Posted Aug 8, 2022, 1:43 PM
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FYHA
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Join Date: Oct 2007
Location: Houston - Wichita, KS
Posts: 3,146
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Found by user BEES?! on HAIF - the potential of an incentive plan offered by the Downtown Redevelopment Authority to convert underutilized office buildings to residential.
Quote:
In their meeting from June 2022, the DRA appears to be putting out feelers to find building owners who are potentially interested in participating in what they’re calling an “adaptive reuse feasibility study”. It sounds like, down the line, they want to launch a program to incentivize redevelopment of underutilized office buildings into residential.
This is what they said:
To begin shaping an adaptive reuse incentive program, Central Houston Inc. (CHI), in collaboration with the Downtown Redevelopment Authority (DRA), seeks to identify building owners, within the Downtown Houston boundaries of the DRA, interested in participating in an adaptive reuse feasibility study. This is the first phase of a process that is meant to lay the groundwork for an Office Conversion Program, designed to incentivize the rehabilitation and repurposing of underutilized office space in downtown buildings within the boundaries of the DRA.
At this juncture, we are seeking to gauge interest in the initial consideration for the study. We will use a broad set of criteria to identify candidate buildings, including consideration of [ vacancy rate over time, market position, location, overall square footage available, full floor availability, property value performance, access to mass transit, walkability, existence of past building feasibility studies]. To warrant full consideration, building owners will be required to provide design, engineering and financial data on the buildings for the study. Once we have identified buildings/owners we will return to the Board to request authorization to produce a feasibility study – addressing economic, design, and engineering variables -- through a Request for Proposal (RFP) to provide a more comprehensive understanding of the reuse opportunities within each building envelope and the financial challenges in realizing specific adaptative reuse opportunities.
The meeting PDF is here: http://www.downtowntirz.com/downtown...ok-6.14.22.pdf
The bit about the feasibility study is on page 40.
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1801 Smith is already undergoing such a conversion without any incentive program.
Last edited by Wattleigh; Aug 8, 2022 at 1:48 PM.
Reason: 1801 Smith Mention
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