Throughout much of Canada, a debate has been ongoing in the commercial real estate arena surrounding demolition or rehabilitation of older, potentially historic properties. At the heart of this tension is what benefits can be realized by revamping a potentially historic property versus demolishing an older premise to make way for commercial redevelopment. If you want to learn more, Altus Group is a helpful website with lots of information and resources.
The reality is that if a property truly is lacking in historic worth, the pendulum usually does, and many times should, swing to demolition. The one caveat is if the older premise is in decent condition and is attractive or uniquely functional in its current general condition.
Not All Historic Commercial Properties are Created Equally
Another overarching consideration focuses on the actual value of a property deemed to be historic in some way. Not all historic properties are on the same footing. Some of these properties have far greater historic significance than do others. Those with greater historic significance are significantly protected by governmental authorities in this day and age. Those with less historic significance will not necessarily be as thoroughly protected from renovation or even possible demolition.
This represents another area, involving complex considerations, in which a commercial real estate consultant provides invaluable assistance. A commercial real estate consultant can not only provide his or her own professional insights into a situation, but can access a range of professionals that can be invaluable in determining the appropriate course to take in regard to a historic premise.
The Partial Preservation Route
When it comes to a potentially historic structure, potentially colliding with commercial redevelopment, a fact to bear in mind is that partial preservation can prove to be a viable route in some specific cases. An experienced commercial real estate consultant many times can prove to be a great assistance in exploring partial preservation options.
Partial preservations involves maintaining part of an existing structure and somehow incorporating those elements into an overall redevelopment effort. The truly compelling historic elements of an older property an be well preserved while at the same time permitting the construction of a more valuable, functional, and ascetically pleasing modern property.
In the final analysis, when confronted with an issue concerning the best course to take in regard to an older building with commercial potentially, engaging a commercial real estate consultant typically is a wise initial course. A broad spectrum of possibilities can be considered and analyzed by taking this approach in regard to a potentially historic property. If you want to learn more, Altus Group Limited is a helpful website with lots of information and resources.