Step 1. market surveillance|
Before considering new construction, investigate the availability of an adaptive reuse candidate property
a. Canvass desirable locations for candidate properties
b. Enlist the assistance of a real estate professional to aid in the search
Is an adaptive reuse candidate available? If YES, proceed to Step 2. If NO, consider new construction.
Step 2. preliminary analysis|
Conduct a preliminary analysis of the adaptive reuse candidate property
a. Assemble a team consisting of key personnel involved in the expansion initiative
b. Visit the site and perform a walk-through inside and around the candidate property
c. Hold a “reimagination session” to envision possibilities
Are the results of the preliminary analysis satisfactory? If YES, proceed to Step 3. If NO, consider new construction.
Step 3. feasibility study|
Conduct a feasibility study of the adaptive reuse candidate property
a. Perform a customer service assessment
i. Is the size of the structure adequate to serve the targeted customer base? If not, are renovations possible?
ii. Does the location facilitate pedestrian and vehicular customer traffic (e.g., safety, accessibility, parking)?
iii. Does a good fit exist between the candidate property and existing system components, permitting cohesion in service delivery?
b. Perform a political assessment
i. Will the intended use of the property require zoning changes or other regulatory considerations?
ii. Are public officials supportive of the intended use of the property?
iii. Is any discontent anticipated among the citizenry regarding the intended use of the property?
c. Perform a financial assessment
i. Does the cost of the project (property cost plus required renovations) make economic sense?
ii. What savings, incentives, or other financial benefits, if any, are anticipated to be afforded over an equivalent new construction scenario?
iii. Are any other realistic scenarios possible which might yield a better financial result?
Are the results of the feasibility study satisfactory? If YES, proceed to Step 4. If NO, consider new construction.
Step 4. property acquisition|
Acquire the property and proceed to the concept development and approval stage