Synopsis:

An open house and panel discussion was hosted at the adapted 4th+Linden buildings in Long Beach, California. The focus of the event – the success of adaptive reuse. A number of architects, developers and real-estate industry professionals attended in order to learn more about how the development of the host building site was able to succeed in light of the current economic situation. One of the main reasons the project stayed in the black was that construction costs stayed under $1 million. This was due in large part to the fact that the developer reused the building rather than tearing it down. Another ingredient for its success was the swift turnaround. As the developer was able to work with an existing building, it was faster for them to complete the conversion, sell it, and get a tenant than it would have been to tear down, permit and title, rebuild, sell, and gain tenants. Five of the eight units in the building have already been sold. Project developer Brad Gwinn, and the evening’s moderator, noted that a mix of low rent, cost per square foot, and Long Beach’s support of adaptive reuse could help the community through the recession. The key statement – “Now is the time to create opportunity,” Gwinn said, “it’s finding the incentives, working with the tools.” One of those tools is adaptive reuse.