It was #ClimateWeek in Salt Lake City last week, a time for all of us to reflect and take action to protect our community and future. One great way our commercial developers are helping out is with innovative projects that reuse existing structures throughout Salt Lake City. The indirect benefits can range from creating jobs and tax revenues that make our community stronger and more appealing to residents and businesses looking to expand and relocate.
Recently, the local development community has been taking a more thoughtful, deliberate, and thrifty approach when planning large projects. No longer is demolition and new construction the ideal path to take on commercial projects. Not only are traditional offices being revitalized, but we’re seeing great focus on adaptive reuse.
It’s more about rehab and bringing new life back to communities throughout our city. The right commercial redevelopment project can revitalize an entire community in many ways. It sparks economic growth in everything from small businesses to individual homeowners. The ripple effect that results from a respectable commercial redevelopment project can have a resounding impact for years. And for that, we are all thankful.
The most obvious benefit — redeveloping a building can improve its own value and inherently impact buildings around it.
But think about how many jobs a commercial redevelopment project generates. There is a good chance you are helping a lot more people than you may be aware of. The larger and more complex nature of a commercial property deal will require more boots on the ground. A typical project enlists the following services:
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Renovation projects also free up available money supplies, helping our local financial institutions. By purchasing distressed properties developers ease the burden of nonperforming loans on the books of financial institutions. Banks want to get rid of nonperforming loans, and commercial redevelopers are more than happy to take them off their hands; it’s a win-win.
Giving an old building a new purpose allows a neighborhood’s original architecture to remain, keeping some semblance of its history and character in tact, while breathing new life into a structure that had been underutilized or vacant. It has a resounding impact on the local community and the extent of the benefits are only limited by the building itself. The right project can give the community a new focal point, drive more innovation, and create more jobs.
Thank you to our local developers for making these projects happen.
Feeling inspired? The Redevelopment Agency of Salt Lake City is currently offering development teams access to funds through the Granary District Adaptive Reuse Loan Program to encourage the reuse and revitalization of the Granary District’s unique stock of warehouse and industrial buildings. The RDA also assists property owners with renovation and rehabilitation of buildings within certain project area boundaries through its loan and tax increment reimbursement programs.
As always, we’re here to help answer any questions. Visit https://www.slc.gov/ed or call (801) 535-7200.