SB6 And Adaptive Reuse - Getting Top Dollar for your Asset

[Danielle Davenport]

ADAPTIVE REUSE What is there to know? Urban centers, suburban regions, and rural areas grapple with a significant deficiency in affordable housing. Simultaneously, the repercussions of the COVID-19 pandemic, coupled with the surge in remote work practices, have resulted in elevated vacancy rates and the inefficient use of commercial properties. Numerous structures within this category hold the potential for conversion into residential spaces, offering a viable solution to augment the inventory of affordable housing. * allows for commercial properties to be used as residential spaces without the need for rezoning. Repurposing underutilized structures is more environmentally sustainable than demolition. Prolonging the lifespan of existing buildings, whether for expanding housing options or other socially beneficial objectives, stands as a superior economic alternative. Additionally, this approach contributes to a diminished environmental footprint, notably in terms of reduced greenhouse gas emissions. *SB 6 - allows residential development on property zoned for retail and office space without requiring a rezoning, and allows project applicants to utilize the Housing Accountability Act (HAA) to limit local discretion to deny or condition approval.

Case Study: From Retail Site to High Density Housing

1961 Carpenter Rd, Oakley, CA 94561

One of our IN CONTRACT properties has undergone a remarkable shift from retail to residential, showcasing our ability to unlock hidden potentials and create valuable opportunities.

Commercial-to-residential conversions could work wonders for an ailing asset class like CRE.