BUILDING THE TRENDS OF TOMORROW

JERRY MOLIQUE, CAPS, CPM 

As land becomes more scarce and more valuable, apartment owners and developers are challenged to make do and make over existing holdings. As our cover story details, one option is to reuse commercial buildings, many of them historic, for residential purposes. In almost all cases, these apartments or lofts are housed in remarkable, beautiful buildings which once hummed with the activities of a number of vital industries. As department stores moved to suburban malls and office buildings became obsolete because of space or technology concerns, downtowns were left with these unused or under-used spaces that some innovative developers realized had potential to become unique places to live.

This issue's cover story and feature articles on building, development, and renovation cover some exciting trends. Our industry is building and renovating the physical structures in many new ways to provide fresh environments for our residents. As owners and managers, we often don't take the time to step back and admire apartment buildings as an art form or gain pleasure from their architectural and visual aesthetics. We can take this a step further by being more open minded in what we consider to be a good site or a good building for residential use.

It makes sense to renovate, reuse, and recycle a resource that has a past, and the building is likely to have been constructed from quality materials that should be incorporated into the second incarnation. In the recent past, developers have shied away from renovating in urban areas because of logistics and expense, but why not consider maintaining a historic landmark rather than only the value of the land and demolishing the rich historic structure on it? With the assistance of some federal financing programs, the cost-benefit ratio may balance out. If city planners think more downtown housing sounds like a good solution to using these buildings, a conversion may take much less time than new construction.

Now, forward-thinking developers and municipalities are working together to carry the message that apartments can bring vitality to urban areas which have begun to deteriorate. In areas that serve as business centers, it makes sense to incorporate residential into an area which has been strictly commercial.

Redevelopment of urban areas is met with success when retail, commercial, and residential all play a part in the mix. Neighborhoods can include places to shop, work, live, and play. Security is increased, as the revitalized area will have 24-hour traffic. The urban center will support retail and join a vibrant, inhabited area to meet the needs of new residents. People who enjoy living in an urban area will benefit from the convenience of less commuting time and living closer to work and entertainment options. Another benefit to urban living, if the public transportation system is adequate, allows for residents to rid themselves of their cars. In short, residential development carves out a sense of neighborhood and community in an urban area.

GETTING INVOLVED

If your area has a redevelopment organization, get involved to find out how the apartment industry can fit into the redevelopment of some of our aging cities. Join with other developers to learn about and receive the most beneficial federal and local financing for these communities. Why not bring back to life these grand dames of yesteryear instead of razing buildings of historic value? As the number of lifestyle renters grows, it is the cities which offer the convenience and features many residents are looking for. For those who already work and play in the city, congratulations to the innovators who have had the foresight to realize that these same people should have the choice of where they live in the city, too.