Rick Gordon, an investment specialist in land, redevelopment and adaptive re-use
properties with Marcus & Millichap's Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a bank/financial institution.
Preferred Apartment Communities announced that it acquired four recently delivered Class A adaptive re-use
office buildings totaling approximately 186,779 square feet in a development known as Armour Yards from Third & Urban and institutional investors advised by J.
this downtown historic district survey will identify factors that can be used to guide preservation planning, and to encourage adaptive re-use
of structures with historic significance as this area continues to develop.
Highlights of his career include leading the charge on a diverse range of build-to-suit and speculative projects including: The Mayfair Collection, a 255,000 s/f adaptive re-use
retail space near Milwaukee; a 169,800 s/f LEED Gold commercial office building in Lincolnshire, IL; the award-winning historic renovation of Hyde Park's Harper Theater in Chicago; an adaptive re-use
project for the University of Chicago's all new Chicago Innovation Exchange; numerous medical office projects at the Silver Cross Medical Campus in New Lenox, IL; and countless expansive industrial spaces across the country.
The pace of both conversion and adaptive re-use
projects has been the key driver of the brand's growth, accounting for nearly all the openings this year in North America, and approximately half of those opening in other global markets," said Simon Turner, president of global development of parent firm Starwood Hotels & Resorts.
Another feature of such markets has been adaptive re-use
(the conversion of office buildings to other uses) as well as the 'mothballing' of partially completed projects.
The report has been accepted by JTC, who are currently moving ahead with the tender of a key parcel designated for housing, retail, and the adaptive re-use
of heritage buildings.
The property is the adaptive re-use
of the former General Petroleum Building, a 499,000-square-foot office building that served as the West Coast headquarters of the Mobil Oil Corporation from the time of its completion in 1949 until the late 1980s.
Carol Liston, editor of the Journal, and past President, was part of a team which won an award for the Adaptive Re-use
(Corporate/Government) of the Female Orphan School at Parramatta.
Also explored are themes of joint use, such as the school district as community developer, leveraging community goals, and adaptive re-use
of existing structures.
With speculative development nearly abandoned, building developers, owners, and managers are seeking safe ventures in modernization, adaptive re-use
, and build-to-suit projects.