With the senior population and demand for senior housing guaranteed to grow over the next 20 years, yesterday’s offices, hotels, schools and commercial buildings can be repurposed into the senior housing of tomorrow. Adaptive reuse is an ongoing trend in commercial real estate — a trend that senior living developers are embracing as a lack of available land and rising land costs make it hard for them to find ideal sites. According to Senior Housing News, senior housing operators are also converting outdated living facilities into amenity-rich spaces and common areas to meet the needs of future residents.
“Necessity and demand for senior living forces developers to be creative, especially with the economies of building and a lack of land over the past 5-10 years. Adaptive reuse has the capacity to put the right community in the right place,” David Dillard, principal at Dallas-based D2 Architecture, told Senior Housing News.
However, repurposing older buildings also comes with headaches. Many commercial buildings do not naturally lend themselves to be recast as housing. If vacant for extended periods of time and exposed to the elements, developers have to contend with weather damage, remediating hazardous materials like asbestos, and vandalism, Block said.
Another obstacle to adapting older buildings into senior living is ensuring the redevelopment is ADA-compliant, Dillard said. So, for senior living developers considering adaptive reuse, it’s important to be clear-eyed about the pros and cons in order to set realistic timetables and budgets.
Read the full story at Senior Housing News.