The idea represents a 'kill two birds with one stone' solution
in the country along with Atlanta and Portland, Ore. Landlords who have managed to limp along face a reckoning.
“Just because the number is low right now doesn’t mean it will remain low,” said Anjali Koachalam, a policy manager at Up for Growth and the study’s author. “I and others in the housing space expect this number to rise.” Federal and local incentives will likely need to become part of the mix, Koachalam said. The stalled Revitalizing Downtowns Act of 2021 proposes a 20% federal tax credit for office building conversions and more cities are chipping in incentives of their own, something Denver may likely consider at some point.
The main lobby of the former Art Institute of Denver building is under construction on Wednesday, March 29, 2023. The building, 1200 Lincoln St., is set to open in the spring as a repurposed apartment building. Although converting a big building can be cheaper than tearing it down and starting over, the hurdles developers face are numerous.
A trade-off for buildings without operable windows is that they must have adequate escape routes. Most building codes require multi-story, multi-family units to be within 100 feet of an emergency stairway. Office buildings typically only have one stairwell and adding a second one would be too costly in many cases, according to Up for Growth.
While not easy to pull off, adaptive reuses are happening at an accelerating rate. Nationally, the U.S. saw 11,000 apartments created from converted commercial space over the past two years with another 77,000 underway this year — about as many conversions seen during the prior decade, according to a“Not all buildings are equally threatened by the work-from-home revolution.
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