It takes the right property and the perfect location. But when it happens? A conversion from an office property to a multifamily development can remove unwanted space from the market and replace it with desperately needed — and in-demand — housing.That’s what happened earlier this year in Neenah, Wisconsin.
Park Place Holdings, a De Pere, Wisconsin-based commercial real estate investment firm, completed its transformation of a former Kimberly Clark office building into Marathon Flats, a 55-plus apartment community.
Park Place holdings in July is schedued to complete Phase II of the project, delivering an additional 30 units. Once this phase wraps up, Marathon Flats will offer a total of 61 residences designed for older adults.
Getting to this point did take time, though. That’s not surprising. While conversions seem like a good way to remove underperforming and outdated office space from the market, adaptive reuse projects are rarely simple jobs...
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- - Volume: 24 - WEEK: 25 Date: 6/20/2024 10:17:57 AM -