In light of recent state and federal budgets tightening, incentives of affordable housing are reaching intense levels among developers, property managers, and others in the real estate field.
Affordable housing and community service centers are now considered to be the dawn of a new era.
Developers are reaching outside the box and becoming more innovative to their approach. Creating housing for job seekers relocating to Colorado areas is a smart investment. Due to the large availability of job opportunities – especially in Denver, this makes sense.
Additionally, these same developers are reaching out to deliver service centers required by the communities…
Imagine finding a gem like this and converting it into something the community needs.
Today’s typical apartments and commercial buildings are now making way for new, innovative facilities that not only provide traditional housing to area newcomers, but, may also provide homes to the elderly, those that require rehabilitation services, and even people have the need to be placed into memory care units.
In the past, it was not uncommon for a developer to seek out abandoned or poorly-functioning apartment buildings. They would then flip the units, only to discover that their efforts met the same fate.
Today’s developer is more innovative.
Yes, many may elect to transition an apartment building into a new apartment building; however, they may integrate a specific theme in order to enhance their overall success.
For example, an abandoned apartment building in the midst of a medical community may be successfully converted into housing for the elderly, housing for low-income disabled veterans, or even an assisted living facility.
While the building may have not experienced a lot of success as a traditional apartment, it is likely to achieve success as a home for the elderly because of the fact that they may easily access the medical care that they require in the community. If it is transitioned into an assisted living facility, it is likely to experience the same degree of success for the same reasons.
The same holds true for abandoned commercial buildings.
Many real estate developers will attempt to transition an abandoned store; however, there are those that will identify a need specific to the community and attempt to fill that need. For example, a low-income neighborhood that lacks safe child care services may benefit from a daycare facility. A medical community that lacks access to medications may require a pharmacy. An area that is battered by high levels of drug abuse may require a drug rehabilitation center.
The point is, abandoned buildings, apartments and commercial structures may serve a multitude of purposes when it comes to today’s communities. Serving the community is a great way to be smart with your investment dollars, as opposed to forcing a space to be something that it isn’t.
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