Why people don't develop old buildings?

[Yejee Sim]

Hi, everyone. I'm a new potential investor and still trying to figure out this industry.

I live in Kansas City, Overland park, Kansas.

I personally love old brick buildings, historic buildings but, I saw a lot of abandoned not managed old buildings. I don't even know if there's owner of buildings(very old, broken windows and no tenants). I didn't go look inside of the buildings but, I just think that it could be awesome buildings if it is fixed and renovated.. (1st floor could be restaurants, 2nd and up could be apartments or office building) something like that. (the buildings that I am talking of are most likely in the Kansas City)

Do you think it is not worth it to renovate the buildings? Is it easier to just build a new building instead of fixing/renovating? I am just curious why people building new construction but, abandon old buildings not trying to do something with it.

Any thoughts?

Thank you.