Oftentimes if a business, school or hotel closes down, the building is left vacant for an extended amount of time. During the vacancy, there is no upkeep and the building will fall to despair. That is when redevelopment projects step in. Real estate investors and landlords can turn around a vacant space and make it livable for new people. But what is redevelopment and why is it needed?
Here is what you need to know about how redevelopment works and why it is necessary in today’s changing economic landscape.
What Is Redevelopment?
Fundamentally, it is the process of improving a property for a different or updated purpose. People like Steven Taylor Landlord will come in and flip an existing space to improve its usefulness. This can involve demolishing the building that stands on the existing property. Or it can involve gutting the existing structure and re-purposing what remains. Old school buildings can be converted into condominiums and old industrial sites converted into apartment buildings.
What Does Redevelopment Do?
It can create jobs and improve the quality of life of a particular area. It can also provide housing for families in need, improve infrastructure and public works, clean up environmentally-threatened areas and attract new investment in an area.
In many cases redevelopment takes space that is not useful or is falling apart and makes it work better for the people who live there. Redevelopment can be unjust, however, if the project neglects the people who live in that community. Redeveloping old buildings by making them high-end condominiums in a low-income neighborhood unfairly pushes residents out.
Why Is Redevelopment Needed?
Neighborhoods or businesses that are struggling economically or socially do not often attract new private investors. Redevelopment can help revitalize these areas by refurbishing an abandoned gas station, or creating housing where there may be a shortage. Improvements to infrastructure can attract new businesses and help impoverished areas improve quality of life in their neighborhoods.