A redeveloper, such as Steven Taylor, will either replace, rehabilitate, or repurpose an existing building. Ideally, improvements are made on an already developed site. However, in instances where a project needs replacement, the whole building is scrapped and redeveloped from scratch.
Why Redevelop Property?
With age, specific properties become obsolete, fail to meet the needs of businesses or homeowners, or develop flaws due to defective designs. The rise and fall of industries, changes in technology and demographics can also elicit redevelopment.
Real estate needs to evolve to meet the needs of the market. Redevelopment gives a landowner, landlord, investor, or developer a chance to realize higher values by replacing or repurposing obsolete buildings. The end result is a building that records higher profits, looks better, and serves a greater purpose.
A retail strip that has gone out of business can be redeveloped into a residential complex. A manufacturing building that has since stopped its operations can make great apartment lofts after redevelopment.
Benefits to the Community
Over time, redevelopment projects impact not only developers and landowners but also the community. As cities grow, finding affordable housing becomes a challenge. With redevelopment, housing shortage and affordability problems can be avoided. Redevelopment can also create jobs, especially where obsolete manufacturing buildings are modernized to restore their former operations.
Buildings that would otherwise stand unused are given a second chance through redevelopment. Cultural heritage sites and century-old buildings are repurposed to inject new life into them.
Conclusion
Redevelopment, unlike new development, takes less time but gives the same results as breaking ground of new projects. Properties are redeveloped to change their face and functionality or to meet particular needs. The process of redevelopment takes various forms, including revitalization and brownfield redevelopment (which are government-initiated projects and real estate redevelopment by investors and developers).
Image credit: understanding redevelopment by Pixabay
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