ADAPTIVE REUSE: SHORT-TERM ROI OR LONG-TERM INVESTMENT?
OR OWNERS AND DEVELOPERS INVESTING IN NEW PARKING FACILITIES,
adaptive reuse is a popular topic of discussion. While there is no limit to the possibilities we can imagine, the reality is that designing a parking structure to be compatible with other human uses adds to
the cost. However, whether you evaluate that additional investment through the short-term benefits or take a long-term view, adaptive reuse has the potential to provide a cost-efficient and sustainable solution. By envisioning the future purpose of the building first and incorporating key design considerations at the outset, owners can make both an initial investment into the parking structure and an early investment into a future project. If planned properly, much of the infrastructure for the eventual occupied use can be designed into the parking structure so the conversion to an occupied use in the future would involve little more than constructing the exterior facade and building out the tenant improvements. The cost factors are driven in large part by a number of design considerations that should be taken into account when making a decision regarding the best solution for your project. In the short term, designing a structure for partial adaptive reuse, such as only incorporating these design considerations into the ground level, can provide a more cost-friendly option that still provides flexibility in the event parking demand shifts in the future. However, when you take a more holistic, long-term look at the return on investment or ROI, a compelling case can be made for full adaptive reuse design.
Reconsidering the Contributing Factors The structural and facade designs of occupied uses are very different from what is typically incorporated into parking facilities. Therefore, the following best practices should be considered with the intended future use in mind:
Site location, value, demand. and density are key factors in the decision to design for future adaptive reuse. A parking facility located in a high-density 26 PARKING & MOBILITY / AUGUST 2021 / PARKING-MOBILITY.ORG