allowing you to showcase your creative vision for the property. You don’t necessarily have to feel constricted by the original architect’s vision, as you can transform a space into something far outside of what was there before.
A Sustainable Approach to Development
New property developments include starting from scratch. That means bringing in completely new building materials in order to complete the construction process, one that involves shipping materials from all over the globe and increasing the amount of energy consumption necessary to finish the job. Many commercial real estate projects also involve demolishing existing structures in order to build the new one. Instead of starting the project from square one, an older property can allow you save on material costs as well as reducing your environmental impact, a win-win in the construction arena.
If you’re seeking a qualified and knowledgeable real estate firm in the Denver area to assist you through the property investment and development process, Elevation Group is your preferred choice in the mile high city. We offer expert advice and help from start to finish in order to ensure your commercial or residential project is a smooth success, providing you with the needed peace of mind to make your dreams a reality. Contact us today
to begin the process of building your dream property development.