ATLANTA—Transforming multifamily communities is not for developers who are faint of heart. Indeed, there are many challenges associated with these projects.
GlobeSt.com caught up with Audubon Communities' vice president of construction Josh Boling to his thoughts on the transformation process in part three of this exclusive interview. You can still read part one: Tracking the Rise of Adaptive Reuse Multifamily Trends and part two: Tapping Into Prime Time Spots for Multifamily Adaptive Use.
GlobeSt.com: What are the most common challenges in the transformation process that are unique to apartment complexes?
Boling: One big challenge is being as respectful as possible to current tenants when we manage heavy reuse programs. With 300-350 units per average apartment complex, we have to be diligent and deliberate with our decisions to make sure everyone gets what they need.
GlobeSt.com: How quickly do you have to make decisions in this process?
Boling: Another challenge comes from creating efficiencies in the transformation process. With each closing, we only get unlimited access to properties when that final contract is signed. That means we often have to make decisions quickly, but we also want to ensure everything is done in an effective manner.
Thankfully, Audubon has a great team in place that does as much pre-planning as possible and we look to hire contractors who have worked on other, similar properties in the area. Our expertise and overall experience means we've gotten better with each project.
GlobeSt.com: Do you have examples of noteworthy adaptive reuse projects that are either in progress or were completed in the last year?
Boling: The Metro in Atlanta is a great example. We converted an older extended stay hotel into a 200-unit class A development with first-class amenities just one mile from the Braves new stadium, SunTrust Park, and the mixed-use development The Battery.
American Can in mid-city New Orleans is an old canning factory that has been converted to 262 loft-style apartments with over 20,000 square feet of retail. Given the historical component of this property, it presented unique challenges for renovation and repurposing.
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