Benefits and Challenges
17
Bank Financing
Although there has been growing
success in residential and commercial
retrofits of institutional buildings, lenders
generally still remain reluctant to invest
in redevelopment projects, which tend to
have unforeseen costs.
Unique Costs
There are unique costs that are
specific to any adaptive reuse project.
In general, renovating and rehabilitating
existing buildings brings a greater
number of unknown elements.
Abatement of asbestos and other
types of environmental remediation can
also add to the costs of an adaptive
reuse. Developers of adaptive reuse
projects, therefore, must often prepare
existing conditions plans and work with
experienced consultants to weigh the
pros and cons of various development
scenarios to ensure the redevelopment
project is doable and financially feasible.
Gladwyne Commons landscape buffer, Lower Merion.
