Opportunity doesn’t always look new

Some of today’s most successful redevelopment projects began as buildings many people had written off.

  • Vacant department stores.
  • Former government buildings.
  • Historic schools.
  • Industrial facilities.
  • Empty office buildings.
  • On the surface, they appeared to be liabilities.
  • To experienced developers, they represented opportunity.
  • The difference wasn’t the building.
  • It was the vision.

The ability to see what a property could become, not simply what it was.

 

Redevelopment starts with potential

Every existing building tells two stories.

The first is its history, the second hasn’t been written yet.

Successful developers look beyond deferred maintenance, outdated layouts and aging infrastructure to identify what truly creates value:

  • A walkable location.
  • Architectural character.
  • Strong structural bones.
  • Access to transit.
  • An established neighborhood.

Those qualities are increasingly difficult, and expensive, to recreate through new construction.

FROM THE FIELD

Cascade Saloon | Greensboro, North Carolina

Once considered unsalvageable, the historic Cascade Saloon was transformed into a vibrant modern workplace through adaptive reuse. By preserving the building’s character while introducing new functionality, the redevelopment helped reactivate a historic corridor and demonstrated how overlooked properties can become valuable commercial assets.

Don’t evaluate a building by its current use

One of the most common mistakes in redevelopment is evaluating a building based on what it is today.

The better question is:

What could it become?

  • A warehouse may become housing.
  • A school may become a museum.
  • An office building may become hospitality.
  • A former federal facility may become mixed-use.

The most successful adaptive reuse projects don’t follow the building’s original purpose.

They redefine it.

FROM THE FIELD

Balladeer Hotel | Mount Airy, North Carolina

Originally constructed in 1892, the Sparger Building was transformed into The Balladeer Hotel, a boutique hospitality destination within Marriott’s Tribute Portfolio. By preserving the building’s historic identity while adapting it for modern hospitality, the redevelopment created a new economic anchor for downtown Mount Airy.

The best redevelopment projects begin with a different question

Developers often ask:

  • “What is this building worth?”
  • The most successful developers ask:
  • “What is this building capable of becoming?”
  • That shift in perspective changes everything.

Executive Brief

Key Takeaways

✓ Existing buildings should be evaluated for future potential, not current limitations.

✓ Character, location and infrastructure often create lasting competitive advantages.

✓ Adaptive reuse succeeds by reimagining purpose, not replacing it.

✓ Some of the best redevelopment opportunities are the ones others overlook.

About Christman

Christman partners with developers to identify opportunities within existing buildings, helping transform underutilized assets into vibrant destinations through strategic planning, adaptive reuse expertise and integrated project delivery.