Buying new land and starting from scratch isn’t the only viable option for those interested in real estate development. Redevelopment can be a lucrative option for property owners and development companies.
While West Michigan and the area around Grand Rapids have plenty of vacant land available for infill and new development, working with already developed properties can be a viable option in many cases. Buildings that remain vacant or underutilized sometimes undergo massive renovations to completely alter their use.
With empty or mostly vacant office buildings occupying prime real estate throughout the downtown area, companies may want to consider the possibility of converting some of those buildings into residential properties.
Housing demand remains high
Grand Rapids is a growing metropolitan area with constant demand for housing. Grand Rapids has a reputation for being an excellent area to raise a family, and there are numerous local colleges that contribute to housing demand as well.
With more companies embracing remote work and hybrid work models, demand for office space has dwindled. Many properties sit mostly or completely vacant for months, if not longer. Investors and developers may be able to acquire office buildings at a competitive price, especially when compared with vacant land.
They can then work with local authorities to adjust zoning and begin developing a plan to meet the housing demand in the area. Redevelopment projects can be very complex and require careful planning, but they can also be lucrative with the right approach.
Professionals hoping to convert existing real property for different types of use often need help with those real estate development projects. Discussing budgets and areas of interest with a skilled legal team can be a good starting point for those interested in property redevelopment and building conversions.