The deadlocked Congress and the sequestration notwithstanding, there are at least some commercial real estate signs of life in the nation’s capital. Two major redevelopment projects are on the drawing board, aiming to repurpose two massive complexes into nearly eight million square feet of office space, multifamily residence and retail. As yet a further dimension of the massive changes working their way across the health care space, both projects are repurposing of former massive hospital complexes, Walter Reed Army Medical Center and St. Elizabeth’s Hospital.
Using existing building stock is a compelling property strategy often enough that specialists in redevelopment and repurpose of buildings have arisen. Bill Robsons (Gabriel Consultants) and Steven Arthur (ECS Mid-Atlantic) are two leading consultants in the generation of due diligence on redeveloping and repurposing buildings.
In a fascinating NAR Conference & Expo session covering the history and application of principles in zoning, construction techniques, remediation techniques and economic development principles, Bill and Steven outlined the concepts of due diligence — the investigation of a business or a person or property prior to signing a contract with a certain standard of care.