1. Look for an opportunity: Its not always obvious. 2. Know what you have: Assess current conditions and issues. 3. Know the rules: Historic preservation, use regulation and building codes. 4. George Washington may have slept there but no one cares: You may need more than history. 5. Helping others see the vision: Word and images. 6. Practical matters: Parking, utilities and affected parties. 7. Dont fall in love until you run all the numbers: O & M can kill a project. 8. Following the path. 9. Create a brand and work it! 10. Its not over until its open. s open. 1 Adaptive Reuse is a process - like solving a formula or following a path. 2 Is there something that is or possibly could be a unique asset to your community? Unique or attractive spaces, designs or materials are important. Have professionals review the condition of the building and the site. What are the opportunities? What are the challenges? Can you use actually the space for a restaurant? 3 4 Review the local codes and regulations including: Zoning, Building, Comp Plan, Historic Preservation, Utilities, etc. Review the local codes and regulations including: Zoning, Building, Comp Plan, Historic Preservation, Utilities, etc. 5 Unless the buildings history is dramatic, the project will need other features to attract visitors. Consider the views - both into and out of the building, the building materials and design, or adjacent uses that may create synergy. 6 To build support and ensure everyone is working toward the same goal, you need to help others see and understand the end product. The best way to do that is with images and examples. 7 22 space s 12 new spaces 47 spaces within 168 ft., or less, of the door, 101 spaces within 600 ft., 531 spaces within 1000 ft. or less. 47 spaces within 168 ft., or less, of the door, 101 spaces within 600 ft., 531 spaces within 1000 ft. or less. Even if the building is spectacular, practical considerations such as parking are still crucial to the projects success. Its also important to figure out who may be affected by the project, contact them and address their concerns. 8 Provide new electric service Repair/replace concrete, Repair exterior brick, Repair the exterior pilasters, Install an elevator, Clean and seal masonry walls, Remove or repair spiral staircase, Build accessible routes to the entrances, Remove the graffiti/old paint from exterior walls, Remove rust, repair and paint steel structure, Remove the brick infill and replace with appropriate windows. Provide new electric service Repair/replace concrete, Repair exterior brick, Repair the exterior pilasters, Install an elevator, Clean and seal masonry walls, Remove or repair spiral staircase, Build accessible routes to the entrances, Remove the graffiti/old paint from exterior walls, Remove rust, repair and paint steel structure, Remove the brick infill and replace with appropriate windows. 1) Straight Lease: Tenant pays all renovation costs plus market lease, Yielded.005% return NOT FEASIBLE. 1) Straight Lease: Tenant pays all renovation costs plus market lease, Yielded.005% return NOT FEASIBLE. Proforma Analysis Assumptions: Restaurant use averaging $1,500,000 in sales, Rental rate of $15.00 per sq. ft. (5,860 sq. ft.) triple net, Renovation cost of $765,000. Tenant improvement allowance of $60.00 per sq. ft. or $351,600. Proforma Analysis Assumptions: Restaurant use averaging $1,500,000 in sales, Rental rate of $15.00 per sq. ft. (5,860 sq. ft.) triple net, Renovation cost of $765,000. Tenant improvement allowance of $60.00 per sq. ft. or $351,600. A lease is the preferred alternative because it allows the City to maintain input over use, potential impacts and cost/return. Any City investment could be returned over time in the form of lease payments. If the numbers dont work, nothing else will. Be sure to consider all the costs, including: construction, operations, utilities and future maintenance. Review various lease and sales structures to find the best one for both the tenant and building owner. If the numbers dont work, nothing else will. Be sure to consider all the costs, including: construction, operations, utilities and future maintenance. Review various lease and sales structures to find the best one for both the tenant and building owner. 9 Chart the project timeline. Solve each problem as it is identified and move on to the next. There will always be problems and most of them will have more than one solution. Find the best one. The project fails only if you stop moving forward. 10 What is unique about the project? What will attract customers or users? Figure it out and then consider building a brand around it. Make it a clear part of the projects identity. 11 Whew! 12