When you are in the process of purchasing a piece of real estate in Anchorage, AK, one of your top considerations will likely be the functionality of the building or buildings situated on the land that you are buying. While each city and neighborhood has its own zoning requirements, you may be interested in retaining an experienced property management company to help you develop and lease the building for another purpose. Keep these out of the box commercial real estate development ideas in mind as you go through with your property purchase.
One of the most common projects that take place after the purchase of a commercial real estate property is redevelopment. An old, dilapidated factory or warehouse in Anchorage offers ample space and may be in an ideal location for redevelopment in another way. Redevelopment typically begins with the property management company seeking out lessees and then updating the building’s interior to suit the needs of the business or businesses that will be housed inside of it.
Once a client or clients are found to lease the newly purchased space, the property management company will then start considering the new ways that the building could be used. In a mixed use development, the lower level of a large commercial building could be used to house small stores and restaurants, while the upper levels are turned into apartments or condos for living spaces. The variety of clients helps to build business, as people who live in the apartments would enjoy the convenience of having an on-site restaurant and places to do their shopping.
Another great way to repurpose an old building on a commercial lot is to revamp it into a single use structure, such as a school. Charter schools and even public schools are increasingly in need of flexible spaces that offer convenient access to major roads and have plenty of on-site parking. While significant interior updates would need to be made, a professional commercial real estate property management company has connections with a variety of contractors who are able to do such remodeling projects.
How to Purchase Commercial Real Estate, Inc.com
Seeking New Uses for Old Spaces, The Washington Post