There is an old saying in commercial real estate brokerage: It’s not for the faint of heart. What keep clients, investors and fellow brokers in Charlotte commercial real estate on their toes is the sheer fact our market is ever fluctuating. From flexing, and waning it’s economic muscles to throwing us for loops with adopted trends that take off like wild fire, Charlotte commercial real estate keeps things lively.
What is Adaptive Reuse?
The Merriam-Webster dictionary defines adaptive reuse as:
“The processing of renovating and reusing pre-existing structures (old site or building) for a purpose other than it was built or designed for.”
Also referred to as “property rehabilitation”, “turnaround” or “historic redevelopment”, adaptive reuse is a more complicated version of recycling, saving outdated or neglected properties from the chopping block of demolition.
There are many answers to why the Charlotte commercial real estate market supports adaptive reuse, but it depends on whom you ask.
Environmentalists and conservationists love this option, as it is intrinsically “green”, conserving natural resources by reducing the need for new materials.
- Builders and developers are naturally highly cost-conscious, and the price tag of property rehabilitation is often more than demoing and building new. What draws them to adaptive use is the construction materials. You just can’t find sustainable old brick, or seasoned, strong lumber anymore.
- Community officials and residents support adaptive reuse because it preserves the architectural history and character of Charlotte, keeping old memories alive and making new ones.
Current Projects in the Charlotte Commercial Real Estate Market
While the below adaptive reuse projects don’t represent all we have seen in our market, they are the most recent…making them the most talked about (and anticipated).
Textile Mill to Mixed-Use Development: North of uptown, an 11.9 acre site housing a 132,000 square-foot textile mill is being adapted into a large mixed-use development featuring a 20,000 square-foot food hall, restaurant and retail space, and 80,000 square-feet of office space.
Warehouse to Entertainment Venue: An 18,000-square-foot warehouse located in Charlotte’s South End is set to become a new dining and entertainment venue. The original structure, built in 1962, is being transformed into Queen Park Social, a bar/restaurant featuring a stage for live acts, private event rooms and games.
Retail to Office: After extensive renovations, a former Super K-Mart in East Charlotte has been adapted into a 165,000-square-foot office building. Dense, large office users in the Charlotte commercial real estate market are particularly excited about this project due to the building’s high-parking capacity, existing from its previous use and something that’s hard to find in many parts of the city.
Taking Advantage of Adaptive Reuse
Adaptive reuse proponents see it as a way to balance Charlotte’s economic and environmental health. A transformative process, by reusing historic buildings from Charlotte’s commercial real estate past entire neighborhoods, districts, and economies are reinvigorated. If you are seeking commercial real estate space in the Charlotte market and are interested in adaptive reuse, contact one of local market experts today.
Images Attribution: Charlotte Business Journal
Percival Partners is one of Charlotte’s most recognized and respected commercial real estate firms with more than 50 years experience in the region. Our professional and experienced real estate Advisors are in the business of listening, understanding, and adding value. No matter the commercial property type you own or seek, you can count on the Percival Partners team to maximize your return and peace of mind. To reach us, you can call us at 704.632.1000 or follow us on Twitter at @SVNPercival, LinkedIn or Facebook.