Commercial redevelopment is a major undertaking. While there is risk involved, there are also incredible rewards. Top investors like Steven Taylor have become quite successful in this field. The investors aren’t the only ones who benefit, though. Communities also benefit from commercial redevelopment.
Creating Jobs in the Local Community
One of the biggest community benefits associated with commercial redevelopment is that the projects help to stimulate the economy. The complex nature of commercial redevelopment means that more people are required to ensure the project is completed properly. This means more contractors, more handymen, more decorators, and even more lawyers. Every dollar spent on the project is money put back into the community. Sure, a redevelopment project creates a place for more people to live, but it also helps to provide salaries for local workers as well.
Increasing Property Values
Redeveloping a commercial property increases that property’s value, as well as its demand. As the Landlord, you’ll likely have many more people vying to get a space in your building.
It’s not just the property’s value that increases. Redeveloping a commercial property can create a domino effect of sorts. As its value increases, the value of the properties around it begin to increase as well.
Assisting Local Banks
Commercial redevelopment can aid local banks by easing the burden of nonperforming loans. Holding onto foreclosed properties can put a significant drain on a bank’s money supply. Investors who take these properties off of the bank’s hands, freeing up their money supply. In this situation, everyone wins. The investor gets a great deal on a property and the bank doesn’t have to worry about maintaining those properties that are draining their money.
Commercial redevelopment projects do more than just generate profits for investors. These projects can also revitalize the community, helping to improve property values and boost the local economy.